76IS Hsbc Bk 25

RNS No 0987v
DEUTSCHLAND INVESTMENT CORPORATION INC.
7th May 1998


Interim Announcement of Unaudited results for the period 1 August 1997 to 31
                              January 1998
The unaudited Report and Financial Statements were approved on behalf of the
Board of Directors on 1 May 1998.

Chairman's Report

I am pleased to report that at 31 January 1998 your Company's unaudited net
asset value had increased to 18.77DM per share, an increase since 31 January
1997 of 15.44% and an increase of 6.10% since 31 July 1997.  The rise was
largely due to the revaluation of our holding in 1 & 1 Aktiengesellschaft & Co.
KgaA (formerly 1 & 1 Holdings GmbH) at 31 January 1998.

The six months were a busy period for Electra Fleming, the investment managers,
who have now established a new office in Hamburg.  Deal flow was strong in the
period, culminating in the exchange of contracts in December for an investment
of 12mDM in WAP GmbH, a leading German producer of commercial cleaning
equipment.  In addition, considerable time was spent researching a number of
other potential transactions and managing the disposal, through successful stock
market flotations after the half year, of our investments in 1 & 1 and Kamps AG.
Following these realisations the directors estimate DIC's net asset value to be
21.24 DM per share at 30 April 1998.

The Board has been considering the timing of regular announcements to the London
and Berlin Stock Exchanges of DIC's net asset value.  It has been decided that
regular announcements of net asset value will continue to be made four times a
year.  Additional announcements will be made where there is a significant change
from the last announcement of net asset value.  DIC's net asset value will
continue to be published in the Financial Times and Borsen Zeitung. I would draw
your attention to the note below detailing these arrangements.

The second half has started well for DIC and I remain optimistic that, with
Electra Fleming now firmly established in the German private equity market, your
Company will continue to see additional investment opportunities.

David Marlow
Chairman





ANNOUNCEMENTS OF NET ASSET VALUE

Regular announcements of DIC'S net asset value will continue to be made four
times a year as at 31 July (the year end), 31 October, 31 January (the half 
year) and 30 April.  Those at 31 July and 31 January will compromise a full
revaluation of the portfolio and will be accompanied by the Chairman's
Statement.

The 31 October and 30 April announcements will only reflect realisations of
investments made since the previous announcement and movements in liquidity and
the value of any quoted securities.  Other unlisted assets will not usually be
revalued for such announcements.

Additional announcements will be made where there is a significant change from
the last published announcement of net asset value.  DIC's net asset value will
continue to be published in the Financial Times and Borsen Zeitung.

                      NET ASSETS AND EARNINGS

As at 31 January                        1998                1997
                                        DM                  DM

Net Assets                              112,603,548         97,589,936

Net Assets per share                    DM18.77             DM16.26

Earnings per share                      DM0.132             DM0.212

The preliminary figures for the six months ended 31 January 1998 have been
extracted from the last unaudited report and financial statements of the Company
which will be sent to shareholders in due course.

The interim report will be made available to shareholders at the Company's
registered office, PO Box 309, Grand Cayman, Cayman Islands, British West
Indies, and at the offices of Robert Fleming Management (Jersey) Limited,
Queen's House, Don Road, St.Helier, Jersey, JE2 4QD, Channel Islands and at
Electra Fleming Holdings Limited, 65 Kingsway, London, WC2B 6OT


Contact: Caroline Syvret
Robert Fleming Management F(Jersey) Limited 01534 887889


END

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