Holding(s) in Company

JPMorgan Flem Russian Secs PLC
17 December 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


LAZARD ASSET MANAGEMENT LLC

 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



WORLD TRUST FUND: 2,958,491

HOWARD HUGHES MEDICAL  INSTITUTE: 668,545

ITT LAZARD EMERGING GROWTH FUND: 607,629

LGA EMERGING WORLD FUND: 121,622

SCRIPPS COLLEGE: 45,838

SCOTTISH & ENGLISH INVESTORS: 4,250,446

EMERGING WORLD INVESTMENTS LTD PARTNERSHIP: 897,573

PUBLIC  EMPLOYEES RET. SYSTEM OF OHIO: 2,271,380


5)   Number of shares/amount of stock acquired
N/A


6)   Percentage of issued class
N/A


7)   Number of shares/amount of stock disposed


691,000


8)   Percentage of issued class
NOT STATED


9)   Class of security
ORDINARY 1p SHARES



10)  Date of transaction

12TH DECEMBER 2003


11)  Date company informed

16TH DECEMBER 2003


12)  Total holding following this notification

11,821,524

13)  Total percentage holding of issued class following this notification

20.68%



14)  Any additional information

N/A



 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 0207-742-3453



17) Date of notification



17TH DECEMBER 2003






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