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JPMorgan Flem.Russ (JFR)

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Monday 17 January, 2005

JPMorgan Flem.Russ

Holding(s) in Company

JPMorgan Flem Russian Secs PLC
17 January 2005


                                  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

CITY OF LONDON INVESTMENT GROUP PLC

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

NON-BENEFICIAL INTEREST

4)   Name of the registered holder(s) and, if more than one holder, the number
of shares held by each of them

STATE STREET BANK AND TRUST COMPANY - 1,082,788 ORDINARY SHARES
MELLON UK NOMINEES LTD - 8,211,931 ORDINARY SHARES
THE NORTHERN TRUST CO. - 300,000 ORDINARY SHARES

5)   Number of shares/amount of stock acquired

300,000

6)   Percentage of issued class

0.53%

7)   Number of shares/amount of stock disposed

N/A

8)   Percentage of issued class

N/A

9)   Class of security

ORDINARY 1P SHARES

10)  Date of transaction

13TH  JANUARY 2005

11)  Date company informed

14TH JANUARY 2005

12)  Total holding following this notification

9,594,719

13)  Total percentage holding of issued class following this notification

17.08%

14)  Any additional information

N/A

15)  Name of contact and telephone number for queries

JENNIFER PALMER     020 7742 3458

16)  Name and signature of authorised company official responsible for making
this notification

RICHARD LEWIS

Date of notification: 17th JANUARY 2005



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