Transaction in Own Shares

JPMorgan Fleming American IT PLC
02 November 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 1st
November 2004 in the market it purchased for cancellation 60,000 ordinary shares
at 526.17 pence per share representing a total of 0.12% of the ordinary shares
in issue.


The number of shares repurchased under the current authority now totals
3,429,480.


The remaining shares in issue, following the above repurchases, is 48,285,955.


2nd November 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





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