Transaction in Own Shares

JPMorgan Fleming American IT PLC
09 July 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 Thursday 8th
July 2004 in the market it purchased for cancellation 25,000 ordinary shares at
508 pence per share representing a total of 0.05% of the ordinary shares in
issue.

The number of shares repurchased under the current authority now totals
1,170,180.

The remaining shares in issue, following the above repurchases, is 50,545,255.

9th July 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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