Holding(s) in Company

JPMorgan Flem Russian Secs PLC
29 November 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

LEGAL & GENERAL INVESTMENT MANAGEMENT

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

HSBC GLOBAL CUSTODY NOMINEE (UK) LTD - 1,826,186 ORDINARY SHARES



5)   Number of shares/amount of stock acquired

AS ABOVE


6)   Percentage of issued class

3.25%


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

29TH  NOVEMBER 2004

12)  Total holding following this notification

1,826,186 ORDINARY SHARES

13)  Total percentage holding of issued class following this notification

3.25%

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: 29TH  NOVEMBER 2004




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