JPMorgan Russian Securities plcHalf Year Report & Accounts for the six months ended 30th April 2010

Half Year Report2010

Features

Contents

About the Company

1 Half Year Performance2 Chairman’s Statement3 Investment Managers’ Report

Investment Review

5 Ten Largest Investments5 Sector Analysis

Accounts

6 Income Statement7 Reconciliation of Movements in

Shareholders’ Funds8 Balance Sheet9 Cash Flow Statement10 Notes to the Accounts

Shareholder Information

11 Interim Management Report12 Glossary of Terms and Definitions13 Information about the Company

Objective

To provide capital growth from investment in Russian securities.

Investment Policies

- To maintain a diversified portfolio of investments in quoted Russian securities andRussian pre-IPO stocks (up to 10% of the gross assets of the Company) or othercompanies which derive the majority of their revenue or gains from operating inRussia.

- To use gearing when appropriate to increase potential returns to shareholders. - To invest no more than 15% of gross assets in other UK listed investment companies

(including investment trusts).

Benchmark

The MSCI Russian 10/40 Equity Indices Index in sterling terms.

Capital Structure

The Company has an authorised ordinary share capital of 1,000,000,000 shares of1p each, of which 55,284,312 were in issue as at 30th April 2010.

Management Company

The Company employs JPMorgan Asset Management (UK) Limited to manage itsassets.

JPMorgan Russian Securities plc. Half Year Report & Accounts 2010 1

Half Year PerformanceTotal Returns (capital plus income)

+45.4%Return to shareholders1

+43.6%Return on net assets2

Financial Data30th April 31st October %

2010 2009 change

Total net assets (£’000) 369,207 260,037 +42.0

Number of shares in issue 55,284,312 55,932,812

Net asset value per share 667.8p 464.9p +43.6

Share price 605.0p 416.0p +45.4

Share price discount to net asset value 9.4% 10.5%

A glossary of terms and definitions is provided on page 12.

1Source: Morningstar.2Source: J.P. Morgan.3The Company’s benchmark is the MSCI Russian 10/40 Equity Indices Index in sterling terms.

+29.1%Benchmark return1,3

JPMorgan Russian Securities plc. Half Year Report & Accounts 20102

Chairman’s Statement

Performance

The six months to 30th April 2010 has seen the Russian equity market continue therecovery it began in January 2009. In the six months under review, the Company’stotal return to shareholders was +45.4%. This compares favourably with the +29.1%total return of the Company’s benchmark, the MSCI Russian 10/40 Equities IndicesIndex in Sterling terms. The total return on net assets was +43.6%.

Revenue and Earnings

The revenue loss after taxation for the six months ended 30th April 2010 was£1,072,000, which equates to a loss per share of 1.93p.

Gearing

Owing to the volatility of the markets, our investment managers did not gear theportfolio during the review period.

Share Repurchases and Discount

During the period the Company repurchased 648,000 shares at an average discountto net asset value of 10.9%. These shares were bought back and cancelled for a totalconsideration of £3,100,000. Your Board have been reviewing the various methodsthat are available to the Company to reduce the discount at which the shares trade.We have concluded that an active usage of the existing buyback powers granted byshareholders is the most appropriate way of managing the discount, with theobjective of reducing the discount from its historic levels. The Company has beenactive in this respect over the last six months and will continue to be so in the interestof shareholders.

Outlook

In May 2010, the month after our review period ended, the Company’s benchmarkfell 6.44% following a shock to investor confidence coming this time from Greeceand concerns about its ability to service its sovereign debt. Risk aversion was theimmediate and widespread market reaction. Russian equities were among the assetclasses that investors sold. It is clear that investor risk perception is the key factordetermining Russian market performance in the short term. Despite this, ourinvestment managers remain positive on the prospects for the Russian equity marketin the medium to long term. Russia today is much better placed than in the secondhalf of 2008: low interest rates, stronger corporate balance sheets, combined withreduced financial leverage, provides a sound investment case for longer terminvestors.

