Final Results

JPMorgan US Discovery IT PLC
22 March 2007


                   JPMORGAN US DISCOVERY INVESTMENT TRUST PLC
                          STOCK EXCHANGE ANNNOUNCEMENT


The Board of JPMorgan US Discovery Investment Trust plc is pleased to announce
the Company's results for the year ended 31st December 2006.  Commenting on the
results the Chairman has made the following statement:


Review of Performance

Over the year to 31st December 2006 the Company's net assets fell by 3%. A small
reduction in the discount of the share price to net assets resulted in a fall of
1.3% in the return to shareholders over the period. This compared to a rise of
3.5% in the Company's benchmark, the Russell 2000 index in sterling terms.

The background to these figures was another very strong year's performance by US
microcap companies which, unfortunately for sterling investors, was largely
eliminated by a significant fall in the US dollar to sterling exchange rate.
Within the Company's portfolio, the detrimental effect of the fall in the dollar
was exacerbated by disappointing stock selection. However, having carried out a
careful appraisal of the manager's investment process and team in November 2006,
the Board is satisfied that the investment philosophy remains fundamentally
sound.


Microcap Investment Strategy

The Board has frequently stressed in recent years that investment in microcap
companies should be judged against a longer time horizon. Absolute returns have
been strong, with the net asset value showing an increase of 113% since the
change of mandate in 1998 and 30% over the past three years. Nevertheless, the
underperformance relative to the benchmark in 2006 has had a detrimental effect
on our strong longer term relative performance.


Discount/Premium Management

The Board recognises the importance of a stable discount. During the year under
review the average discount narrowed slightly from 15.0% to 10.5%, and at the
year end was 10.2%. However, the Board recognises that, although the absolute
level of the discount is important, it is equally critical to limit the
variations in its level. This is particularly the case for a company, such as
this Company, where the liquidity in the shares can at times be tight.

There are a number of measures the Company has in place to provide shareholders
with confidence that the discount volatility will not be excessive.

First, shareholders do have the opportunity, every five years, to vote for the
continuation of the Company. At the last vote, in April 2005, shareholders voted
overwhelmingly in favour of the continued existence of the Company and the
current investment strategy.

Secondly, the Board will use the share buyback powers to assist in the
maintenance of a stable discount. The Board will carry out share repurchases on
an ongoing basis with the aim of establishing a long-term level of discount that
is on average below 9%. The Board will take into account a number of factors in
the precise implementation of the buyback authority. The Board may apply
increased flexibility during periods of extreme market dislocation. It will also
have regard to the discount level of other trusts that investors view as
offering similar exposure. The Company's portfolio is invested in micro cap US
companies and the Board does not believe it is sensible to set a very hard, or a
narrower, discount target for a company with this type of portfolio.

During the year under review, the Company did not repurchase shares but it has
repurchased 308,000 shares on two occasions for cancellation since the end of
the year; this has added 3.0p to the net asset value per share. The Board is
seeking approval from shareholders to renew the authority at the forthcoming
Annual General Meeting.

Thirdly, the Board is keen to enhance the liquidity of the Company's shares. The
Board has for some time considered the merits of being able to improve liquidity
in the shares by buying shares into treasury and being able to issue shares from
treasury at a limited discount to net asset value. The Board believes that the
ability to reissue shares bought in the market is in the interest of
shareholders in assisting the Company in managing any imbalance between the
supply and demand. Therefore, the Board will be seeking shareholder approval to
reissue shares at a discount to net asset value. We recognize that this is a
controversial matter for certain groups of shareholder. The Board believes it is
important to establish clear criteria for the reissuance at a discount so that
shareholders can make an assessment of the maximum dilution that may occur on
reissuance. Shares will only be reissued at a discount which is narrower than 5%
and will be cancelled after one year held in treasury. The aggregate dilution
associated with all the reissues will not exceed 0.5% of the net asset value
over the full period of the authority. This, in the Board's view, represents a
sensible approach to this matter.

The Board also believes that, should the shares move to a sustained premium to
net asset value, it would be in the interests of shareholders for the Company to
be able to issue new shares to participants purchasing shares through the
savings products managed by JPMAM and also to other investors. The Board
considers it important that the Company's share price reflects, as closely as
possible, the value of the underlying portfolio of investments and therefore
recommends that shareholders approve this authority at the Annual General
Meeting.


Currency Hedging

The Board has the authority to reduce or eliminate the exposure of the portfolio
to changes in the value of the US dollar against sterling. This process is known
as 'hedging' and can be achieved by any one, or a combination, of a number of
devices. We review this regularly but to date have not carried out any hedging
and it is our current view that the portfolio should remain unhedged.


