Final Results

JPMorgan Fleming US Disc IT PLC
07 March 2006

                  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 2005.
Commenting on the results the Chairman has made the following statement:



Review of Performance



I am delighted to report that 2005 was another excellent year for the Company.
The Net Asset Value ('NAV') rose by 19.0% compared with a rise of 16.6% in the
Russell 2000 index, and it would have risen by 21.3% had it not been for the
breakage costs of repaying the debenture during the year (see below). Meanwhile
the level of discount to net assets per share declined over the year, boosting
the overall return to shareholders in sterling terms to 28.1%


For many years now UK investors seem to have been disenchanted with stock
markets in the USA. Yet since April 1998, when the Company switched its focus to
the US micro cap market, the NAV has risen by 69.5% in sterling terms while the
FTSE All-Share index has only risen by 27.0%. The investment policy pursued by
Christopher Jones and his team has proven consistent and effective over the
longer term.


Discount Management


Along with that of other investment trust shares, the discount to net asset
value of the Company's shares declined during the year. Nevertheless stabilising
and further reducing the discount remain among our most important objectives. As
one means of achieving this the Company repurchased 80,000 ordinary shares
during the year at an average discount of 15.8%, adding 0.1% to the NAV of the
remaining shares.  The Directors recommend that it is in the best interest of
shareholders for this repurchase authority to be retained for use as appropriate
and are therefore seeking its renewal for a further 18 months at the forthcoming
Annual General Meeting ('AGM').



One of the Board's main aims continues to be to make the Company's strengths and
its positive long term performance much more widely known. We believe the shares
are an attractive investment for private client money managers who wish to
diversify their clients' portfolios into an asset class which has shown good
absolute and relative returns over the past seven years. We have therefore
continued to work with the Company's manager and brokers to contact these
potential purchasers and are pleased to see that the proportion of the Company's
shares held by retail investors rose from 39% to 48% during the year. We shall
continue to consider actively all means of promoting the Company to potential
investors and reducing the shares' discount to underlying assets.



Gearing



In February 2005 the Board decided to repay the Company's 11% debenture. Despite
the detrimental short-term effect on performance, we felt this step to be
justified given the mismatch of currencies and the inflexible nature of the
borrowing facility. In addition, the Company's US$16 million revolving credit
facility was replaced with a similar one of US$35 million at the end of the
year. This considerably more flexible arrangement allows the Managers much
greater freedom actively to manage the gearing to enhance returns to
shareholders.


International Accounting Standards


From 1st January 2005, International Accounting Standards ('IAS') came into
force for all listed companies that prepare group accounts. All other listed
companies were permitted to adopt these standards voluntarily. Rather than adopt
IAS, the Company continued to follow the UK accounting framework, albeit amended
for new accounting standards which were released by the UK Accounting Standards
Board as the first of an IAS convergence programme. This approach is consistent
with that of most other investment trust companies that do not prepare group
accounts.



Corporate Governance



The Company operates in accordance with corporate governance best practice and
the Board is committed to the highest standards applicable under the Combined
Code and Association of Investment Trust Companies' Code of Corporate Governance
for Investment Trusts. In order to comply with the Smith Report recommendation
that the Audit Committee should not be chaired by the Chairman of the Board, I
stood down from the Audit Committee during the financial year.



The Board carried out a formal detailed review of the Manager in January this
year. This covered the investment management, company secretarial,
administrative and marketing services provided to the Company by JPMorgan Asset
Management (UK) Limited ('JPMAM') and included their investment performance
record, management processes, investment style, resources and risk control
mechanisms. After due deliberation, the Board has concluded that the continued
appointment of the Manager is in the interests of shareholders.



Board of Directors



In accordance with the Company's Articles of Association, Mr Alan Kemp and I are
required to retire from the Board by rotation at this year's AGM, and we are
seeking re-election. Following the annual appraisal of the Board, which includes
a review of the performance of individual directors, the other members of the
Board have authorised me to say that they recommend shareholders to vote in
favour of our re-election.



Continuation Vote



I am pleased to report that the continuation vote at last year's Annual General
Meeting ('AGM') was approved by a substantial majority, thereby enabling the
Company to remain in existence for a further five years.



Change of Company Name



In light of the change of our Manager's name from J.P. Morgan Fleming Asset
Management (UK) Limited to JPMorgan Asset Management (UK) Limited on 3rd May
2005, your Board considers it appropriate that the Company's name be changed to
JPMorgan US Discovery Investment Trust plc. The Board will therefore propose a
resolution to change the Company's name at the forthcoming AGM.



Annual General Meeting



This year's AGM will be held on 27th April 2006 at 12 noon at The Library,
JPMorgan, 60 Victoria Embankment, London EC4Y OJP. 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 JPMAM.



