Final Results

JPMorgan Fleming US Disc IT PLC
10 March 2005

               JPMORGAN FLEMING US DISCOVERY INVESTMENT TRUST PLC 

                          STOCK EXCHANGE ANNOUNCEMENT

                         



The Board of JPMorgan Fleming US Discovery Investment Trust plc is pleased to
announce the Company's results for the year ended 31st December 2004.
Commenting on the results the Chairman has made the following statement:



Review of Performance

In my first annual statement to you as Chairman I am very pleased to report
that, for the fourth year out of the past five, the performance of the Company's
net asset value ('NAV') exceeded that of the benchmark (the Russell 2000 index
in sterling terms), rising by 12.7% compared to 10.0% for the index. Indeed over
the five years to 31st December 2004 the NAV rose by 60% compared to a rise of
only 14% in the benchmark. Chris Jones and his team are to be congratulated on
the extent of this outperformance: its consistency over the longer term bears
witness to the success of their fundamental and disciplined investment style.

For a number of years UK based investors have tended to disparage US stocks in
general and US smaller companies in particular. Yet, despite the adverse effect
of a 15% depreciation in the value of the dollar, the absolute return of 60%
achieved by both the Company's share price and the Company's NAV over the past
five years compares favourably with the decline of 14% in the FTSE All-Share
Index over the same period. The US microcap universe, of approximately 2,800
companies with a market capitalisation of between $50m and $500m, has proved to
be a very profitable source of investments over the long term and your Board
firmly believes that it will continue to be so.  The Company offers a unique
opportunity for UK investors to gain exposure to this universe.

Your portfolio is managed by an experienced team of US investment professionals
who aim to achieve the Company's objectives by pursuing a well defined,
consistent and highly researched strategy. Their success has again been
demonstrated by the contribution of 6.6% from stock selection to the Company's
outperformance during the year under review; stock selection has produced an
annualised return (i.e. the average annual percentage growth over the period)
over five years of 15.5%.

Discount Management

The Board regards reducing and stabilising the discount to NAV at which the
shares trade as one of its most important objectives, in order to allow the
underlying asset performance to be fully reflected in shareholder returns. With
this in mind the Company repurchased 925,000 ordinary shares during the year, at
an average discount of 19.1%, representing approximately 8.3% of the issued
share capital, and in the process added 1.5% to the NAV of the remaining shares.
The Directors propose that the authority be renewed for a further year at the
forthcoming Annual General Meeting.

It is a strategic priority of the Board to communicate the Company's strengths
and its positive long term performance, and we shall continue to review all
options that will promote the Company to potential investors and reduce the
shares' discount to underlying assets.

Gearing

As well as short-term overdraft facilities, the Company has a US$16m revolving
credit facility with The Royal Bank of Scotland plc. While this facility has not
been utilised during the year under review, the Board continues to believe that
the ability to gear is a major advantage of investment trusts over other
investment vehicles, and during the year borrowings reached a high of 15% of
total assets.

Since the end of the year the Company has repurchased from stockholders the £4m
11% debenture: the mismatch of sterling borrowings against a dollar-based
portfolio appeared imprudent, and the premium over its redemption value at which
the debenture traded exaggerated the apparent discount of the shares to NAV.

Board of Directors

As shareholders are aware, my predecessor Jeremy Leigh Pemberton retired
following the last Annual General Meeting. On behalf of the Board, I should like
to record our gratitude to Jeremy for his remarkable leadership of the Company
since 1996.

On 1st September 2004, Christopher Galleymore was appointed as a Director of the
Company. Christopher has had a successful international career in a variety of
investment roles, including eleven years as Director and Head of the North
American Desk at Henderson Global Investors. Christopher has already proved to
be a valuable addition to the Company's Board, and I would urge shareholders to
vote in favour of his election at the forthcoming Annual General Meeting.

The Board has also recruited Mark Ansell, who becomes a Director with effect
from 1st April 2005. Mark is a Managing Director with wide experience of
negotiation and completing successful acquisitions and disposals and in
improving performance in specialist engineering businesses, many with locations
in the United States. Since 1999 he has been Group Managing Director of Flow
Industries Limited, a specialist flow control group suppling the oil and gas,
industrial gas, mining and marine industries. Mark's experience will be an asset
to the Board and I would urge shareholders to vote in favour of his election at
the forthcoming Annual General Meeting.

The Directors retiring by rotation are Denis Brandt and Davina Walter. Denis is
our longest serving director, having joined the Board in 1982; he has decided to
retire from the Board immediately following the Annual General Meeting and will
therefore not be offering himself for re-election. He has brought a wealth of
knowledge and experience to the Board and his wise counsel will be much missed;
on behalf of the Board I should like to thank him for all he has done for the
Company, and wish him well for the future. Davina joined the Board in 2002; her
wide knowledge and experience of the investment world have enabled her to make a
significant contribution to our deliberations, and I would urge shareholders to
vote in favour of her re-election.