Pamela Idelson SmithChairman 30th June 2010

JPMorgan Russian Securities plc. Half Year Report & Accounts 2010 3

Investment Managers’ Report

Market Review

The MSCI Russian 10/40 Equity Indices Index continued its meteoric rise, followingthe dramatic sell-offs of 2008, returning 29.1% in sterling terms in the six monthsended 30th April 2010. The sharp rebound of commodity prices was a keycontributor to this performance. As mentioned in previous reports, a strong oil priceprovides a good foundation for a sound budget position in Russia. Oil & commoditiesdominate Russian exports, and strong demand for them has supported highervolumes and prices, leading to a current account surplus, the accumulation of foreignexchange reserves and Ruble appreciation.

Performance

The Company booked very strong relative and absolute performance over the sixmonths to 30th April 2010. The return on net assets was +43.6%, representing a14.5 percentage point out-performance of the Company’s benchmark index.

If we look at the underlying stock selection, the top contributors to relativeperformance include an underweight position in energy company Gazprom andan overweight position in Sistema, a consumer services business. Off-benchmarkpositions in Cherkizovo Group, a meat production and processing company,Magnitogorsk Iron & Steel Works and Magnit, a retail group, also contributedpositively to performance. A number of stocks that we did not hold performed poorlyagainst the benchmark index and the portfolio benefited from their exclusion; suchstocks include Lukoil Holdings, an oil and gas company, and Polyus Gold, a leadinggold producer in Russia.

The largest detractors from the Company’s relative performance came from stocksthat the portfolio did not hold. Novatek, a natural gas producer, and Rushydro, ahydro-power generating company, both performed well to the detriment of theportfolio.

In general terms our performance was assisted by deliberately eliminating positionsin companies with poor quality balance sheets and concentrating our portfolio inpotential industry leaders. This strategy may deprive us of some short-term gains,but we believe that we will be vindicated by the market in times of increasedvolatility, as such an environment will be difficult for companies with poor creditratings. We did not employ any gearing in the portfolio over the period, due to thecontinuing high level of market volatility.

Outlook for Investment Opportunities in Russia

Our central investment strategy is based on a simple concept: Equity markets willgo up if they have support from valuations, liquidity and growth.

Valuations in Russia today are not stretched. However we no longer have access toany outright bargains. The market is currently estimated to be valued at 12X P/E,close to the average of the last 10 years. Major Central Banks are keeping rates attheir historically lowest levels and there is no sign that they are willing to move ratesup until there are signs of a steady economic recovery. This creates an extraordinarysituation – whereby risk takers receive higher premiums than should be normallyallocated by the market.

In terms of growth, we need to be clear that there are two types of growth which weare looking for: economic growth represented by GDP and earnings growth reportedby companies. These two types of growth have multiple links, but their performance

Vitaly N. Kazakov

Oleg I. Biryulyov

JPMorgan Russian Securities plc. Half Year Report & Accounts 20104

may decouple as we witnessed during the last recession. With stagnant or fallingeconomic growth we still saw some expansion of margins and profits in the resultsof industry leaders, which succeeded in increasing their market share and margins.

In the coming months we do not expect to change our investment strategy. We willcontinue to concentrate the portfolio on structural growth companies rather thancyclical companies, with a preference for high quality stocks which we believe arebetter prepared to face the ongoing uncertain environment. Despite the very recentmarket setback caused by the Eurozone sovereign debt crisis and the subsequentweakness of the market following a shock to investor confidence, it is worthhighlighting a number of factors that differentiate Russia today from Russia one anda half years ago: rather than too little liquidity, the banking sector is a large net lenderto the Central Bank; the banking sector was net short US$50 billion hard currency in2008. Today it is net long US$40 billion; the corporate sector has restructured itsbalance sheet and is lean – inventories are too low, rather than too high; leveragein the equity market is lower; and the Central Bank is intervening in the foreignexchange market to buy currency, not to sell it. Such factors provide a soundinvestment case for us investing in the Russian equity market.

Politics and Specific Risk Factors

Disappointingly, there is very little to report in respect of reform. As we havepreviously reported, Russia needs to agree and enforce difficult reforms to eradicateinefficiencies and diversify the economy. This lack of reform may leave Russia as alaggard with its economic fortunes highly dependent on the commodity cycle, anda lack of investment opportunities with sustainable growth stories.

The political situation is currently stable, and there is an ongoing tendency forpolitical activity to stagnate. The autocratic structure of political power in Russia isbecoming a clear stumbling block for future development of the country as itprevents the creation of any opposition or a new generation of political leaders.

