Holding(s) in Company

JPMorgan Russian Securities PLC
17 January 2008



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


TR-1: Notifications of Major Interests in Shares


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

JPMorgan Russian Securities PLC


2. Reason for notification (yes/no)
                                                                                                   

An acquisition or disposal of voting rights                              Yes
                                                          

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):
                                                          

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

15 January, 2008
                                                          

6. Date on which issuer notified:

16 January, 2008
                                                          

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

27 %


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       Number of     Number of voting rights   Percentage of voting rights
If possible use     shares        voting rights   shares
ISIN code

                                                                Direct      Indirect      Direct        Indirect

      GB00032164732      15,637,874    15,637,874                           15,007,874                26.83 %


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


15,007,874                                             26.83%


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



For notes on how to complete form TR-1 please see the FSA website.






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