Final Results

JPMorgan Fleming US Disc IT PLC
07 March 2003

               JPMORGAN FLEMING US DISCOVERY INVESTMENT TRUST PLC

                          STOCK EXCHANGE ANNOUNCEMENT

            Unaudited Results for the year ended 31st December 2002


Review of Performance

This has been another difficult year for global stockmarkets, with accounting
scandals in the US, concerns about the sustainability of economic growth and the
likelihood of war in Iraq all damaging investors' confidence.

Against this background, the net asset value per share decreased by 33.8%,
compared with a fall of 28.3% in the  Company's benchmark, the Russell 2000
index (in Sterling terms). Whilst this underperformance is disappointing, it is
worth highlighting that over the past three years the Company has outperformed
the benchmark, increasing by 2.2% compared to the Russell 2000's decrease of
21.5%.

Share Repurchase Facility

At last year's Annual General Meeting shareholders gave the Directors authority
to repurchase up to 14.99% of the Company's shares for cancellation. Although no
such repurchases have taken place, the Directors continue to believe that
circumstances could arise in which the mechanism could be of benefit to
shareholders and are therefore proposing that the authority be renewed for a
further period.

Board of Directors

I am pleased to report that on 30th September 2002, Davina Walter was appointed
as a Director.  Davina has had extensive experience of managing US equity
portfolios and is already making a valuable contribution to the Board. We would
therefore urge shareholders to vote in favour of Davina's election at the
forthcoming Annual General Meeting.

Annual General Meeting

This year's Annual General Meeting will be held on 14th May 2003 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 the Investment
Manager who will answer any questions on the portfolio and performance. There
will also be an opportunity to meet the Board, the Investment Manager and
representatives of JPMorgan Fleming.

Outlook

The US Microcap universe is inevitably prone to  considerable volatility in
times such as the present. However the Board believes  that it offers many
attractive opportunities for the medium and long term and  that, with the
Investment Manager's quality based and research intensive stock  selection,
which I have indicated has proved its worth over the past three  years, the
Company is well placed to take advantage of  them.

Jeremy Leigh Pemberton
Chairman, 7th March 2003



For further information, please contact:

Richard Lewis, 020 7742 3477
For and on behalf of J.P. Morgan Fleming Asset Management (UK) Limited




JPMorgan Fleming US Discovery Investment Trust plc
Unaudited figures for the year ended 31 December 2002

Statement of Total Return (Unaudited)


                                           Year ended 31 December 2002        Year ended 31 December 2001
                                            Revenue    Capital      Total    Revenue      Capital        Total
                                              £'000      £'000      £'000      £'000        £'000        £'000

Realised (losses)/gains on investments            -    (5,751)    (5,751)          -        1,861        1,861
Net change in unrealised appreciation             -   (23,922)   (23,922)          -       10,533       10,533
Currency losses on cash and short-term            -      (123)      (123)          -        (169)        (169)
deposits

Realised loss on US dollar loans                  -          -          -                    (87)         (87)
Other capital credits/charges                     -         94         94          -         (80)         (80)
Income from Investments                         228          -        228        292            -          292
Other Income                                     42          -         42         42            -           42
                                            _______    _______    _______     ______      _______     ________

Gross return                                    270   (29,702)   (29,432)        334       12,058       12,392

Management fee                                (846)          -      (846)      (900)            -        (900)
Other administrative expenses                 (224)          -      (224)      (183)            -        (183)
Performance fee                                   -        461        461          -      (1,027)      (1,027)
Interest payable                              (450)          -      (450)      (616)            -        (616)
                                            _______    _______    _______     ______      _______      _______

Return before taxation                      (1,250)   (29,241)   (30,491)    (1,365)       11,031        9,666

Taxation                                       (33)          -       (33)       (50)            -         (50)

                                            _______    _______    _______     ______      _______      _______

Transfer (from) /to reserves                (1,283)   (29,241)   (30,524)    (1,415)       11,031        9,616



Return per share                           (10.89)p  (248.25)p  (259.14)p   (12.01)p       93.64p       81.63p









JPMorgan Fleming US Discovery Investment Trust plc
Unaudited figures for the year ended 31 December 2002


BALANCE SHEET                                                            31 December        31 December
                                                                                2002               2001
                                                                               £'000              £'000

Investments at valuation                                                      63,501             94,200

Net current assets                                                             3,029              3,669
                                                                             _______            _______
Total assets less current liabilities                                         66,530             97,869

Amounts falling due after more than one year                                 (4,007)            (4,008)

Performance fee payable                                                      (2,644)            (3,458)

                                                                             _______             ______
TOTAL NET ASSETS                                                              59,879             90,403
                                                                               =====              =====

NAV per ordinary share                                                        508.3p             767.5p




CASH FLOW STATEMENT
                                                                                2002               2001
                                                                               £'000              £'000

Net cash outflow from operating activities                                   (1,603)            (1,478)

Net cash outflow from servicing of finance                                     (422)              (721)

Net cash outflow from taxation                                                  (73)               (44)

Net cash inflow from capital expenditure and financial                         1,231              7,213
investment

Net cash outflow from financing                                                    -            (3,200)
                                                                             _______             ______
(Decrease)/increase in cash in the year                                        (867)              1,770
                                                                               =====               ====



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 period ended 31 December
2001. The 2001 accounts, upon which the auditors issued an

unqualified opinion and did not contain a statement under either section 237(2)
or section 237 (3) of the Companies Act 1985, have been delivered to the
Registrar of Companies.




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

7th March 2003


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