Gearing change

JPMorgan Flem Russian Secs PLC
14 October 2005



                          STOCK EXCHANGE ANNOUNCEMENT

                    JPMORGAN FLEMING RUSSIAN SECURITIES PLC

                                    GEARING


JPMorgan Fleming Russian Securities plc announces that, after discussions with
the investment managers, the Company's level of gearing has been reduced from
around 10% to neutral.



14th October 2005







For further information, please contact:



Hilary Lowe
JPMorgan Asset Management (UK) Limited - Secretary
Telephone [phone]






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