Oil and commodity prices continue to be a risk factor for Russia equities. Clearly ifthere were a global economic slowdown it is difficult to believe that adjustmentswould not be made to commodity prices to reflect it.

Finally, the recent developments in Greece and the Eurozone, which led torisk-contagion across many asset classes, are a perfect reminder of the risks stillexisting in the system. However the impact of such crises has a two dimensionaleffect: on the one hand it is clearly negative as it affects global risk appetite andglobal liquidity, on the other hand it highlights the strength of the fiscal andbudgetary position in Russia.

Oleg I. BiryulyovVitaly N. KazakovInvestment Managers 30th June 2010

Investment Managers’ Reportcontinued

JPMorgan Russian Securities plc. Half Year Report & Accounts 2010 5

Ten Largest Investmentsat 30th April 2010

ActiveValuation Portfolio Benchmark Position

Company Sector £’000 %1 % %

Sberbank Rossii Financials 41,805 11.3 8.0 3.3Norilsk Nickel ADR Materials 35,870 9.7 4.9 4.8Magnit GDR Consumer Staples 30,388 8.2 — 8.2Mobile Telesystems ADS Telecommunications Services 23,150 6.3 7.0 (0.7)Magnitogorsk Iron & Steel GDR Materials 21,130 5.7 — 5.7CTC Media2 Consumer Discretionary 19,078 5.2 — 5.2Novolipetsk Iron & Steel GDS Materials 18,855 5.1 3.2 1.9Sistema GDR Telecommunication Services 17,088 4.6 1.7 2.9Cherkizovo GDR2 Consumer Staples 16,547 4.5 — 4.5Tatneft ADS Energy 14,950 4.1 4.7 (0.6)

Total 238,861 64.7

1Based on total assets less current liabilities of £369.2m.2Not included in the ten largest investments at 31st October 2009.

At 31st October 2009, the value of the ten largest equity investments amounted to £161.6m representing 62.2% of total assets less current liabilities.

30th April 2010 31st October 2009Active Active

Portfolio Benchmark Position Portfolio Benchmark Position%1 % % %1 % %

Materials 21.3 16.7 4.6 24.3 25.4 (1.1)Financials 15.0 13.6 1.4 13.0 10.8 2.2Consumer Staples 15.0 1.8 13.2 11.7 2.5 9.2Energy 13.7 40.6 (26.9) 17.2 37.0 (19.8)Telecommunications Services 12.9 13.0 (0.1) 17.3 13.5 3.8Consumer Discretionary 11.0 2.5 8.5 8.4 0.4 8.0Healthcare 5.1 1.8 3.3 2.8 3.1 (0.3)Utilities 2.1 10.0 (7.9) 0.8 7.3 (6.5)Transportation 1.9 — 1.9 2.1 — 2.1Information Technology 1.5 — 1.5 2.4 — 2.4Real Estate 0.3 — 0.3 0.4 — 0.4Liquidity Funds 1.4 — 1.4 0.2 — 0.2Net current liabilities (1.2) — (1.2) (0.6) — (0.6)

Total 100.0 100.0 100.0 100.0

1Based on total assets less current liabilities of £369.2m (2009: £260.0m).

Sector Analysis

JPMorgan Russian Securities plc. Half Year Report & Accounts 20106

Income Statementfor the six months ended 30th April 2010

(Unaudited) (Unaudited) (Audited)Six months ended Six months ended Year ended30th April 2010 30th April 2009 31st October 2009

Revenue Capital Total Revenue Capital Total Revenue Capital Total£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000

Gains on investments held at fair value through profit or loss — 113,353 113,353 — 20,457 20,457 — 119,124 119,124

Net foreign currency gains — 5 5 — 432 432 — 554 554Income from investments 1,772 — 1,772 214 — 214 885 — 885Other interest receivable and

similar income — — — 60 — 60 65 — 65

Gross return 1,772 113,358 115,130 274 20,889 21,163 950 119,678 120,628Management fee (2,270) — (2,270) (873) — (873) (2,391) — (2,391)Other administrative expenses (355) — (355) (436) — (436) (719) — (719)

Net (loss)/return on ordinary activities before finance costs and taxation (853) 113,358 112,505 (1,035) 20,889 19,854 (2,160) 119,678 117,518

Finance costs — — — (41) — (41) (69) — (69)

Net (loss)/return on ordinaryactivities before taxation (853) 113,358 112,505 (1,076) 20,889 19,813 (2,229) 119,678 117,449

Taxation (219) — (219) 15 — 15 (70) — (70)

Net (loss)/return on ordinary activities after taxation (1,072) 113,358 112,286 (1,061) 20,889 19,828 (2,299) 119,678 117,379

(Loss)/return per share (note 3) (1.93)p 204.05p 202.12p (1.90)p 37.35p 35.45p (4.11)p 213.97p 209.86p

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired ordiscontinued in the period.

