Final Results

Fleming US Discovery Inv Trust PLC
23 February 2001



                  THE FLEMING US DISCOVERY INVESTMENT TRUST PLC

          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     192.37P   69.02P
Total return per ordinary share       187.66p   63.57P


                  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