Information on Launch

JPMorgan Flem Russian Secs PLC
20 December 2002

For Immediate Release                                           20 December 2002


                             COMPANY ANNOUNCEMENT
               JPMorgan Fleming Russian Securities plc ('JPMFRS')

Final Asset Values of Fleming Russia Securities Limited 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 17 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.

Final Entitlements

The Cash FAV, Rollover FAV and In Specie FAV for Shareholders in the Company
accepting the Cash Option, the Rollover Option or the In Specie Option (where
such Shareholders are Substantial Shareholders) respectively or for those
Shareholders who failed to make a valid election and who will therefore receive
cash under the Cash Option has been calculated as follows;

Cash FAV                 -        US$ 28.45 million
Rollover FAV             -        US$ 92.05 million
In Specie FAV            -        US$ 41.21 million


Shareholders electing for the Cash Option or Shareholders who failed to make a
valid election and who will therefore receive cash under the Cash Option will
therefore receive approximately US$ 20.45 per Participating Share.

Shareholders electing for the Rollover Option will receive 14.134 JPMFRS Shares
per Participating Share.

Substantial Shareholders electing for the In Specie Option will receive assets
to the value of approximately US$ 20.16 per Participating Share.

JPMorgan Fleming Russian Securities plc (JFR.L)

Subsequent to the Scheme and the Placing and the Offer for Subscription the
initial gross assets of JPMFRS are approximately £60 million. The number of
shares in issue is 60,062,612.

Expected timetable

It is intended that CREST accounts will be credited in respect of JPMFRS Shares
issued in uncertificated form, share certificates in respect of JPMFRS Shares
issued in certificated form will be despatched to JPMFRS Shareholders, cheques
will be despatched in respect of the Cash Option, assets transferred to holders
who have elected under the In Specie Option and that dealings in JPMFRS Shares
issued under the Issue will commence today.

Enquiries

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

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


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