Transaction in Own Shares

JPMorgan Fleming American IT PLC
04 January 2005



                          STOCK EXCHANGE ANNOUNCEMENT

                 JPMORGAN FLEMING AMERICAN INVESTMENT TRUST PLC

                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION

JPMorgan Fleming American Investment Trust plc announces that on Friday 31st
December 2004 in the market it purchased for cancellation 325,000 ordinary
shares at 547.48 pence per share representing a total of 0.69% of the ordinary
shares in issue.



The number of shares repurchased under the current authority now totals
4,947,383.


The remaining shares in issue, following the above repurchases, is 46,768,052.


4th January 2005


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





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