The ‘Total’ column of this statement is the profit and loss account of the Company and the ‘Revenue’ and ‘Capital’ columnsrepresent supplementary information prepared under guidance issued by the Association of Investment Companies. The Totalcolumn represents all the information that is required to be disclosed in a Statement of Total Recognised Gains and Losses(‘STRGL’). For this reason a STRGL has not been presented.

JPMorgan Russian Securities plc. Half Year Report & Accounts 2010 7

Reconciliation of Movements inShareholders’ Funds

Called up CapitalSix months ended share Other redemption Capital Revenue30th April 2010 capital reserve reserve reserves reserve Total(Unaudited) £’000 £’000 £’000 £’000 £’000 £’000

At 31st October 2009 559 52,397 42 211,207 (4,168) 260,037Repurchase and cancellation of the

Company’s own shares (6) (3,116) 6 — — (3,116)Net return/(loss) on ordinary activities — — — 113,358 (1,072) 112,286

At 30th April 2010 553 49,281 48 324,565 (5,240) 369,207

Called up CapitalSix months ended share Other redemption Capital Revenue30th April 2009 capital reserve reserve reserves reserve Total(Unaudited) £’000 £’000 £’000 £’000 £’000 £’000

At 31st October 2008 559 52,397 42 91,529 (1,869) 142,658Net return/(loss) on ordinary activities — — — 20,889 (1,061) 19,828

At 30th April 2009 559 52,397 42 112,418 (2,930) 162,486

Called up CapitalYear ended share Other redemption Capital Revenue31st October 2009 capital reserve reserve reserves reserve Total(Audited) £’000 £’000 £’000 £’000 £’000 £’000

At 31st October 2008 559 52,397 42 91,529 (1,869) 142,658Net return/(loss) on ordinary activities — — — 119,678 (2,299) 117,379

At 31st October 2009 559 52,397 42 211,207 (4,168) 260,037

JPMorgan Russian Securities plc. Half Year Report & Accounts 20108

Balance Sheetat 30th April 2010

(Unaudited) (Unaudited) (Audited)30th April 2010 30th April 2009 31st October 2009

£’000 £’000 £’000

Fixed assetsEquity investments held at fair value through profit or loss 368,611 146,127 261,277Investments in liquidity funds held at fair value through

profit or loss 5,106 14,833 431

Total investment portfolio 373,717 160,960 261,708

Current assetsDebtors 3,079 3,141 3,207Cash and short term deposits 50 372 16

3,129 3,513 3,223Creditors: amounts falling due within one year (7,639) (1,987) (4,894)

Net current (liabilities)/assets (4,510) 1,526 (1,671)

Total assets less current liabilities 369,207 162,486 260,037

Total net assets 369,207 162,486 260,037

Capital and reservesCalled up share capital 553 559 559Other reserve 49,281 52,397 52,397Capital redemption reserve 48 42 42Capital reserves 324,565 112,418 211,207Revenue reserve (5,240) (2,930) (4,168)

Shareholders’ funds 369,207 162,486 260,037

Net asset value per share (note 4) 667.8p 290.5p 464.9p

JPMorgan Russian Securities plc. Half Year Report & Accounts 2010 9

Cash Flow Statementfor the six months ended 30th April 2010

(Unaudited) (Unaudited) (Audited)Six months ended Six months ended Year ended

30th April 2010 30th April 2009 31st October 2009£’000 £’000 £’000

Net cash (outflow)/inflow from operating activities (note 5) (1,449) 3,718 2,761

Net cash outflow from returns on investments and servicing of finance — (41) (69)

Net cash outflow from capital expenditure and financial investment (2,118) (3,914) (3,407)

Net cash (outflow)/inflow from financing (3,116) — 25

Decrease in cash for the period (6,683) (237) (690)

