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JPMorgan Flem.Russ (JFR)

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Monday 28 July, 2003

JPMorgan Flem.Russ

Holding(s) in Company

JPMorgan Flem Russian Secs PLC
28 July 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



J.P.MORGAN SECURITIES  LTD

 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




J.P.MORGAN FLEMING ASSET MANAGEMENT (UK ) LIMITED:9,788,445
J.P.MORGAN SECURITIES LTD:556,561





5)   Number of shares/amount of stock acquired
NOT STATED


6)   Percentage of issued class
NOT STATED


7)   Number of shares/amount of stock disposed
NOT STATED


8)   Percentage of issued class
NOT STATED


9)   Class of security
ORDINARY 1p SHARES



10)  Date of transaction

NOT STATED


11)  Date company informed

28th JULY 2003


12)  Total holding following this notification

10,345,006

13)  Total percentage holding of issued class following this notification

17.87%



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

NADINE KLOPPER 020 7742  3458



17) Date of notification



28th JULY 2003






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