Transaction in Own Shares

JPMorgan Fleming US Disc IT PLC
04 August 2004


                          STOCK EXCHANGE ANNOUNCEMENT

               JPMORGAN FLEMING US DISCOVERY INVESTMENT TRUST PLC

                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION


JPMorgan Fleming US Discovery Investment Trust plc announces that on Tuesday 3rd
August 2004 in the market it purchased for cancellation 825,000 ordinary shares
at 533p per share representing a total of 7.39% of the ordinary shares in issue.

The current repurchase authority for 1,673,555 shares was approved by
shareholders on 11th May 2004.  To date 825,000 shares have been repurchased
under this authority.

The remaining shares in issue following this repurchase is 10,339,480.

4th August 2004


For further information, please contact:

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

Nathan Brown
Winterflood Securities Limited - Stockbrokers to the Company
020 7621 5572



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