Interim Results

JPMorgan Flem Russian Secs PLC
24 July 2003



                    JPMORGAN FLEMING RUSSIAN SECURITIES PLC

                         STOCK EXCHANGE ANNOUNCEMENT OF
                        UNAUDITED RESULTS FOR THE PERIOD
                              TO 30th APRIL 2003



The Board today release the unaudited interim results of the Company for the
period to 30th April 2003.

The following are comments from the Chairman:


Chairman's Interim Statement

I am delighted to report to you for the first time as Chairman of JPMorgan
Fleming Russian Securities plc, the successor vehicle to The Fleming Russia
Securities Fund Limited, a closed-ended investment company incorporated in
Jersey.

The Company was incorporated on 18th October 2002 and launched as an investment
trust on 20th December 2002 to provide capital growth from investment in Russia.

On behalf of the Board, I should like to thank those shareholders who rolled
their investment from the predecessor company and also new shareholders, for
your support of the Company. We are confident that over the long-term your faith
in the Company will prove well founded.


Performance

During the period from launch to 30th April 2003, the Company's net assets per
ordinary share increased by 23.4%. This compares favourably with the benchmark,
the CSFB Russian ROS Index (in sterling terms), which increased by 20.6% over
the same period. The Company's ordinary share price increased by 21.9%.


Revenue and Earnings

Revenue after taxation for the period to 30th April 2003 was £220,000 with
earnings per share of 0.37p.


Share Capital

The Company has authority to issue new shares and to repurchase shares in the
market. Between launch and 30th April 2003, the Company repurchased 200,000
shares. As at the date of this report, a further 2,894,300 shares have been
repurchased. In total, these repurchases have resulted in an increase in net
asset value per share of 0.83p.


Loan Facility

In April 2003, the Company entered into a US$15 million loan facility with ING
Bank. US$10 million of the facility has been drawn down for utilisation in
accordance with the Company's investment objectives.


Pamela Idelson Smith

Chairman            24th July 2003



Please note that the above statements may differ from the final version to be
published in the interim accounts.



For further information, please contact:

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



JPMorgan Fleming Russian Securities plc
Unaudited figures for the period ended 30  April 2003

Statement of Total Return (Unaudited)
                                                 Period ended 30 April 2003
                                                                Revenue                Capital                 Total
                                                                  £'000                  £'000                 £'000

Realised gains on investments                                         -                    279                   279
Net change in unrealised appreciation                                 -                 15,039                15,039
Currency gains on cash and short-term                                 -                    218                   218
deposit's held during the period
Overseas dividends                                                  783                      -                   783
Deposit interest                                                      7                      -                     7
                                                                _______               ________               _______

Gross return                                                        790                 15,536                16,326
Management fee                                                    (338)                      -                 (338)
Other administrative expenses                                     (113)                      -                 (113)
Interest payable                                                   (25)                      -                  (25)
                                                                _______                _______               _______

Return before taxation                                              314                 15,536                15,850
Taxation                                                           (94)                      -                  (94)
                                                                _______                _______               _______

Return to ordinary shareholders                                     220                 15,536                15,756

Revenue return per ordinary income share                          0.37p                 25.90p                26.27p






JPMorgan Fleming Russian Securities plc
Unaudited figures for the period ended 30 April 2003

BALANCE SHEET                                                                                    30 April
                                                                                                     2003
                                                                                                    £'000

Investments at valuation                                                                           80,003

Net current liabilities                                                                           (5,363)

Provisions for liabilities and charges                                                               (95)
                                                                                                  _______
Total net assets                                                                                   74,545
                                                                                                    =====
Net asset value per ordinary share                                                                 124.5p



CASH FLOW STATEMENT
                                                                                                     2003
                                                                                                    £'000

Net cash outflow from operating activities                                                          (477)

Net cash outflow from returns on investments and servicing of finance                                 (5)

Net cash outflow from capital expenditure and financial investment                               (64,685)

Net cash inflow from financing                                                                     65,709
                                                                                                  _______
Increase in cash for the period                                                                       542
                                                                                                    =====




The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985.



J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED
24th July 2003




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