Final Results

Fleming US Discovery Inv Trust PLC
26 February 2001



                THE FLEMING US DISCOVERY INVESTMENT TRUST PLC

                         STOCK EXCHANGE ANNOUNCEMENT

           Unaudited Results for the year ended 31st December 2000


23rd February 2001


The Fleming US Discovery Investment Trust plc today announced its results for
the year ended 31st December, 2000.


Commenting on the results, the Chairman, Mr Jeremy Leigh Pemberton said:


'I am delighted to report that the performance of the Company for the year
ended 31st December 2000 was strong both in absolute terms and in comparison
to the Russell 2000, the Company's benchmark.  In 2000, the net asset value
per share increased by 38% and the share price rose by 48% compared to an
increase of 3.2% of the Company's benchmark, all in sterling terms.


The main element in this performance was good stock selection. The biggest
contribution by some measure was from healthcare, which rose 66.8%.


The Board has confidence in the future prospects for investment in US
microcaps which has undoubtedly showed its possibilities in the year under
review.  Although this universe and the fields within it in which we are most
strongly invested will remain volatile, the relative valuation of many of our
holdings remains attractive.  We therefore look forward to continued growth'.


Richard Lewis ...........................  Tel.:  [phone]
For the Secretary

The Fleming US Discovery Investment Trust Plc
23rd February 2001



                THE FLEMING US DISCOVERY INVESTMENT TRUST PLC
           UNAUDITED FIGURES FOR THE  YEAR ENDED 31ST DECEMBER 2000

                                          2000        1999
                                         £'000       £'000


REVENUE
Income

                Franked dividends          -             14
                Overseas dividends        545           143
                Overseas interest         187           210
                Deposit interest           83            81
                                           
Gross Revenue                             815           448
              
Less      Management fee                  535           450
          Other administrative expenses   217           176
          Interest payable                536           466
                                        ______        _____

Return before taxation                   (473)         (644)

Less      Taxation                         82            28
                                            
Total return available to
  ordinary shareholders                  (555)         (672)

                                         ====           ====



                                         2000          1999
                                        £'000         £'000

CAPITAL

Movements on investments               26,624         8,505
               
Less: Performance fee
 charged to capital                     3,941             -
                                       ______        ______

Return attributable to
 ordinary shareholders                 22,683         8,505

                                        =====         =====

Revenue return per ordinary share       (4.71) p      (5.45) p
Capital return per ordinary share       192.37 p      69.02  p
Total return per ordinary share         187.66 p      63.57  p
              


                THE FLEMING US DISCOVERY INVESTMENT TRUST PLC
           UNAUDITED FIGURES FOR THE YEAR ENDED 31ST DECEMBER 2000



BALANCE SHEET


                                                     2000      1999
                                                    £'000     £'000

Investments at valuation                           90,493    63,915
Debtors                                             1,339        52
Cash and short term deposits                        2,848        16
Creditors: amounts falling due within one year    (6,546)      (796)

Creditors: amounts falling due
 after more than one year                         (7,347)    (4,008)

Total net assets                                  80,787     59,179
         
                                                   =====      =====


Net asset value per ordinary share                 685.8p     497.3p
            


CASH FLOW STATEMENT

                                                    2000       1999
                                                   £'000      £'000

Net cash outflow from operating activities          (232)      (443)
        
Net cash outflow from returns on investments and
                servicing of finance                (536)      (245)
                                  
Total tax paid                                         -        (30)
                                                  
Net cash inflow/(outflow) from capital expenditure
                and financial investment           1,716     (4,043)
                           
Total equity dividends paid on ordinary shares         -          -
             
Net cash outflow from financing                    2,069     (2,159)
                  
Increase/(decrease) in cash for the year           3,017     (6,920)
         
                                                    ====       ====


The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985.  The comparative financial
information is based on the statutory accounts for the year ended 31st
December 1999. These accounts, upon which the auditors issued an unqualified
opinion, have been delivered to the Registrar of Companies.


CHASE FLEMING ASSET MANAGEMENT (UK) LIMITED


23rd February 2001