Final asset values

JPMorgan Flem Russian Secs PLC
07 January 2003

                          STOCK EXCHANGE ANNOUNCEMENT


                    JPMORGAN FLEMING RUSSIAN SECURITIES PLC

Re: Final Asset Values of The Fleming Russia Securities Fund Limited (in
liquidation) and size of new fund

Following the Extraordinary General Meeting of The Fleming Russia Securities
Fund Limited ('the Company') held on 6 December 2002 the Company was placed into
liquidation on 19 December 2002 pursuant to a members' summary winding-up with
Messrs. D Pirouet and B McMahon of PricewaterhouseCoopers being appointed
liquidators of the Company.

Asset Value

As at 10.00 a.m. on 16 December 2002, the calculation time for the valuation of
the Company's assets for the purposes of determining the entitlements of
Shareholders under the Proposals, the Company had net assets of approximately
US$ 161.7 million.

FAVs

Cash FAV                 -        US$ 28.452 million
Rollover FAV             -        US$ 92.047 million
In Specie FAV            -        US$ 41.214 million



FINAL ENTITLEMENTS

Cash Entitlement

On 31 December 2002 the liquidators of the Company declared and paid a first
distribution of US$ 17.00 per Participating Share.  In a letter sent to all cash
electors on that date it was indicated that due to Russian market settlement
procedures it had not been able to settle all of the trades prior to the date of
the first distribution.  As a result it was proposed that a second distribution
would be declared and paid once settlement had been received on the remaining
trades.  It is expected that this distribution will be made in early February
2003.

Including the US$ 17.00 paid on 31 December 2002 it is expected that
Shareholders electing for the Cash Option or Shareholders who failed to make a
valid election and who therefore receive cash under the Cash Option will
receive, in aggregate, approximately US$ 20.45 per Participating Share.

Rollover Entitlement

Elections in respect of 4,162,356 Participating Shares were received for the
Rollover Option.  As a consequence, 58,835,612 Ordinary Shares in JPMFRS were
issued on 17 December 2002.  Participating Shareholders who elected for the
Rollover Option will therefore receive 14.13517056 JPMFRS Shares per
Participating Share.

In Specie Entitlement

Elections in respect of 2,044,275 Participating Shares were received for the In
Specie Option.  Participating Shareholders who elected for the In Specie Option
have therefore received assets to the value of US$ 20.16 per Participating
Share.

JPMorgan Fleming Russian Securities plc (JFR.L)

The number of shares in issue is 60,062,612.

The ISIN code for the JPMFRS Ordinary Shares is GB 0032164732



Enquiries


J.P. Morgan Fleming Asset Management (UK) Limited

Robert Peel                                     020 7742 3422
Craig Cleland                                   020 7742 3418
David Barron                                    020 7742 3475

UBS Warburg Ltd.
Nicholas Rucker                                 020 7568 8574
David Bliss                                     020 7568 4587
Phil Higgs                                      020 7568 0960
Paul Harrington                                 020 7568 4569



Enquiries regarding the register or the crediting of CREST accounts



Lloyds TSB Registrars:
Sue McElhinney                                 020 7489 3093
David Andrews                                  020 7489 3059


7 January 2003

For further information, please contact:

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


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