Gearing

Following a strategic review of gearing the Board has been operating at the top
end of the 95-115% range in order to benefit from the potential for absolute
returns. The Company's US$35 million revolving credit facility matured at the
end of January 2007 and was replaced with a similar one of US$28 million. This
facility will continue to allow the Managers freedom actively to manage the
gearing to enhance returns to shareholders. To date US$ 22.4 million of the
Company's facility with the Royal Bank of Scotland has been drawn down for
utilisation.


Business Review

It is now a requirement that companies include a Business Review within the
Directors' Report. The Company's Business Review for the year ended 31st
December 2006 includes information on the measures that the Board uses to assess
the Company's performance ('Key Performance Indicators') and the principal risks
faced by the Company.


Board of Directors

The Directors carried out their annual evaluation of the Board and its
Committees, the Directors and the Chairman in January. This was considered to be
an effective means of evaluating the continuing efficacy of the Board. In
accordance with the Company's Articles of Association, the Director retiring by
rotation at this year's AGM is Davina Walter. A Nomination Committee of the
Board has met to consider her qualifications and performance and, in view of the
valuable contribution she makes to the Board's deliberations, the Nomination
Committee recommends to shareholders that Davina Walter should be re-elected.

In addition, having served as Directors for more than nine years, Alan Kemp and
I are also standing for re-election. The Board does not believe that length of
service in itself should disqualify a Director from seeking re-election and, in
proposing our re-election, it has taken into account the ongoing requirements of
the Combined Code, including the need to refresh the Board and its Committees.


Manager

The Board also carried out a formal detailed review of the Manager during the
year. This covered the investment management, company secretarial,
administrative and marketing services provided to the Company by the JPMorgan
Asset Management (UK) Limited ('JPMAM') and included their investment
performance record, management processes, investment style, resources and risk
control mechanisms. After full consideration, the Board concluded that the
continued appointment of the Manager on the terms agreed for provision of these
services is in the interests of shareholders as a whole.


Company's Broker

At the beginning of the year under review there were significant changes in the
structure of the team at UBS, the Company's broker. As a result, various brokers
in the market were invited to present their services to the Board as part of the
broker review process, following which the Board agreed that Cenkos Securities
Limited would replace UBS as the Company's broker.


Annual General Meeting

This year's AGM will be held on 24th April 2007 at 12 noon at The Library,
JPMorgan, 60 Victoria Embankment, London EC4Y OJP.


Robin Lewis
Chairman         22nd March 2007


For further information:

Lucy Dina
For and on behalf of
JPMorgan Asset Management (UK) Limited - Secretary
020 7742 6000


JPMorgan US Discovery Investment Trust plc
Unaudited figures for the year ended 31st December 2006

Income Statement

                               (Unaudited)                                       (Audited)
                               Year ended 31st December 2006           Year  ended 31st December 2006
                                   Revenue      Capital         Total    Revenue    Capital      Total
                                     £'000        £'000         £'000      £'000      £'000      £'000

(Losses) / gains from
investment held at fair value
through profit or loss                   -      (3,425)       (3,425)          -     18,640     18,640
Net foreign currency gains               -        1,178         1,178          -         90         90
Income from investments                293            -           293        307          -        307
Other interest receivable and
similar income                           7            -             7         78          -         78
                                   _______     ________       _______    _______    _______    _______

Gross return / (loss)                  300      (2,247)       (1,947)        385     18,730     19,115

Management fee                        (97)        (874)         (971)       (89)      (800)      (889)
Performance Fee                          -          903           903          -      (661)      (661)

Other administrative expenses        (260)            -         (260)      (336)          -      (336)
                                   _______      _______       _______    _______    _______    _______

Net (loss) / return on
ordinary activities before
finance costs and taxation            (57)      (2,218)       (2,275)       (40)     17,269     17,229

Finance costs                         (52)        (466)         (518)       (15)    (2,039)    (2,054)
                                   _______      _______       _______    _______    _______    _______

Net (loss) / return on
ordinary activities before
taxation                             (109)      (2,684)       (2,793)       (55)     15,230     15,175

Taxation                              (43)            -          (43)       (44)          -       (44)
                                    ______      _______       _______    _______    _______    _______

Net (loss) / return on
ordinary activities after
taxation                             (152)      (2,684)       (2,836)       (99)     15,230     15,131
                                     =====        =====         =====      =====      =====      =====

(Loss) / return per share          (1.49)p     (26.42)p      (27.91)p    (0.97)p    149.38p    148.41p


All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the year.

The total column of this statement is the profit and loss account of the Company
and the revenue and capital columns represent supplementary information. The
total column represents all the information that is required to be disclosed in
a 'Statement of Total Recognised Gains and Losses (STRGL)'. For this reason a
STRGL has not been presented.


