Transaction in Own Shares

JPMorgan Flem Russian Secs PLC
19 February 2004


                         STOCK EXCHANGE ANNOUNCEMENT

                    JPMORGAN FLEMING RUSSIAN SECURITIES PLC

                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION


JPMorgan Fleming Russian Securities plc announces that on 17th February 2004 in
the market it purchased for cancellation 250,000 ordinary shares at 158p per
share representing 0.44% of the ordinary shares in issue.

The current repurchase authority for 9,003,416 shares was approved by
shareholders on 1st November 2002. The number of shares repurchased under the
current authority totals 3,900,000.

The remaining shares in issue following this announcement are 56,162,812.


19th February 2004


For further information, please contact:

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

Chris Lunn
UBS Warburg - Stockbrokers to the Company
020 7568 4848


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