Purchase of Own Securities

JPMorgan Flem Russian Secs PLC
03 July 2003

                          STOCK EXCHANGE ANNOUNCEMENT


                    JPMORGAN FLEMING RUSSIAN SECURITIES PLC


                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION


JPMorgan Fleming Russian Securities plc announces that on 1st July 2003 in the
market it purchased for cancellation 325,000 ordinary shares at 124.3p per share
representing 0.57% of the ordinary shares in issue.

The current repurchase authority for 9,003,416 shares was approved by
shareholders on 1st November 2002. The number of shares repurchased under the
current authority totals 3,094,300.

The remaining shares in issue following this announcement are 56,968,512.


3rd July 2003

For further information, please contact:

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

Chris Lunn
UBS Warburg - Stockbrokers to the Company
020 7568 4848


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