Holding(s) in Company

JPMorgan Flem Russian Secs PLC
09 September 2004

                                  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 INVERSTMENT MANAGEMENT COMPANY LIMITED

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 - 704,788
MELLON UK NOMINEES Ltd - 5,909,931

5)   Number of shares/amount of stock acquired

NOT NOTIFIED


6)   Percentage of issued class

NOT NOTIFIED


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

NOT DISCLOSED

11)  Date company informed

7TH SEPTEMBER 2004

12)  Total holding following this notification

6,614,719

13)  Total percentage holding of issued class following this notification

11.78%

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: 9TH SEPTEMBER 2004




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