Robin Lewis

Chairman      7th March 2006


JPMorgan Fleming US Discovery Investment Trust plc
Unaudited figures for the year ended 31 December 2005



Income Statement (Unaudited)


                                                    Year ended 31 December 2005      Year ended 31 December 2004

                                                    Revenue    Capital      Total   Revenue     Capital       Total
                                                     Return     Return     Return    Return      Return      Return
                                                      £'000      £'000      £'000     £'000       £'000       £'000

Realised gains on investments                             -      1,601      1,601         -       1,650       1,650
Unrealised gains on investments                           -     17,048     17,048         -       7,979       7,979
Currency gains/(losses) on cash and short-term
deposits held during the year
                                                          -         90         90         -       (250)       (250)
Other capital charges                                     -        (9)        (9)         -         (7)         (7)
Income from investments                                 307          -        307       294           -         294
Other income                                             78          -         78        24           -          24
                                                    _______    _______    _______   _______     _______     _______

Gross revenue and capital return                        385     18,730     19,115       318       9,372       9,690

Management fee                                         (89)      (800)      (889)      (86)       (776)       (862)
Performance fee                                           -      (661)      (661)         -       (237)       (237)
Other administrative expenses                         (336)          -      (336)     (287)           -       (287)
                                                    _______    _______    _______   _______     _______     _______

Net (loss)/return before finance charges and           (40)     17,269     17,229      (55)       8,359       8,304
taxation

Finance charges                                        (15)    (2,039)    (2,054)      (48)       (429)       (477)
                                                    _______    _______    _______   _______     _______     _______

Net (loss)/return before taxation                      (55)     15,230     15,175     (103)       7,930       7,827

Taxation                                               (44)          -       (44)      (43)           -        (43)

                                                    _______    _______    _______   _______     _______     _______

Transfer (from)/to reserves                            (99)     15,230     15,131     (146)       7,930       7,784



(Loss)/return per ordinary share                    (0.97)p    149.38p    148.41p   (1.35)p      73.51p      72.16p


JPMorgan  Fleming US Discovery Investment Trust plc
Unaudited figures for the year ended 31  December 2005


Reconciliation of Movements in Shareholders' Funds (Unaudited)




                                                       Capital      Capital       Capital
                                                       reserve     reserve    redemption
                                            Share     realised   unrealised       reserve    Revenue
                                          Capital                                            reserve     Total          
                                           £'000        £'000        £'000         £'000      £'000     £'000 
                                                                                         
                                                                                                          
 At 31st Decmber 2003                       2,791       71,727        8,263           351    (4,306)     78,826
Shares bought back and cancelled            (231)      (5,156)            -           231          -    (5,156)
Net capital return from ordinary                -        5,031        2,899             -          -      7,930
activities
Net revenue loss from ordinary                  -            -            -             -      (146)      (146)
activities
                                          _______     ________      _______       _______    _______   ________
At 31st December 2004                       2,560       71,602       11,162           582    (4,452)     81,454
Shares bought back and cancelled             (20)        (557)            -            20          -      (557)
Net capital return from ordinary                -        1,491       13,739             -          -     15,230
activities
Net revenue loss from ordinary                  -            -            -             -       (99)       (99)
activities
                                          _______     ________      _______       _______    _______   ________
At 31st December 2005                       2,540       72,536       24,901           602    (4,551)     96,028


JPMorgan Fleming US Discovery Investment Trust plc
Unaudited figures for the year ended 31 December 2005




BALANCE SHEET                                                            31 December         31 December

                                                                                2005                2004
Fixed assets                                                                   £'000               £'000

Investments at fair value through profit or loss                             100,628              82,422


Net current (liabilities)/assets                                             (2,794)               5,228
                                                                             _______             _______
Total assets less current liabilities                                         97,834              87,650

Creditors: amounts falling due after more than one year                            -             (4,007)

Performance fee payable                                                      (1,806)             (2,189)


                                                                             _______             _______
TOTAL NET ASSETS                                                              96,028              81,454
                                                                               =====               =====

NAV per ordinary share                                                        945.2p              795.5p

CASH FLOW STATEMENT
                                                                                2005                2004
                                                                               £'000               £'000

Net cash outflow from operating activities                                   (1,653)             (1,719)

Net cash outflow from returns on investments and servicing of                (2,039)               (669)
finance

Net cash outflow from taxation                                                  (28)                   -

Net cash inflow from capital expenditure and financial
investment
                                                                               1,707              11,214

Net cash outflow from financing                                              (2,794)             (5,156)
                                                                             _______             _______
(Decrease)/ increase in cash for the year                                    (4,807)               3,670
                                                                               =====               =====



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
2004. 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.



JPMORGAN ASSET MANAGEMENT (UK) LIMITED

7th March 2006


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