Final Results

JPMorgan Fleming US Disc IT PLC
02 April 2004

               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 2003.
Commenting on the results the Chairman has made the following statement:



Review of Performance

The year ended 31st December 2003 was characterised by a return of confidence in
global stockmarkets following the aftermath of the war in Iraq, and I am pleased
to report that during this period, the Company outperformed its benchmark index.
The Company's net asset value total return per share increased by 38.9% in
sterling, compared with a return of 32.1% from the benchmark, the Russell 2000
index, on the same basis. Total return to shareholders was 33.4% which was also
ahead of the performance by the Russell 2000, though slightly below the NAV
achievement due to discount movement. It is worth highlighting that these
returns have been achieved despite the weakness of the dollar.

As in previous years, the Investment Manager's research intensive stock
selection process proved to be a major contributor to the outperformance.

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. During the
year to 31st December 2003, the Company repurchased 615,000 ordinary shares
representing 5.2% of the issued share capital, in the process adding 1.2% to the
net asset value of the remaining shares. The Directors continue to believe that
this mechanism is of benefit to shareholders and are therefore proposing that
the authority be renewed for a further period.

Board of Directors

In accordance with the Board's succession plans, I will, having reached 70,
retire as a Director of the Company  immediately following the forthcoming
Annual General Meeting in May. I am happy to announce that Robin Lewis will
succeed me as Chairman and I know that he, with his considerable knowledge and
experience, will lead the Company to continued success. I am also pleased that
Alan Kemp will assume Robin's responsibilities in the important role of Chairman
of the Audit Committee. I would like to say how much I have enjoyed my time as
Chairman of the Company and how much I have appreciated the ability and
dedication both of my colleagues on the Board and of those in the management
company.

Annual General Meeting

This year's Annual General Meeting will be held on 11th May 2004 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 questions on the portfolio and performance. There will
also be an opportunity to meet the Board, the Investment Manager and
representatives of JPMorgan Fleming.

If you have any detailed or technical questions, it would be helpful 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.



Outlook

US equity markets have begun 2004 positively, with low interest rates, corporate
earnings growth, and an expanding economy all fuelling investors' confidence.
Against such a background, the Board is cautiously optimistic that the US
Microcap universe will be less volatile than in recent years and that the
Manager's disciplined and research intensive stock selection process will
continue to deliver positive returns for shareholders.





Jeremy Leigh Pemberton

Chairman        2nd April 2004




JPMorgan Fleming US Discovery Investment Trust plc
Unaudited figures for the year ended 31 December 2003

Statement of Total Return (Unaudited)


                                                    Year ended 31 December 2003      Year ended 31 December 2002
                                                    Revenue    Capital      Total   Revenue     Capital       Total
                                                      £'000      £'000      £'000     £'000       £'000       £'000



Realised gains/(losses) on investments                    -      5,425      5,425         -     (5,751)     (5,751)
Net unrealised gains/(losses)                             -     18,397     18,397         -    (23,922)    (23,922)
Currency losses on cash and short-term deposits

held during the year                                      -      (178)      (178)         -       (123)       (123)
Other capital (charges)/credits                           -        (5)        (5)         -          94          94
Income from investments                                 226          -        226       228           -         228
Other income                                             24          -         24        42           -          42
                                                    _______    _______    _______   _______     _______     _______

Gross return / (loss)                                   250     23,639     23,889       270    (29,702)    (29,432)

Management fee                                         (74)      (667)      (741)     (846)           -       (846)
Other administrative expenses                         (253)          -      (253)     (224)           -       (224)
Performance fee                                           -      (934)      (934)         -         461         461
Interest payable                                       (49)      (444)      (493)     (450)           -       (450)
                                                    _______    _______    _______   _______     _______     _______

(Loss) / return before taxation                       (126)     21,594     21,468   (1,250)    (29,241)    (30,491)

Taxation                                               (25)          -       (25)      (33)           -        (33)

                                                    _______    _______    _______   _______     _______     _______

Transfer (from) /to reserves                          (151)     21,594     21,443   (1,283)    (29,241)    (30,524)



(Loss) / return per share                           (1.33)p    190.41p    189.08p  (10.89)p   (248.25)p   (259.14)p









JPMorgan Fleming US Discovery Investment Trust plc
Unaudited figures for the year ended 31 December 2003


BALANCE SHEET                                                            31 December         31 December

                                                                                2003                2002
Fixed assets                                                                   £'000               £'000

Investments at valuation                                                      85,401              63,501


Net current assets                                                               156               3,029
                                                                             _______             _______
Total assets less current liabilities                                         85,557              66,530

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

Performance fee payable                                                      (2,724)             (2,644)


                                                                             _______             _______
TOTAL NET ASSETS                                                              78,826              59,879
                                                                               =====               =====

NAV per ordinary share                                                        706.0p              508.3p

CASH FLOW STATEMENT
                                                                                2003                2002
                                                                               £'000               £'000

Net cash outflow from operating activities                                   (1,151)             (1,603)

Net cash outflow from returns on investments and servicing of
finance                                                                        (301)               (422)

Net cash inflow/(outflow) from taxation                                            7                (73)

Net cash inflow from capital expenditure and financial
investment                                                                     1,957               1,231

Net cash outflow from financing                                              (2,496)                   -
                                                                             _______             _______
Decrease in cash in the year                                                 (1,984)               (867)
                                                                               =====               =====






The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The  comparative figures  and
financial information for the year ended 31 December 2002 are  compiled  from
an  extract  from the latest published accounts of the Company  and  do  not
constitute  statutory  accounts  for  that year. Those accounts  have  been
delivered to the Registrar of Companies, and included the  Report  of  the
Auditors  which was unqualified and did not contain a statement  under  Section
237(2)  or 237(3) of the Companies Act 1985.





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




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