Reconciliation of net cash flow to movement in net debt

Net cash movement (6,683) (237) (690)Net loans drawn down in the period — — (25)Exchange movements 5 432 554

Movement in net funds/debt in the period (6,678) 195 (161)Net funds at the beginning of the period 16 177 177

Net (debt)/funds at the end of the period (6,662) 372 16

Represented by:Cash and short term deposits 50 372 16Debt falling due within one year (6,712) — —

Net (debt)/funds at the end of the period (6,662) 372 16

JPMorgan Russian Securities plc. Half Year Report & Accounts 201010

Notes to the Accountsfor the six months ended 30th April 2010

1. Financial statements

The information contained within the financial statements in this half year report has not been audited or reviewed by theCompany’s auditors.

The figures and financial information for the year ended 31st October 2009 are extracted from the latest published accountsof the Company and do not constitute statutory accounts for that year. Those accounts have been delivered to the Registrar ofCompanies and included the report of the auditors which was unqualified and did not contain a statement under eithersection 498(2) or 498(3) of the Companies Act 2006.

2. Accounting policies

The accounts have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (‘UK GAAP’) andwith the Statement of Recommended Practice ‘Financial Statements of Investment Trust Companies and Venture Capital Trusts’issued in January 2009.

All of the Company’s operations are of a continuing nature.

The accounting policies applied to these half year accounts are consistent with those applied in the accounts for the yearended 31st October 2009.

3. (Loss)/return per share(Unaudited) (Unaudited) (Audited)

Six months ended Six months ended Year ended30th April 2010 30th April 2009 31st October 2009

£’000 £’000 £’000

(Loss)/return per share is based on the following:Revenue loss (1,072) (1,061) (2,299)Capital return 113,358 20,889 119,678

Total return 112,286 19,828 117,379

Weighted average number of Ordinary shares in issue 55,554,389 55,932,812 55,932,812

Revenue loss per share (1.93)p (1.90)p (4.11)pCapital return per share 204.05p 37.35p 213.97p

Total return per share 202.12p 35.45p 209.86p

4. Net asset value per share

Net asset value per share is based on the net assets attributable to shareholders £369,207,000 (30th April 2009: £162,486,000and 31st October 2009: £260,037,000) and on the 55,284,312 (30th April 2009: 55,932,812 and 31st October 2009: 55,932,812)shares in issue at the period end.

5. Reconciliationoftotalreturnonordinaryactivitiesbeforefinancecostsandtaxationtonetcash(outflow)/inflowfromoperatingactivities

(Unaudited) (Unaudited) (Audited)Six months ended Six months ended Year ended

30th April 2010 30th April 2009 31st October 2009£’000 £’000 £’000

Total return on ordinary activities before finance costs and taxation 112,505 19,854 117,518

Add back capital return before finance costs and taxation (113,358) (20,889) (119,678)Net movements in debtors, accrued income and accrued expenses (377) 4,738 4,991Overseas withholding tax (219) 15 (70)

Net cash (outflow)/inflow from operating activities (1,449) 3,718 2,761

JPMorgan Russian Securities plc. Half Year Report & Accounts 2010 11

Interim Management Report

The Company is now required to make the followingdisclosures in its half year report.

Principal Risks and Uncertainties

The principal risks and uncertainties faced by the Companyfall into six broad categories: investment and strategy;accounting, legal and regulatory; corporate governance andshareholder relations; operational and financial. Informationon each of these areas is given in the Business Review withinthe Annual Report and Accounts for the year ended31st October 2009.

Related Parties Transactions

During the first six months of the current financial year, notransactions with related parties have taken place which havematerially affected the financial position or the performance ofthe Company during the period.

Directors’ Responsibilities

The Board of Directors confirms that, to the best of itsknowledge:

(i) the condensed set of financial statements containedwithin the half yearly financial report has beenprepared in accordance with the Accounting StandardsBoard’s Statement ‘Half-Yearly Financial Reports’; and

(ii) the interim management report includes a fair reviewof the information required by 4.2.7R and 4.2.8R ofthe UK Listing Authority Disclosure and TransparencyRules.

For and on behalf of the BoardPamela Idelson SmithChairman

30th June 2010

JPMorgan Russian Securities plc. Half Year Report & Accounts 201012

Glossary of Terms and Definitions

Return to shareholders

Total return to the investor, on a mid-market price tomid-market price basis, assuming that all dividends receivedwere reinvested, without transaction costs, in the shares of theCompany at the time the shares were quoted ex-dividend.

