Director Shareholding

JPMorgan Flem Russian Secs PLC
31 January 2003

SCHEDULE 11

NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS


1.        Name of company:



JPMORGAN FLEMING RUSSIAN SECURITIES plc



2.       Name of director:



JAMES NICHOLSON



3.       Please state whether notification indicates that it is in respect of
holding of the shareholder named in 2 above or in respect of a non-beneficial
interest or in the case of an individual holder if it is a holding of that
person's spouse or children under the age of 18 or in respect of a
non-beneficial interest:



NOTIFICATION IN RESPECT OF A DIRECTOR



4.       Name of the registered holder(s) and, if more than one holder, the
number of shares held by each of them (if notified):



JAMES CAPEL (NOMINEES) LTD



5.        Please state whether notification relates to a person(s) connected
with the Director named in 2 above and identify the connected person(s):



N/A



6.       Please state the nature of the transaction. For PEP transactions please
indicate whether general/single co PEP and if discretionary/non-discretionary:



PURCHASE OF SHARES



7.        Number of shares/amount of stock acquired:



10,000



8.       Percentage of issued class:



0.02%



9.       Number of shares/amount of stock disposed:



N/A



10.     Percentage of issued class:



N/A



11.      Class of security:



ORDINARY SHARES OF 1p



12.     Price per share:



       91.5p



13.     Date of transaction:



28 JANUARY 2003



14.     Date company informed:



30 JANUARY 2003



15.     Total holding following this notification:



10,000



16.     Total percentage holding of issued class following this notification:



0.02%


If the company has granted options to a director, please complete boxes 17 to 22
inclusive:



17.     Date of grant:



N/A



18.    Period during which or date on which exercisable:



N/A



19.     Total amount paid (if any) for grant of the option:



N/A



20.    Description of shares or debentures involved, class and number:



N/A



21.     Exercise price (if fixed at time of grant) or indication that price is
to be fixed at time of exercise:



N/A



22.    Total number of shares or debentures over which options held following
this notification:



N/A



23.    Any additional information:



N/A



24.    Name of contact and telephone number for queries:



RICHARD LEWIS  0207-742-3477



Date of notification:


31 JANUARY 2003






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