Interim Results

JPMorgan Flem Russian Secs PLC
21 July 2004

                          STOCK EXCHANGE ANNOUNCEMENT


                    JPMORGAN FLEMING RUSSIAN SECURITIES PLC


                   PRELIMINARY ANNOUCEMENT OF INTERIM RESULTS


Performance
I am pleased to report that the positive performance produced by the Company
since it was launched in December 2002, continued during the six months under
review. The Company returned +24.2% on a net assets basis, which compares
favourably with the return of +20.9% from its benchmark, the CSFB Russian ROS
Index (in Sterling terms). The Company's ordinary share price increased by
26.3%.

Revenue and Earnings
The revenue loss after taxation for the six months to 30th April 2004 was
£152,000 with a loss per share of 0.27p.

Share Capital
During the period under review, the Company repurchased a total of 1,000,000
shares. These repurchases have resulted in an increase in net asset value per
share of 0.34p.

Loan Facility
In May 2004, the Company increased its loan facility with ING Bank by US$15m, to
US$30m. At the time of writing $20m out of the total facility of $30m has been
drawn down for utilisation in accordance with the Company's investment
objectives.

Pamela Idelson Smith
Chairman
                                              21st July 2004


J.P. Morgan Fleming Asset Management (UK) Limited- Secretary

For further information, please contact:

Craig Cleland
J.P. Morgan Fleming Asset Management (UK) Limited, 020 7742 6000




JPMorgan Fleming Russian Securities plc
Unaudited figures for the six months ended 30th April 2004

Statement of Total Return (Unaudited)


                       Six months to 30th April 2004       Period to 30th April 2003    Period from incorporation to
                                                                                        31st October 2003
                          Revenue    Capital       Total   Revenue    Capital     Total  Revenue    Capital    Total
                            £'000      £'000       £'000     £'000      £'000     £'000   £'000       £'000    £'000


Realised gains on
investments                     -      4,444       4,444         -        279       279          -    8,990    8,990
                                
Unrealised gains on
investments                     -     16,615      16,615         -     15,039    15,039          -   24,642   24,642
                                
Currency gains on cash
and short term                                                  
deposits held during            -        321         321         -        218       218          -      513      513
the period
Other capital charges           -       (10)        (10)         -          -         -          -      (4)      (4)
Overseas dividends          1,090          -       1,090       783          -       783      2,473        -    2,473
Deposit interest               21          -          21         7          -         7         20        -       20
                          _______   ________     _______   _______   ________   _______    _______  _______  _______

Gross return                1,111     21,370      22,481       790     15,536    16,326      2,493   34,141   36,634

Management fee              (791)          -       (791)     (338)          -     (338)      (997)        -    (997)

Other administrative        (187)          -       (187)     (113)          -     (113)      (355)        -    (355)
expenses
                            
Provision against            (71)          -        (71)         -          -         -       (72)        -     (72)
income accrual

Interest payable            (115)          -       (115)      (25)          -      (25)      (166)        -    (166)

                          _______    _______     _______   _______    _______   _______    _______  _______  _______

(Loss)/return before         (53)     21,370      21,317       314     15,536    15,850        903   34,141   35,044
taxation

Taxation                     (99)          -        (99)      (94)          -      (94)      (335)        -    (335)

                           ______    _______     _______    ______    _______   _______    _______  _______  _______

(Loss)/return
attributable to
shareholders                (152)     21,370      21,218       220     15,536    15,756        568   34,141   34,709

                           ______    _______     _______    ______    _______   _______    _______  _______  _______

Dividend on                    8          -           8         -          -         -      (514)        -    (514)
ordinary shares

                           ______    _______     _______    ______    _______   _______    _______  _______  _______

Transfer (from)/to          (144)     21,370      21,226       220     15,536    15,756         54   34,141   34,195
reserves

                            =====      =====       =====     =====      =====     =====      =====    =====    =====

(Loss)/return per         (0.27)p     37.67p      37.40p     0.37p     25.90p    26.27p      0.97p   58.30p   59.27p
ordinary share

Dividend per                  Nil          -         Nil         -          -         -      0.90p        -    0.90p
ordinary share





JPMorgan Fleming Russian Securities plc
Unaudited figures for the six months ended 30th April 2004


BALANCE SHEET                                                     30th  April         30th April     31st October
                                                                      2004               2003              2003
                                                                     £'000              £'000             £'000

Investments at valuation                                             115,392             80,003           99,438

Net current liabilities                                              (5,884)            (5,363)          (9,599)

Provision for liabilities and charges                                  (125)               (95)            (119)
                                                                      ______            _______          _______

Total net  assets                                                    109,383             74,545           89,720
                                                                       =====              =====            =====
Net asset value per ordinary share                                    194.8p             124.5p           156.9p

CASH FLOW STATEMENT
                                                                        2004               2003             2003
                                                                       £'000              £'000            £'000

Net cash inflow/(outflow) from operating activities                      631              (477)            (984)

Net cash outflow from returns on investments and                       (125)                (5)            (142)
servicing of finance

Net cash inflow/(outflow) from capital expenditure and                 8,837           (64,685)         (64,915)
financial investment

Equity dividends paid                                                  (506)                  -                -

Net cash (outflow)/inflow from financing                             (6,545)             65,709           65,940
                                                                     _______             ______           ______
Increase/(decrease) in cash for the period                             2,292                542            (101)
                                                                       =====               ====             ====


The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. Statutory accounts for the
year ended 31st October 2003 have been delivered to the Registrar of Companies.


J.P. MORGAN FLEMING  ASSET MANAGEMENT (UK) LIMITED
21st July 2004



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