Final Results

JPMorgan Fleming American IT PLC
17 March 2006



                             STOCK EXCHANGE ANNOUNCEMENT

                   JPMORGAN FLEMING AMERICAN INVESTMENT TRUST PLC

             UNAUDITED FINAL RESULTS FOR THE YEAR ENDED 31st DECEMBER 2005



The Directors of JPMorgan Fleming American Investment Trust plc announce the
Company's results for the year ended 31st December 2005.

Investment Performance

In the year to 31st December 2005, the Company produced a total return to
shareholders and a total return on net assets of 17.1%, narrowly outperforming
the sterling total return of the S&P 500 Composite Index (our benchmark) of
16.8%. Global markets were generally strong as investor concerns over interest
rates, Iraq and the economy eased and evidence of a sustained growth in
corporate profits emerged.

Over the course of the year our benchmark rose by 4.9% (total return) in Dollar
terms and on the same basis the Company's net asset value increased by 5.2%. For
UK, Sterling based, investors the Dollar's strength meant that returns were
increased by 11.9%. The Dollar began 2005 at a rate of 1.92 to the pound and
ended at 1.72. In order to protect against currency fluctuations in respect of
the Company's existing £50 million debenture, a currency hedge was put in place
on 3rd October, 2001 at a $/£ rate of 1.4576.

Whilst the Company's net asset value in total return terms outperformed our
benchmark index by 0.3% over the year, the performance attribution data shows
that the larger companies' portfolio underperformed by 1.3%. The performance of
the smaller companies' portfolio and the positive effects of share buybacks and
gearing were sufficient to overcome the large companies' underperformance and
result in an overall positive contribution for the year. The investment
management team have continued its policy of investing in larger, blue chip
growth companies on attractive valuations.

Accounting Standards

Shareholders may be aware that following the introduction of new financial
reporting standards in 2005 there have been a number of significant amendments
this year to the accounting policies of the Company. One of the main effects of
the new accounting standards is to exclude the amount of the proposed final
dividend from the accounts of the Company as this item is no longer viewed as a
potential liability. The year-end net asset value per share numbers for the
Company are therefore 8.0p per share higher than would otherwise be the case.
Comparative numbers have also been adjusted for 2004.

Revenue Account and Dividends

Earnings per share for the year, calculated on the average weekly number of
shares in issue, were 7.8p compared with 8.2p in 2004. The Company's dividend
policy has been to distribute all, or substantially all, of the available income
in each year and in this instance, the Board is proposing a dividend of 8.0p per
share (2004: 7.5p). After allowing for the payment of the proposed final
dividend, this leaves a balance in revenue reserves of £11.5m (equivalent to
26.4p per share). The dividend will be paid on 4th May 2006 to shareholders on
the register on 7th April 2006.



Gearing

The Board of Directors sets the overall gearing strategic policy and guidelines
and review these on a regular basis. The investment management team manages the
gearing levels actively within these agreed levels. At present, there is an
upper limit of 20% of shareholders' funds and this can only be increased with
Board consent. The £50 million debenture, together with a US$20 million
revolving credit facility, provide the potential to gear up to 20%. As at the
year end, the US$20 million facility remained undrawn and the Company's net
gearing level (offsetting cash and near cash against our debenture) was 109% of
shareholders' funds, having ranged between 107% and 113% during the year.

Investment Managers

The Company's objective is to provide shareholders with capital growth from a
broad portfolio of North American investments. The Board has once again
thoroughly reviewed the capabilities of the Investment Manager in order to
assess whether JPMorgan Asset Management remains the most appropriate manager of
the Company's assets. In addition to scheduled Board Meetings, the Directors
have undertaken strategy and investment meetings with the named investment
managers, conducted comparisons with the peer group both in the UK and the US
with regard to performance, fee rates and the costs of management and spent time
reviewing the investment management operation whilst in New York for a Board
Meeting. We have concluded that the ongoing appointment of the existing
Investment Managers is in the best interests of shareholders.

Management of the Discount

The Association of Investment Trust Companies has been working with management
groups and the Investment Trust industry to promote the publication of discount
numbers that reflect the standard industry practice of valuing liabilities at
their fair value and excluding current year income. The Company's discount as
measured by this method remained steady over the course of the year finishing at
7.3%. During the year the discount traded between 6.0% and 11.6%.

Over the course of the year the Company repurchased 3,613,603 ordinary shares
(7.7% of the shares in issue) at an average discount of 8.8%. The total cost of
these repurchases was £20.2 million and this activity enhanced the net asset
value by 0.8% in performance terms. Encouragingly, the level of buybacks
declined in the second half of the year as demand for the Company's shares
picked up. A resolution to renew the authority to allow the Company to
repurchase shares will be submitted to the Annual General Meeting.

