Transaction in Own Shares

JPMorgan Fleming American IT PLC
23 June 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 Tuesday 22nd
June 2004 in the market it purchased for cancellation 80,000 ordinary shares at
527 pence per share representing a total of 0.16% of the ordinary shares in
issue.


The number of shares repurchased under the current authority now totals 924,180.


The remaining shares in issue, following the above repurchases, is 50,791,255.



23rd June 2004


For further information, please contact:

Richard Lewis

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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