JPMorgan US Discovery Investment Trust plc
Unaudited figures for the year ended 31st December 2006

Reconciliation of Movements in Shareholders' Funds (Unaudited)

                                            Called up       Capital
                                                Share    redemption      Capital      Revenue
                                              capital       reserve      reserve      reserve       Total
                                                £'000         £'000        £'000        £'000       £'000

At 31st December 2004                           2,560           582       82,764      (4,452)      81,454
Repurchase and cancellation of shares            (20)            20        (557)            -       (557)
Total  return / (loss) from ordinary
activities                                          -             -       15,230         (99)      15,131
                                              _______      ________      _______      _______    ________
At 31st December 2005                           2,540           602       97,437      (4,551)      96,028
Total  loss  from ordinary activities               -             -      (2,684)        (152)     (2,836)
                                              _______      ________      _______      _______    ________
At 31st December 2006                           2,540           602       94,753      (4,703)      93,192
                                                =====         =====        =====        =====       =====


JPMorgan US Discovery Investment Trust plc
Unaudited figures for the year ended 31st December 2006


Balance sheet                                                           (Unaudited)            (Audited)
                                                                 31st December 2006   31st December 2005
                                                                              £'000                £'000
Non current assets
Investments at fair value through profit or loss                            104,813              100,628

Current assets
Debtors                                                                         231                  128
Cash and short term deposits                                                    132                    -
                                                                            _______              _______
                                                                                363                  128

Creditors : amounts falling due within one year                            (11,764)              (2,922)
                                                                            _______              _______
Net current liabilities                                                    (11,401)              (2,794)
                                                                            _______              _______
Total assets less current liabilities                                        93,412               97,834

Provision for liabilities and charges                                         (220)              (1,806)
                                                                            _______              _______
Total net assets                                                             93,192               96,028
                                                                              =====                =====
Capital and reserves
Called up share capital                                                       2,540                2,540
Capital redemption reserve                                                      602                  602
Capital reserve                                                              94,753               97,437
Revenue reserve                                                             (4,703)              (4,551)
                                                                            _______              _______
Shareholders' funds                                                          93,192               96,028
                                                                                                    ====
                                                                              =====                    =

Net asset value per  share (note 2)                                          917.3p               945.2p


Cash flow statement                                                     (Unaudited)            (Audited)
                                                                               2006                 2005
                                                                              £'000                £'000

Net cash outflow from operating activities                                  (2,019)              (1,653)

Net cash outflow from returns on investments and servicing of
finance                                                                       (530)              (2,039)

Taxation paid                                                                     -                 (28)

Net cash  (outflow) / inflow from capital expenditure and
financial investment                                                        (7,565)                1,707

Net cash inflow / (outflow) from financing                                    9,068              (2,794)
                                                                            _______               ______
Decrease in cash for the year                                               (1,046)              (4,807)
                                                                              =====                 ====



Notes to the Accounts



1.   Accounting policies

The accounts have been prepared in accordance with the Companies Act 1985,
United Kingdom Generally Accepted Accounting Practice ('UK GAAP') and with the
Statement of Recommended Practice 'Financial Statements of Investment Trust
Companies' dated 31st December 2005. All of the Company's operations are of a
continuing nature.


2.   Net asset value per share


Net asset value                       Net assets
    per share                         attributable


                                         2006            2005            2006            2005
                                        pence           pence           £,000           £,000

  Ordinary shares                       917.3           945.2          93,192          96,028


Net asset value per share is based on the net assets attributable to the
ordinary shareholders of £93,192,000 (2005: £96,028,000) and on the 10,159,480
(2005: 10,159,480) shares in issue at the year end.


3.   Status of preliminary announcement

The preliminary announcement is prepared on the same basis as set out in the
prior year annual accounts. The financial information set out in this
preliminary announcement does not constitute the Company's statutory accounts
for the years ended 31 December 2005 or 2006. The statutory accounts for the
year ended 31 December 2006 have not been delivered to the Registrar of
Companies, nor have the auditors yet reported on them. The statutory accounts
for the year ended 31 December 2006 will be finalised on the basis of the
information presented by the directors in this preliminary announcement and will
delivered to the Registrar of Companies following the approval of the accounts
by the Board of Directors.

The statutory accounts for the year ended 31 December 2005 have been reported on
by the auditors and delivered to the Registrar of Companies. The Company's
auditors made a report under Section 235 on these statutory accounts which was
not qualified nor contained a statement under Section 237(2) or Section 237(3).


22nd March 2007
JPMORGAN ASSET MANAGEMENT (UK) LIMITED


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