Purchase of Own Securities

JPMorgan Flem Russian Secs PLC
04 March 2003



                          STOCK EXCHANGE ANNOUNCEMENT

                    JPMORGAN FLEMING RUSSIAN SECURITIES PLC


                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION



JPMorgan Fleming Russian Securities plc announces that, on 28th February 2003,
in the market they purchased for cancellation 150,000 ordinary shares at 98p per
share representing 0.25% of the ordinary shares in issue.



The number of shares repurchased under the current authority now totals 150,000.



The remaining shares in issue following this repurchase total 59,912,612.







4th March 2003



For further information, please contact:



Sara Waltham  (Company Secretary)

J.P. Morgan Fleming Asset Management (UK) Limited, 020 7742 5531



Chris Agar

UBS Warburg - Stockbrokers to the Company

020 7377 1453








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