Transaction in Own Shares

JPMorgan Fleming American IT PLC
15 September 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 14th
September 2004 in the market it purchased for cancellation 50,000 ordinary
shares at 534.4 pence per share representing a total of 0.10% of the ordinary
shares in issue.

The number of shares repurchased under the current authority now totals
2,706,980.

The remaining shares in issue, following the above repurchases, is 49,008,455.

15th September 2004


For further information, please contact:

Andrew Norman
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


                      This information is provided by RNS
            The company news service from the London Stock Exchange