Transaction in Own Shares

JPMorgan Fleming American IT PLC
26 October 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 25th
October 2004 in the market it purchased for cancellation 65,000 ordinary shares
at 501.8 pence per share representing a total of 0.13% of the ordinary shares in
issue.

The number of shares repurchased under the current authority now totals
3,214,480.

The remaining shares in issue, following the above repurchases, is 48,500,955.

26th October 2004


For further information, please contact:

Jonathan Latter
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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