Final Results

JPMorgan Flem Russian Secs PLC
21 January 2005


                    LONDON STOCK EXCHANGE ANNOUNCEMENT

                  JPMORGAN FLEMING RUSSIAN SECURITIES PLC

                  PRELIMINARY ANNOUNCEMENT OF FINAL RESULTS

The Directors of JPMorgan Fleming Russian Securities plc announce the Company's
results for the year ended 31st October 2004.

The Year Under Review

In another rewarding year for investors in Russian equities generally, I am
pleased to report that the Company's promising performance during the first
period of review has continued in the year to 31st October 2004. During the
year, the Company produced a total return on net assets of +32.9%, which
compares favourably with the return of +28.2% (in sterling terms) from the
benchmark, the CSFB Russian ROS Index.

During the year under review, the Company's ordinary share price increased by
33.0% from 138.0p to 183.5p. The Company paid a small dividend during the year,
in respect of the prior period, of 0.90p per ordinary share, which increased the
total return to shareholders to 33.7%. The Company's discount to net asset value
narrowed from 12.0% to 11.1%. The Board also utilised the share buy back
authority, where appropriate.

Revenue and Earnings

The revenue loss after taxation for the year to 31st October 2004 was £99,000
with a loss per share of 0.18p.

Loan Facility

During the year under review, the Company increased its loan facility with ING
Bank by US$15m to US$30m. At the date of this report, US$20m out of the total
facility of US$30m was drawn down for utilisation in accordance with the
Company's investment objectives.

Annual General Meeting

The Company's second Annual General Meeting will be held on Wednesday 23rd
February 2005 at 2.00 p.m., at 10 Aldermanbury, London EC2V 7RF.


Pamela Idelson Smith
Chairman       21st January 2005


JPMorgan Fleming Russian Securities plc
Unaudited figures for the year ended 31st October 2004

Statement of Total Return (Unaudited)

                                                     Year ended 31 October 2004       Year ended 31 October 2003
                                                    Revenue     Capital      Total   Revenue     Capital       Total
                                                      £'000       £'000      £'000     £'000       £'000       £'000

Net realised gains on investments                         -         594        594         -       8,990       8,990
Net unrealised gains on investments                       -      26,541     26,541         -      24,642      24,642
Currency gains on cash and short-term
deposits                                                  -          78         78         -         513         513
Unrealised foreign exchange gain on US Dollar             -         531        531         -           -           -
loan
Realised foreign exchange gain on US Dollar loan          -         184        184         -           -           -
Other capital charges                                     -        (20)       (20)         -         (4)         (4)
Income from investments                               2,063           -      2,063     2,473           -       2,473
Other income                                             56           -         56        20           -          20
                                                    _______    ________    _______    ______     _______    ________

Gross return                                          2,119      27,908     30,027     2,493      34,141      36,634
Management fee                                      (1,588)           -    (1,588)     (997)           -       (997)
Other administrative expenses                         (323)           -      (323)     (355)           -       (355)
Interest payable                                      (321)           -      (321)     (166)           -       (166)
Provision against income accrual                         72           -         72      (72)           -        (72)
                                                    _______     _______    _______    ______     _______     _______

(Loss)/return before taxation                          (41)      27,908     27,867       903      34,141      35,044
Taxation                                               (58)           -       (58)     (335)           -       (335)
                                                    _______     _______    _______    ______     _______     _______

(Loss)/return attributable to ordinary                 (99)      27,908     27,809       568      34,141      34,709
shareholders

Dividends on ordinary shares                              9           -          9     (514)           -       (514)
                                                     ______     _______    _______    ______     _______     _______

Transfer (from)/to reserves                            (90)      27,908     27,818        54      34,141      34,195

(Loss)/return per ordinary share                    (0.18)p      49.42p     49.24p     0.97p      58.30p      59.27p


JPMorgan Fleming Russian Securities plc
Unaudited figures for the year ended 31st October 2004

BALANCE SHEET                                                                  31 October       31 October
                                                                                     2004             2003
                                                                                    £'000            £'000

Investments at valuation                                                          123,244           99,438


Net current liabilities                                                           (7,269)          (9,599)

Provisions for liabilities and charges                                                  -            (119)
                                                                                  _______          _______
Total net assets                                                                  115,975           89,720
                                                                                  =======          =======
Net asset value per ordinary share                                                 206.5p           156.9p


CASH FLOW STATEMENT
                                                                                     2004             2003
                                                                                    £'000            £'000

Net cash inflow/(outflow) from operating activities                                   372            (984)

Net cash outflow from returns on investments and servicing of
finance                                                                             (305)            (142)

Net cash inflow/(outflow) from investing activities                                 2,645         (64,915)

Total equity dividends paid                                                         (505)                -

Net cash (outflow)/inflow from financing                                            (348)           65,940
                                                                                  _______          _______
Increase/(decrease) in cash for the year                                            1,859            (101)
                                                                                  =======          =======

The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is based on the statutory accounts for the year ended 31st October
2003. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies. The preliminary announcement
is prepared on the same basis as the previous year's annual accounts.


J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED

21st January 2005



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