Investment Policy

JPMorgan Flem Russian Secs PLC
17 October 2003


                           STOCK EXCHANGE ANNOUNCEMENT



                     JPMORGAN FLEMING RUSSIAN SECURITIES PLC



                         ANNOUNCEMENT OF INVESTMENT POLICY



Following the publication by The Financial Services Authority of the Investment
Entities (Listing Rules and Conduct of Business) Instrument 2003, the Board of
JPMorgan Fleming Russian Securities plc (the 'Company') notes and announces that
it is the Company's policy to invest no more than 15% of its gross assets in
other listed investment companies (including listed investment trusts).



17 October 2003





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



For further information, please contact:



Richard Lewis ....................................020 7742 3477


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