Since shareholders originally granted Directors the power to buy-back shares in
February 1999, over 33.0 million shares, representing 44.6% of the Company's
initial issued share capital, have been repurchased and cancelled.

The Board has continued to follow developments with regard to the introduction
and use of treasury shares. It considers the ability to hold ordinary shares in
treasury with a view to their subsequent re-issue at prices in excess of net
asset value to be of benefit to shareholders.

The Board

The Board has put in place procedures to ensure that the Company complies with
the Combined Code and the AITC Code on Corporate Governance.TM

As I indicated in last year's Report, the Board began the year seeking to
identify candidates for consideration as new Directors. Following an extensive
search with the help of an external adviser, Mrs Sarah Bates and Mrs Kate
Bolsover were appointed to the Board on 1st July 2005. Contained within the
Company's Articles of Association is a clause requiring that all Directors hold
a minimum of 500 shares. Unfortunately, due to an oversight, neither Mrs Bates
nor Mrs Bolsover acquired the requisite shareholding within the prescribed
Companies Act time period. Accordingly, both were required to vacate office with
effect from 1st September 2005. Once this oversight had been identified, and
having purchased well in excess of the required shareholding, both Mrs Bates and
Mrs Bolsover were formally reappointed as Directors on 3rd March 2006. The Board
has considered the ramifications of this situation and believes that for all
practical purposes Mrs Bates and Mrs Bolsover continued to act as Directors
during the interim period. In accordance with the Company's Articles of
Association, both will retire at this year's Annual General Meeting and will
seek election from shareholders. Both have proved to be knowledgeable and
effective and the Board recommends their re-election. In addition, I am retiring
by rotation at this year's Annual General Meeting and standing for re-election.

Change of Company Name

In the light of the change of our Manager's name from J.P. Morgan Fleming Asset
Management (UK) Limited to JPMorgan Asset Management (UK) Limited on 3rd May
2005, the Board considers that there are certain advantages to changing the
Company's name to JPMorgan American Investment Trust plc. The Board will
therefore propose a resolution to change the Company's name at the forthcoming
Annual General Meeting. None of the costs relating to this change will fall on
shareholders.

Annual General Meeting

The Directors and I very much look forward to welcoming shareholders to the
Annual General Meeting, which will be held at Trinity House, Tower Hill, London
EC3N 4DH on Wednesday 3rd May 2006 at 2.00 p.m. Please note the change of venue
from 2005. A representative from the New York based investment management team
will make a presentation to shareholders, reviewing the year and commenting on
the outlook for the current year.

Outlook

Looking ahead, we expect a volatile, yet positive, year for US equities in 2006.
Whilst economic data suggests that the US residential housing market is slowing
and that energy costs are damaging competitiveness, we believe that continued
low inflation will allow the Federal Reserve to end its tightening interest rate
cycle and set the scene for a prolonged period of economic expansion. US
companies, in the main, remain profitable and have strong balance sheets
enabling them to continue to prosper. Investors should see the benefits of this
over the medium term.



Hamish Buchan
Chairman        17th March 2006


JPMorgan Asset Management (UK) Limited - Secretary
For further information please contact:
Craig Cleland.....................020 7742 3418


JPMorgan Fleming American  Investment Trust plc
Unaudited figures for the year ended 31 December 2005



Income Statement (Unaudited)


                                                  Year ended 31 December 2005        Year ended 31 December 2004
                                                                                              (Restated)
                                                    Revenue     Capital      Total   Revenue     Capital      Total
                                                      £'000       £'000      £'000     £'000       £'000      £'000


Realised gains on investments                             -       7,070      7,070         -       4,897      4,897
Unrealised gains on investments                           -      37,598     37,598         -       2,423      2,423
Net currency gains/(losses) on cash and
short-term                                                                                        
                                                                  
deposits held during the year                             -       1,088      1,088         -        (380)      (380)
Unrealised gain on outstanding currency                   -           -          -         -           1          1
transactions
Unrealised 9loss)/gain 0n forward foreign
currency contract                                         -     (2,162)    (2,162)         -       2,772      2,772
Other capital items                                       -        (15)       (15)         -          31         31
Income from investments                               5,176           -      5,176     6,266           -      6,266
Other income                                            583           -        583       302           -        302
                                                    _______    ________    _______   _______    ________    _______

Gross revenue and capital return                      5,759      43,579     49,338     6,568       9,744     16,312

