Holding(s) in Company

JPMorgan Flem Russian Secs PLC
04 February 2004

                                  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



JPMORGAN 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



CHASE NOMINEES LIMITED





5)   Number of shares/amount of stock acquired
N/A
6)   N/A
7)   Number of shares/amount of stock disposed


439,324
8)    Percentage of issued class


0.77%
9)   Class of security
ORDINARY 1p SHARES

10)  Date of transaction

NOT STATED


11)  Date company informed

3RD FEBRUARY 2004


12)  Total holding following this notification

5,616,780

13)  Total percentage holding of issued class following this notification

9.85%



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



4TH FEBRUARY 2004






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