Holding(s) in Company

JPMorgan Russian Securities PLC
23 October 2007


Form TR-1 with annex. FSA Version 2.1 updated April 2007


For filings with the FSA include the annex

For filings with issuer exclude the annex


TR-1: Notifications of Major Interests in Shares


1. Identity of the issuer or the underlying issuer of existing JPMorgan Russian Securities PLC
shares to which voting rights are attached:


2. Reason for notification (yes/no)
                                                                                       Yes

An acquisition or disposal of voting rights
                                                                                       NO

An acquisition or disposal of financial instruments which may result in the
acquisition of shares already issued to which voting rights are attached
                                                                                       NO

An event changing the breakdown of voting rights
                                                                                       NO

Other (please specify):______________
                                                      
3. Full name of person(s) subject to notification
obligation:                                           City of London Investment Management Company
                                                      Limited


4. Full name of shareholder(s) (if different from 3):
                                                      22nd October, 2007

5. Date of transaction (and date on which the
threshold is crossed or reached if different):
                                                      23rd October, 2007

6. Date on which issuer notified:
                                                      28 %

7. Threshold(s) that is/are crossed or reached:


8: Notified Details
A: Voting rights attached to shares


Class/type of    Situation previous to the        Resulting situation after the triggering transaction
shares           triggering transaction
                 Number of     Number of voting   Number of   Number of voting rights       Percentage of voting rights
If possible use  shares        rights             shares
ISIN code

                                                              Direct     Indirect           Direct       Indirect

      GB00032164732      15,994,874    15,994,874                      15,637,874                      27.96 %

B: Financial Instruments
Resulting situation after the triggering transaction


Type of financial       Expiration date      Exercise/ conversion    No. of voting rights that    Percentage of voting
instrument                                   period/date             may be acquired (if the      rights
                                                                     instrument exercised/
                                                                     converted)





Total (A+B)


Number of voting rights                              Percentage of voting rights
15,637,874                                           27.96%




9. Chain of controlled undertakings through which the voting rights and /or the financial instruments are effectively
held, if applicable:

All Voting Rights on all Shares are controlled by City of London Investment Management Limited.


Proxy Voting:


10. Name of proxy holder:                            Held through City of London Investment Management
                                                     Limited
11. Number of voting rights proxy holder will cease
to hold:
12. Date on which proxy holder will cease to hold
voting rights:


13. Additional information:
14 Contact name:                                      Jay McKenna or Clayton Gillece


15. Contact telephone name:                                        [e-mail]   or
                                                                   [e-mail]

                                                                       001-610-380-0121 or

                                                                      001-44-(0)207-860-8332






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