Return on net assets

Total return on net asset value (‘NAV’) per share, on a bid valueto bid value basis, assuming that all dividends paid out by theCompany were reinvested in the shares of the Company at theNAV per share at the time the shares were quoted ex-dividend.

Benchmark return

Total return on the benchmark, on a mid-market value tomid-market value basis, assuming that all dividends receivedwere reinvested, without transaction costs, in the shares of theunderlying companies at the time the shares were quotedex-dividend.

The benchmark is a recognised index of stocks which shouldnot be taken as wholly representative of the Company’sinvestment universe. The Company’s investment strategy doesnot follow or ‘track’ this index and consequently, there may besome divergence between the Company’s performance andthat of the benchmark.

Share price discount/premium to net asset value

If the share price of an investment company is lower than thenet asset value (‘NAV’) per share, the shares are said to betrading at a discount. The discount is shown as a percentageof the NAV. The opposite of a discount is a premium. It is morecommon for an investment company’s shares to trade at adiscount than at a premium.

Active position

The active position shows the difference between theCompany’s holding of an individual stock, sector or countrycompared with that stock, sector or country’s weighting in theCompany’s benchmark index. A positive number indicates anactive decision by the Manager to own more of (i.e. beoverweight) a particular stock, sector or country versus thebenchmark and a negative number indicates a decision to holdless of (i.e. be underweight) a particular stock, sector or countryversus the benchmark.

History

The Company was launched in December 2002 by a placing andoffer for subscription. It is the successor Company to The FlemingRussia Securities Fund Limited, a closed-ended investmentcompany incorporated in Jersey and listed on the Irish StockExchange. The Company adopted its present name on 1st March2006.

Directors

Pamela Idelson Smith (Chairman) Paul Teleki (Audit Committee Chairman) Patrick Gifford George Nianias James Nicholson Lysander Tennant

Company Numbers

Company registration number: 4567378 London Stock Exchange Sedol number: 0032164732ISIN: GB0032164732Bloomberg ticker: JRS LN

Market Information

The Company’s shares are listed on the London StockExchange. The market price is shown daily in the FinancialTimes, The Times, The Daily Telegraph, The Scotsman, TheIndependent and on the JPMorgan website atwww.jpmrussian.co.uk where the share price is updated everyfifteen minutes during trading hours.

Website

www.jpmrussian.co.uk

Share Transactions

The Company’s shares may be dealt in directly through a stockbrokeror professional adviser acting on an investor’s behalf. They may alsobe purchased and held through the J.P. Morgan Investment Account,J.P. Morgan ISA and J.P. Morgan SIPP. These products are all availableon the online wealth manager service, J.P. Morgan WealthManager+available at www.jpmorganwealthmanagerplus.co.uk

Manager and Secretary

JPMorgan Asset Management (UK) Limited

Company’s Registered Office

Finsbury Dials20 Finsbury StreetLondon EC2Y 9AQTelephone number: 020 7742 6000

For company secretarial and administrative matters, please contactAlison Vincent.

Registrars

Equiniti Reference 2610 The Causeway Worthing West Sussex BN99 6DA Telephone number: 0871 384 2030

Notifications of changes of address and all enquiries regardingcertificates should be sent to the Registrar quoting reference 2610.

Registered shareholders can obtain further details on individualholdings on the internet by visiting www.shareview.co.uk

Auditors

Ernst & Young LLP 1 More London Place London SE1 2AF

Brokers

Cenkos Securities plc 6,7,8 Tokenhouse Yard London EC2R 7AS

Savings Product Administrators

For queries on the J.P. Morgan Investment Account, J.P. Morgan ISAand J.P. Morgan SIPP, see contact details on the back cover of thisreport.

Information about the Company

Financial CalendarFinancial year end 31st OctoberFinal results announced JanuaryHalf year end 30th AprilHalf year results announced JuneInterim Management Statements announced February/AugustDividend (if any) MarchAnnual General Meeting March

A member of the AIC

JPMorgan Russian Securities plc. Half Year Report & Accounts 2010 13

JPMorgan HelplineFreephone 0800 20 40 20 or +44 (0)20 7742 9995

Your telephone call may be recorded for your security

www.jpmrussian.co.uk