Purchase of Own Securities

JPMorgan Flem Russian Secs PLC
09 May 2003


                          STOCK EXCHANGE ANNOUNCEMENT

                    JPMORGAN FLEMING RUSSIAN SECURITIES PLC

                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION


JPMorgan Fleming Russian Securities plc announces that, on 8th May 2003, in the
market they purchased for cancellation 2,000,000 ordinary shares at 109p per
share representing 3.34% 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 2,200,000.

The remaining shares in issue following this repurchase total 57,862,812.



9th May 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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