Annual Report

JPMorgan Flem Russian Secs PLC
25 February 2004



                            STOCK EXCHANGE ANNOUNCEMENT

                                   ANNUAL REPORT


A copy of the above document, for JPMorgan Fleming Russian Securities plc, has
been submitted to the UK Listing Authority, and is available for inspection at
the UK Listing Authority's Documents Viewing Facility, which is situated at:



Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS


Tel No: 020 7066 1000





25th February 2004


For further information, please contact:


Richard Lewis
For and on behalf of
J.P. Morgan Fleming Asset Management (UK) Limited
020 7742 6000




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