Management fee                                        (329)     (1,313)    (1,642)     (338)     (1,350)    (1,688)

Other administrative expenses                         (508)           -      (508)     (474)           -      (474)

                                                    _______    ________    _______   _______    ________    _______

Net return before finance costs and taxation          4,922      42,266     47,188     5,756       8,394     14,150

Finance costs                                         (703)     (2,811)    (3,514)     (696)     (2,786)    (3,482)

                                                    _______     _______    _______   _______     _______    _______

Net return before taxation                            4,219      39,455     43,674     5,060       5,608     10,668

Taxation                                              (747)           -      (747)     (920)           -      (920)

                                                    _______     _______    _______   _______     _______    _______
Total return attributable to ordinary
shareholders                                          3,472      39,455     42,927     4,140       5,608      9,748
                                                      =====       =====      =====     =====       =====      =====

Return per ordinary share                             7.78p      88.44p     96.22p     8.20p      11.11p     19.31p






The results for the year ended 31st December 2004 have been restated in
accordance with Financial Reporting Standards 21, 25 and 26.




JPMorgan Fleming American  Investment Trust plc
Unaudited figures for the year ended 31 December 2005


Reconciliation of Movements in Shareholders' Funds


                                                    Share     Capital     Capital      Capital
                                        Share     premium  redemption     reserve      reserve    Revenue
                                      Capital     account     reserve   -realised  -unrealised    reserve     Total
                                        £'000       £'000       £'000       £'000        £'000     £'000      £'000    
                                                                                               
At 31st December 2003 (as restated)    13,349      18,906       5,484     252,314       12,344     14,311   316,708
Shares bought back and cancelled      (1,576)           -       1,576    (33,241)            -          -  (33,241)
Net capital return from ordinary            -           -           -       4,792          816          -     5,608
activities
Net revenue from ordinary                   -           -           -           -            -      4,140     4,140
activities
Dividends appropriated in the year          -           -           -           -            -    (3,561)   (3,561)
                                      _______    ________     _______     _______      _______    _______  ________
 At 31st December 2004 (as             11,773      18,906       7,060     223,865       13,160     14,890   289,654
restated)
Shares bought back and cancelled        (903)           -         903    (20,160)            -          -  (20,160)
Net capital return from ordinary            -           -           -       (313)       39,768          -    39,455
activities
Net revenue return from ordinary
activities                                  -           -           -           -            -      3,472     3,472
Dividends appropriated in the year          -           -           -           -            -    (3,396)   (3,396)
                                      _______    ________     _______     _______      _______    _______  ________
At 31st December 2005                  10,870      18,906       7,963     203,392       52,928     14,966   309,025





Restatements and prior year adjustments resulting from the adoption of new
company accounting policies.

JPMorgan Fleming American Investment Trust plc
Unaudited figures for the year ended 31 December 2005


BALANCE SHEET                                                                 31 December      31 December
                                                                                     2005             2004
                                                                                                (Restated)
                                                                                    £'000            £'000

Investments at valuation                                                          336,351          325,718


Net current assets                                                                 22,311           13,544

Creditors: Amounts falling due after more than one year                          (49,637)         (49,608)

                                                                                  _______          _______
Total net assets                                                                  309,025          289,654
                                                                                    =====            =====
Net asset value per ordinary share                                                 710.7p           615.1p

CASH FLOW STATEMENT
                                                                                     2005             2004
                                                                                    £'000            £'000

Net cash inflow from operating activities                                           2,735            3,710

Net cash outflow from returns on investments and servicing of
finance                                                                           (3,477)          (3,461)

Taxation recovered                                                                      5                -

Net cash inflow from capital expenditure and financial investment                  34,047           28,679

Total equity dividends paid on ordinary shares                                    (3,396)          (3,561)

Net cash outflow from financing                                                  (20,706)         (33,910)
                                                                                  _______          _______
Increase/(decrease) in cash for the period                                          9,208          (8,543)
                                                                                    =====             ====




The results for the year ended 31st December 2004 have been restated in
accordance with Financial Reporting Standards 21, 25 and 26. The only material
change is in respect of the introduction of FRS21 'Events after the Balance
Sheet date'; The Company no longer accrues dividends proposed but not paid and
has accounted for dividends on a paid basis. The company proposes to pay a final
dividend of 8.0p per share (2004:7.5p) to ordinary shareholders.



The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is based on the statutory accounts for the year ended 31st December
2004. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.



JPMORGAN ASSET MANAGEMENT (UK) LIMITED
17th March 2006






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