JPMorgan Fleming Asset Management

The Board has thoroughly reviewed the Manager's investment strategy and process.
This review covered performance, management processes, investment style,
resources, compliance and risk controls. The Board is satisfied with the results
of the review and believes that the continuing appointment of the Manager is in
the interests of shareholders as a whole. This review is carried out annually.

Company's Broker

Following a full review, the Board appointed UBS Investment Bank as broker to
the Company. It was felt that the advice from this highly experienced investment
trust broker would be a strong benefit to shareholders.

Annual General Meeting

This year's Annual General Meeting will be held on 28th April 2005 at 12 noon at
10 Aldermanbury, London EC2V 7RF. As in previous years, in addition to the
formal part of the meeting, there will be a presentation from Christopher Jones,
head of the team responsible for managing the portfolio, who will answer
questions on the portfolio and performance. There will also be an opportunity to
meet him, the Board, and representatives of JPMorgan Fleming.

If you have any detailed or technical questions, it would be useful if you could
raise them in advance with the Company Secretary at Finsbury Dials, 20 Finsbury
Street, London EC2Y 9AQ. Shareholders who are unable to attend the AGM are
encouraged to use their proxy votes.

Continuation

Included in the agenda for this year's Annual General Meeting is a resolution to
continue the Company's existence as an investment trust for a further five
years. Over time, the US economy will ebb and flow; however, within the microcap
universe there will always be exciting growth companies whose success is not
dependent on the wider economy. The proven ability of our managers to identify
and exploit such companies is the basis for the Board's belief that the success
of the past can be continued in the future. I would therefore urge shareholders
to vote in favour of the resolution.







Robin Lewis

Chairman          10th March 2005





JPMorgan Fleming US Discovery Investment Trust plc
Unaudited figures for the year ended 31 December 2004

Statement of Total Return (Unaudited)


                                                    Year ended 31 December 2004      Year ended 31 December 2003
                                                    Revenue    Capital      Total   Revenue     Capital       Total
                                                      £'000      £'000      £'000     £'000       £'000       £'000

Realised gains on investments                             -      1,650      1,650         -       5,425       5,425
Unrealised gains on investments                           -      7,979      7,979         -      18,397      18,397
Currency losses on cash and short-term deposits
held during the year
                                                          -      (250)      (250)         -       (178)       (178)
Other capital charges                                     -        (7)        (7)         -         (5)         (5)
Income from investments                                 294          -        294       226           -         226
Other income                                             24          -         24        24           -          24
                                                    _______    _______    _______   _______     _______     _______

Gross return                                            318      9,372      9,690       250      23,639      23,889

Management fee                                         (86)      (776)      (862)      (74)       (667)       (741)
Other administrative expenses                         (287)          -      (287)     (253)           -       (253)
Performance fee                                           -      (237)      (237)         -       (934)       (934)
Interest payable                                       (48)      (429)      (477)      (49)       (444)       (493)
                                                    _______    _______    _______   _______     _______     _______

(Loss) / return before taxation                       (103)      7,930      7,827     (126)      21,594      21,468
Taxation                                               (43)          -       (43)      (25)           -        (25)
                                                    _______    _______    _______   _______     _______     _______

Transfer (from) /to reserves                          (146)      7,930      7,784     (151)      21,594      21,443

(Loss) / return per ordinary share                  (1.35)p     73.51p     72.16p   (1.33)p     190.41p     189.08p









JPMorgan Fleming US Discovery Investment Trust plc
Unaudited figures for the year ended 31 December 2004


BALANCE SHEET                                                            31 December         31 December

                                                                                2004                2003
Fixed assets                                                                   £'000               £'000

Investments at valuation                                                      82,422              85,401

Net current assets                                                             5,228                 156
                                                                             _______             _______
Total assets less current liabilities                                         87,650              85,557

Amounts falling due after more than one year                                 (4,007)             (4,007)

Performance fee payable                                                      (2,189)             (2,724)


TOTAL NET ASSETS                                                              81,454              78,826

                                                                               =====               =====

NAV per ordinary share                                                        795.5p              706.0p

CASH FLOW STATEMENT
                                                                                2004                2003
                                                                               £'000               £'000

Net cash outflow from operating activities                                   (1,719)             (1,151)

Net cash outflow from servicing of finance                                     (669)               (301)

Net cash inflow from taxation                                                      -                   7

Net cash inflow from capital expenditure and financial
investment                                                                    11,214               1,957

Net cash outflow from financing                                              (5,156)             (2,496)
                                                                             _______             _______
Increase/(decrease) in cash for the year                                       3,670             (1,984)
                                                                               =====               =====







The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The audit report for the year
ended 31st December 2004 has yet to be signed. The comparative financial
information is based on the statutory accounts for the year ended 31st December
2003. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies. The preliminary announcement
is prepared on the same basis as the previous year's annual accounts.





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


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