Interim Results

JPMorgan Flem Russian Secs PLC
08 July 2005




                         STOCK EXCHANGE ANNOUNCEMENT


                    JPMORGAN FLEMING RUSSIAN SECURITIES PLC



       UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30th APRIL 2005





The Board today announces the preliminary results of the Company for the period
ended 30th April 2005.





Total Returns (capital plus income)



Return to shareholders            - 2.3%

Return on net assets               -2.8%

Benchmark return                  -10.1%





Chairman's Statement



Performance

Over the six months to the 30th April 2005, the Russian equity markets have not
performed well due to a variety of reasons. However, against this difficult
background the Company has performed creditably in out-performing its benchmark,
the CSFB Russian ROS Index (in Sterling terms), by 7.3%. The benchmark and net
asset returns were -10.1% and -2.8% respectively.



Revenue and Earnings

The revenue loss after taxation for the six months ended 30th April 2005 was
£526,000, which equates to a loss per share of 0.94p.



Investment Management Team

In February 2005, Mark Robinson, who had been the joint investment manager with
Oleg Biryulyov, left JPMorgan Asset Management to work for another company. The
Board are pleased that Ashraf Ansary has joined the investment team as the joint
investment manager of the Trust. Ashraf has worked for the management company
since 1999 and has extensive experience of Eastern and Emerging European
equities.





Pamela Idelson Smith

Chairman                    8th July 2005










JPMorgan Fleming Russian Securities plc

Unaudited figures for the six months ended 30th April 2005



Statement of Total Return (Unaudited)


                         Six months to 30th April 2005   Six months to 30th April 2004 Year to 31st October 2004
                           Revenue   Capital       Total   Revenue   Capital     Total Revenue Capital     Total
                             £'000     £'000       £'000     £'000     £'000     £'000  £'000    £'000     £'000


Realised (losses)/gains
on investments                   -   (1,874)     (1,874)         -     4,444     4,444       -     594       594
                                 
Unrealised (losses)/
gains on investments             -     (968)       (968)         -    16,615    16,615       -  26,541    26,541
                                 
Currency (losses)/gains
on cash and short term
deposits held during the
period                           -     (230)       (230)         -       321       321       -      78        78        
                      
                                 
Unrealised foreign
exchange gain on US
Dollar loan                      -       350         350         -         -         -       -     531       531

Realised foreign
exchange gain on US
Dollar loan                      -         -           -         -         -         -       -     184       184

Other capital charges            -      (33)        (33)         -      (10)      (10)       -    (20)      (20)

Overseas dividends           1,028         -       1,028     1,090         -     1,090   2,063       -     2,063

Deposit interest                63         -          63        21         -        21      56       -        56
                           _______  ________     _______   _______  ________   _______ _______ _______   _______

Gross return/(loss)          1,091   (2,755)     (1,664)     1,111    21,370    22,481   2,119  27,908    30,027



Management fee               (919)         -       (919)     (791)         -     (791) (1,588)       -   (1,588)

Other administrative       
expenses                     (146)         -       (146)     (187)         -     (187)   (323)       -     (323)

Interest payable             (378)         -       (378)     (115)         -     (115)   (321)       -     (321)

Provision against income
accrual                          -         -           -       (7)         -       (7)      72       -        72
                               
                           _______   _______     _______   _______   _______   _______ _______ _______   _______

(Loss)/return before       
taxation                     (352)   (2,755)     (3,107)        11    21,370    21,381    (41)  27,908    27,867

Taxation                     (174)         -       (174)     (164)         -     (164)    (58)       -      (58)

                            ______   _______     _______    ______   _______   _______ _______ _______   _______

(Loss)/return
attributable to
shareholders                 (526)   (2,755)     (3,281)     (153)    21,370    21,217    (99)  27,908    27,809

                            ______   _______     _______    ______   _______   _______ _______ _______   _______

Dividend on ordinary         
shares                           -         -           -        9*         -        9*      9*       -        9*

                            ______   _______     _______    ______   _______   _______ _______ _______   _______

Transfer (from)/to        
reserves                     (526)   (2,755)     (3,281)     (144)    21,370    21,226    (90)  27,908    27,818

                             =====     =====       =====     =====     =====     =====   =====   =====     =====

(Loss)/return per        
ordinary share              (0.94)p   (4.90)p     (5.84)p   (0.27)p    37.67p    37.40p (0.18)p  49.42p    49.24p

Dividend per ordinary   
share                          Nil         -         Nil       Nil         -       Nil     Nil       -       Nil





*Write back of dividend provided for in the annual accounts, but for shares bought back before the dividend pay
date.






JPMorgan Fleming Russian Securities plc

Unaudited figures for the six months ended 30th April 2005


BALANCE SHEET                                                       30th April         30th April     31st October
                                                                          2005               2004             2004
                                                                         £'000              £'000            £'000

Investments at valuation                                               115,944            115,392          123,244


Net current liabilities                                                (3,250)            (5,884)          (7,269)


Provision for liabilities and charges                                        -              (125)                -

                                                                        ______            _______          _______

Total net  assets                                                      112,694            109,383          115,975
                                                                         =====              =====            =====
Net asset value per ordinary share                                      200.7p             194.8p           206.5p









CASH FLOW STATEMENT
                                                                          2005               2004             2004
                                                                         £'000              £'000            £'000

Net cash inflow from operating activities                                  160                631              372

Net cash outflow from returns on investments and servicing
of finance                                                               (350)              (125)            (305)
                                                                       

Net cash inflow from capital expenditure and financial                 
investment                                                               3,243              8,837            2,645

Equity dividends paid                                                        -              (506)            (505)


Net cash inflow/(outflow) from financing                                 5,143            (6,545)            (348)
                                                                       _______             ______           ______
Increase in cash for the period                                          8,196              2,292            1,859
                                                                        ======              =====            =====







The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative information is
based on the statutory accounts for the year ended 31st October 2004. These
accounts, upon which the auditors have issues an unqualified opinion, have been
delivered to the Registrar of Companies.



JPMORGAN ASSET MANAGEMENT (UK) LIMITED

8th July 2005




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