Purchase of Own Securities

JPMorgan Flem Russian Secs PLC
11 April 2003



                          STOCK EXCHANGE ANNOUNCEMENT

                    JPMORGAN FLEMING RUSSIAN SECURITIES PLC

                REPURCHASE OF ORDINARY SHARES FOR CANCELLATION



JPMorgan Fleming Russian Securities plc announces that, on 9th April 2003, in
the market they purchased for cancellation 50,000 ordinary shares at 98p per
share representing 0.08% of the ordinary shares in issue.

The current repurchase authority for 9,003,416 shares was approved by
shareholders on 21st November 2002.  The number of shares repurchased under the
current authority now totals 200,000.

The remaining shares in issue following this repurchase total 59,862,812.


11th April 2003


For further information, please contact:


Richard Lewis  (Company Secretary)

J.P. Morgan Fleming Asset Management (UK) Limited, 020 7742 3477


Chris Agar

UBS Warburg - Stockbrokers to the Company

020 7377 1453




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