Transaction in Own Shares

JPMorgan Fleming American IT PLC
27 January 2004



                          STOCK EXCHANGE ANNOUNCEMENT


                 JPMORGAN FLEMING AMERICAN INVESTMENT TRUST PLC


                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION


JPMorgan Fleming American Investment Trust plc announces that on Monday 26th
January 2004 in the market it purchased for cancellation the following:

100,000 ordinary shares at 528p per share representing a total of 0.19% of the
ordinary shares in issue;

The number of shares repurchased under the current authority now totals
3,893,836.

The remaining shares in issue, following the above repurchases, is 53,186,302.


27th January 2004


For further information, please contact:

Hilary Lowe
For and on behalf of
J.P. Morgan Fleming Asset Management (UK) Limited - Secretary
020 7742 6000

Shamus Henderson
Cazenove & Co - Stockbrokers to the Company
020 7155 8007


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