Holding(s) in Company

JPMorgan Flem Russian Secs PLC
18 February 2003

                                  SCHEDULE 10

                   NOTIFICATION OF MAJOR INTERESTS IN SHARES


1)   Name of company

JPMORGAN  FLEMING RUSSIAN SECURITIES plc

2)   Name of shareholder having a major interest

J.P.MORGAN CHASE & CO

 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

IN RESPECT OF SHAREHOLDER IN 2 ABOVE

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

J.P.MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED: 9,606,545 (DISCRETIONARY
INVESTMENT MANAGER)

J.P.MORGAN SECURITIES LTD: 3,368,786



5)   Number of shares/amount of stock acquired
NOT STATED

6)   Percentage of issued class
NOT STATED

7)   Number of shares/amount of stock disposed


NOT STATED

8)   Percentage of issued class


NOT STATED

9)   Class of security

ORDINARY 1p SHARES

10)  Date of transaction

17th FEBRUARY 2003


11)  Date company informed

17TH FEBRUARY 2003


12)  Total holding following this notification

12,975,331

13)  Total percentage holding of issued class following this notification

21.60%



14)  Any additional information




15)  Name of contact and telephone number for queries

RICHARD LEWIS, 020 7742  3477

16)  Name of authorised company official responsible for making this
notification

HELEN WALKER



17)  Date of notification



18TH FEBRUARY 2003






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