Debenture

JPMorgan Fleming US Disc IT PLC
15 February 2005



                       STOCK EXCHANGE ANNOUNCEMENT

           JPMORGAN FLEMING US DISCOVERY INVESTMENT TRUST PLC


£4,000,000 11% Debenture Stock


The Company announces that it has today repurchased for cancellation its entire
issue of £4,000,000 11 per cent. debenture stock 2014/2019 at a price of
£147.627 per £100 nominal.


15th February 2005


For further information, please contact:

Robert Peel.....................................020 7742 3422

J.P. Morgan Fleming Asset Management (UK) Limited

Will Rogers.....................................020 7567 8000
Robert Ritchie
Duane Hebert

UBS Limited



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