Final Results

Fleming US Discovery Inv Trust PLC
21 February 2002

                 THE FLEMING US DISCOVERY INVESTMENT TRUST PLC

                          STOCK EXCHANGE ANNOUNCEMENT

            Unaudited Results for the year ended 31st December 2001

21st February 2002

The Fleming US Discovery Investment Trust plc today announced its results for
the year ended 31st December, 2001.

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

'In what has been a particularly difficult period for global stockmarkets, I am
pleased to report that the performance of the Company for the year ended 31st
December 2001 was strong both in absolute terms and in comparison to the Russell
2000, the Company's benchmark.  In 2001, the net asset value per share increased
by 11.9% and the share price rose by 11.2% compared to an increase of 3.7% of
the Company's benchmark, all in sterling terms.

With stock selection once again the main element in this performance, your
Company has shown a positive two year capital growth of over 50%, in a period
when most of the world's markets have suffered consecutive negative returns.

The Board remain confident about the future prospects for your Company, given
the diverse universe within which it invests and the Investment Manager's
consistent portfolio strategy, which is highly research intensive and focused on
the quality of each company. Moreover, although the US microcap universe and the
fields within it in which we are most strongly invested will continue to be
volatile, we believe that the relative valuation of many of our holdings remains
attractive.


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

The Fleming US Discovery Investment Trust Plc

21st February 2002

The Fleming US Discovery Investment Trust plc

Unaudited figures for the year ended 31 December 2001

Statement of Total Return (Unaudited)

                                                Year ended 31 December 2001        Year ended 31 December 2000
                                              Revenue     Capital      Total    Revenue     Capital       Total

                                                £'000       £'000      £'000      £'000       £'000       £'000

Realised gains on investments                       -       1,861      1,861          -      14,516      14,516

Net change in unrealised appreciation               -      10,533     10,533          -      12,299      12,299

Currency losses on cash and short-term
deposits held during the period                    -         (169)      (169)          -       (185)       (185)        
                     
Unrealised currency losses on US dollar
loan                                                -        (87)       (87)                      -           -

Other capital charges                               -        (80)       (80)          -         (6)         (6)

Income from Investment                            292           -        292        732           -         732

Other Income                                       42           -         42         83           -          83
                                              _______    ________    _______     ______     _______    ________

Gross return                                      334      12,058     12,392        815      26,624      27,439

Management fee                                  (900)           -      (900)      (535)           -       (535)

Other administrative expenses                   (183)           -      (183)      (217)           -       (217)

Performance fee                                     -           -          -          -       (602)       (602)

Unrealised performance fee                          -     (1,027)    (1,027)          -     (3,339)     (3,339)

Interest payable                                (616)           -      (616)      (536)           -       (536)
                                               _______     _______    _______     ______     _______     _______

Return before taxation                        (1,365)      11,031      9,666      (473)      22,683      22,210

Taxation                                         (50)           -       (50)       (82)           -        (82)

                                               ______     _______    _______     ______     _______      ______

Transfer (from)/to reserves                   (1,415)      11,031     9,616       (555)      22,683      22,128
                                                                
Return per ordinary share                    (12.01)p      93.64p     81.63p    (4.71)p     192.37p     187.66p

Dividend per ordinary share                       Nil                               Nil



The Fleming US Discovery Investment Trust plc

Unaudited figures for the year ended 31 December 2001


BALANCE SHEET                                                                 31 December      31 December
                                                                                     2001             2000
                                                                                    £'000            £'000

Investments at valuation                                                           94,200           90,493

Net current asset ( liabilities)                                                    3,669          (2,359)

Long term loan                                                                    (7,466)          (7,347)

                                                                                  _______          _______
Total net assets                                                                   90,403           80,787
                                                                                    =====            =====
Net asset value per ordinary share                                                 767.5p           685.8p

CASH FLOW STATEMENT
                                                                                     2001             2000
                                                                                    £'000            £'000

Net cash outflow from operating activities                                        (1,478)            (229)

Net cash outflow from returns on investments and servicing of
finance                                                                             (721)            (536)
                                                                                    

Total tax paid                                                                       (44)                -

Net cash inflow from capital expenditure and financial investment                   7,213            1,713
                                                                                  
Net cash (outflow)/inflow from financing                                          (3,200)            2,069
                                                                                  _______           ______
Increase in cash for the year                                                       1,770            3,017
                                                                                    =====            =====


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
2000. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.

J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED

21st February 2002


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