Final Results

JPMorgan Flem Russian Secs PLC
26 January 2004



                    JPMORGAN FLEMING RUSSIAN SECURITIES plc

                          Stock Exchange Announcement



The Board of JPMorgan Fleming Russian Securities plc is pleased to announce the
Company's results for the period ended 31st October 2003.  Commenting on the
results the Chairman has made the following statement:



Chairman's Statement



The Year Under Review



In my first annual statement as Chairman, I am delighted to report that during
the period from launch of the Fund to 31st October 2003, the Company produced a
return on net assets of +55.5%. For purposes of comparison the Company utilises
a benchmark index. During the same period, the benchmark, the CSFB Russian ROS
Index, increased by 46.5% (in sterling terms).



During the period under review, the Company's ordinary share price increased by
50.8%, from 91.5p on 20th December 2002 (the Company's first day of trading) to
138.0p on 31st October 2003. The Company's discount widened from 9.3% to 12.0%,
reflecting the market's uncertainty towards the end of the period regarding the
outcome of the 'Yukos' situation.



On behalf of the Board, I should like to thank those shareholders who rolled
their investment from the predecessor company, and also shareholders who joined
the Company at launch or since, for their support of the Company. We shall
endeavour to ensure that the promising performance during this first period of
review, will continue over the longer-term.



Revenue and Dividends



Revenue after taxation for the year amounted to £568,000 and earnings per
ordinary share were 0.97p.



Upon launch of the Company, it appeared that income from investments, after
expenses, was expected not to be substantial. However, during the period under
review income has exceeded predictions, because a number of Russian companies
unexpectedly paid dividends. To satisfy the requirements of the Company's status
as an investment trust, the Directors are, therefore, pleased to recommend that
a dividend of 0.90p be paid on 22nd March 2004 to shareholders on the register
at the close of business on 27th February 2004.



The evolution of dividend paying habits by Russian companies is still unclear,
and this year's dividend from the Company should not therefore be viewed as
initiating a trend.



Share Capital



During the period under review, the Company repurchased a total of 2,900,000
shares. These repurchases have resulted in an increase in net asset value per
share of 0.76p.



Loan Facility



In April 2003, the Company entered into an agreement with ING Bank to establish
a US$15 million loan facility, to be used in accordance with the Company's
investment

objectives. The investment managers have actively managed the facility on a
tactical basis, and will continue to do so.

FTSE Indices



I am pleased to report that, from 22nd December 2003, the Company was admitted
to the FTSE All Share and FTSE Small Cap Indices.



Outlook



The controversy and uncertainty surrounding the 'Yukos' case has clearly raised
the equity risk premium and reduced the potential upside of the Russian equity
market in the shorter term. The most important matter for us is how the
government will structure its relationship with the business sector in the
future and what conclusions both sides will draw from this conflict and its
outcome. Resolving the current stand-off and continuing to improve the climate
for business is expected to be in the interest of the authorities, and, if so,
it will be very positive for the Russian economy and equity prices.



Results from elections held for the Lower House of Parliament (Duma) on 7th
December 2003 showed an unconditional victory for the pro-Kremlin United Russia
party and its partners, which now has a majority. This will enable Russia to
have a Government supported by a parliamentary majority for the first time. The
major losers in these elections appear to be the Communists, who have now become
a more marginal player in politics, and the liberal parties who lost their
presence in the Duma. We do not see the latter as a major setback as the
liberals were not the locomotive for the reform programme seen in the last 4
years.



Whilst the Russian equity market is likely in the shorter-term to be
characterised by volatility caused by political uncertainty, the Board shares
the Investment Managers' optimism regarding the Company's prospects. The Board
is confident that the Investment Manager's strategy of selecting companies for
the portfolio which have higher than average returns on equity and growing
earnings leaves the Company well placed to take advantage of opportunities in
the Russian market.



Annual General Meeting



The Company's first Annual General Meeting will be held on Tuesday 16th March
2004 at 2.00 pm, at 10 Aldermanbury, London EC2V 7RF. In addition to the formal
part of the meeting, there will be a presentation from the Investment Managers
who will answer questions on the portfolio and performance. There will also be
an opportunity to meet the Board, the Investment Managers and representatives of
JPMorgan Fleming. I look forward to seeing as many of you as possible at this
meeting.



Pamela Idelson Smith

Chairman            26th January 2004


JPMorgan Fleming Russian Securities plc

Unaudited figures for the period from incorporation to 31st October 2003



Statement of Total Return (Unaudited)


                                                                    Period ended 31st October 2003

                                                                Revenue                Capital                 Total

                                                                  £'000                  £'000                 £'000


Realised gains on investments                                         -                  8,990                 8,990
Change in unrealised appreciation                                     -                 24,642                24,642
Currency gains on cash and short-term

deposits                                                              -                    513                   513
Other capital charges                                                 -                    (4)                   (4)
Income from investments                                           2,473                      -                 2,473
Other income                                                         20                      -                    20
                                                                _______               ________               _______

Gross return                                                      2,493                 34,141                36,634

Management fee                                                    (997)                      -                 (997)

Other administrative expenses                                     (355)                      -                 (355)

Interest payable                                                  (166)                      -                 (166)

Provision against income accrual                                   (72)                      -                  (72)

                                                                _______                _______               _______

Return before taxation                                              903                 34,141                35,044

Taxation                                                          (335)                      -                 (335)

                                                                _______                _______               _______

Return to ordinary shareholders                                     568                 34,141                34,709



Dividends on ordinary shares

Dividends payable                                                 (514)                      -                 (514)

                                                                _______                _______               _______

Transfer to reserve                                                  54                 34,141                34,195



Revenue return per ordinary share                                 0.97p                 58.30p                59.27p






JPMorgan Fleming Russian Securities plc

Unaudited figures for the period from incorporation to 31st October 2003




BALANCE SHEET                                                                                31st October
                                                                                                     2003
                                                                                                    £'000

Investments at valuation                                                                           99,438


Net current liabilities                                                                           (9,599)

Provisions for liabilities and charges                                                              (119)
                                                                                                  _______
Total net assets                                                                                   89,720
                                                                                                    =====
Net asset value per ordinary share                                                                 156.9p



CASH FLOW STATEMENT
                                                                                                     2003
                                                                                                    £'000

Net cash outflow from operating activities                                                          (984)

Net cash outflow from returns on investments and servicing of finance                               (142)

Net cash outflow from capital expenditure and financial investment                               (64,915)

Net cash inflow from financing                                                                     65,940
                                                                                                  _______
Decrease in cash for the year                                                                       (101)
                                                                                                    =====


















The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985.





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

26th January 2004








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