Interim Results

JPMorgan Russian Securities PLC
13 July 2007



                       LONDON STOCK EXCHANGE ANNOUNCEMENT

                        JPMORGAN RUSSIAN SECURITIES PLC

               UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED
                                 30TH APRIL 2007


Performance

I am pleased to report that over the six months to 30th April 2007, the net
asset value and share price of the Company has continued to increase. The
majority of this outperformance is attributable to the Company being underweight
in energy stocks and overweight in materials and financials during the period.

The net asset value rose by +21.9% per share, which was ahead of the benchmark
index, the MSCI 10/40 Russia Equities Indices Index in sterling terms, which
increased by +19.4%. The Company's share price rose by +19.5%, as the discount
at which the shares traded to their net asset value widened from 7.7% to 9.5%.

Revenue

The revenue loss after taxation for the six months ended 30th April 2007 was
£1,786,000, which equates to a loss per share of 3.19p.

Outlook

The Board has confidence that the investment managers are well placed to
continue to identify and anticipate changes in Russia which can have an effect
on the market, and will continue to ensure that the Company is positioned to
take advantage, where possible, of these developments. Despite the likelihood of
continuing volatility, the investment managers remain confident over the longer
term and continue to believe that Russian equities offer investors a superior
risk return profile.


Pamela Idelson Smith

Chairman

12th July 2007


For further information please contact:
Hilary Lowe, JPMorgan Asset Management (UK) Limited ............020 7742 6000


JPMorgan Russian Securities plc
Unaudited figures for the six months ended 30th April 2007
Income Statement
                                    (Unaudited)                  (Unaudited)                     (Audited)
                       Six months ended 30th April 2007  Six months ended 30th April 2006 Year ended 31st October 2006
                           Revenue    Capital    Total   Revenue   Capital      Total   Revenue   Capital     Total
                             £'000      £'000    £'000     £'000     £'000      £'000     £'000     £'000     £'000


Gains from investments
held at fair value
through profit or loss           -     58,933   58,933         -   106,998    106,998         -   102,441   102,441
Net foreign currency
gains/(losses)                   -        830      830         -     (246)      (246)         -       853       853
Income from investments      1,623          -    1,623       963         -        963     4,137         -     4,137
Other interest
receivable and similar
income                          14          -       14       139         -        139       251         -       251
                           _______   ________  _______    ______   _______   ________   _______   _______   _______
Gross return                 1,637     59,763   61,400     1,102   106,752    107,854     4,388   103,294   107,682

Management fee             (2,256)          -  (2,256)   (1,656)         -    (1,656)   (3,511) -           (3,511)     
                                             
Other administrative
expenses                     (406)          -    (406)     (215)         -      (215)     (554)         -     (554)
                           _______   ________  _______    ______   _______   ________   _______   _______   _______
Net (loss)/return on
ordinary activities
before finance costs
and taxation              (1,025)     59,763   58,738     (769)   106,752    105,983       323   103,294   103,617
Finance costs                (547)          -    (547)     (388)         -      (388)     (502)         -     (502)
                           _______    _______  _______    ______   _______    _______   _______   _______   _______
Net (loss)/return on
ordinary activities
before taxation            (1,572)     59,763   58,191   (1,157)   106,752    105,595     (179)   103,294   103,115

Taxation                     (214)          -    (214)     (134)         -      (134)     (574)         -     (574)
                           _______   ________  _______    ______   _______   ________   _______   _______   _______
Net (loss)/return on
ordinary activities
after taxation             (1,786)     59,763   57,977   (1,291)   106,752    105,461     (753)   103,294   102,541
                            ______    _______  _______    ______   _______    _______    ______   _______    ______

(Loss)/return per share    (3.19p)    106.75p  103.56p   (2.30p)   191.08p    188.78p   (1.34p)   184.14p   182.80p
(note 2)


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

The 'Total' column of this statement is the profit and loss account of the
Company and the 'Revenue' and 'Capital' columns represent supplementary
information. The 'Total' column 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
Reconciliation of Movements in Shareholders' Funds
For the six months ended 30th April 2007

                                            Called up                   Capital
                                                share        Other   redemption    Capital    Revenue        
                                              capital      reserve      reserve    reserve    reserve      Total
                                                £'000        £'000        £'000      £'000      £'000      £'000        
                                     
                                                             
Six months ended 30th April 2007                                                                           
(unaudited)

At 31st October 2006                              560       52,813           41    213,227    (1,659)    264,982
Repurchase of shares for cancellation             (1)        (416)            1          -          -      (416)
Capital return from ordinary activities             -            -            -     59,763          -     59,763
Revenue loss from ordinary activities               -            -            -          -    (1,786)    (1,786)
 At 30th  April 2007                              559       52,397           42    272,990    (3,445)    322,543



                                            Called up                   Capital
                                                share        Other   redemption    Capital    Revenue        
                                              capital      reserve      reserve    reserve    reserve      Total
                                                £'000        £'000        £'000      £'000      £'000      £'000        
Six months ended 30th April 2006                                                                           
(unaudited)

At 31st October 2005                              562       53,361           39    111,209      (906)    164,265
Adjustment to opening shareholders funds
at 1st November 2005 to reflect the
adoption of bid prices                              -            -            -    (1,276)          -    (1,276)
Capital return from ordinary activities             -            -            -    106,752          -    106,752
Revenue loss from ordinary activities               -            -            -          -    (1,291)    (1,291)
 At 30th  April 2006                              562       53,361           39    216,685    (2,197)    268,450


                                                 Called up                     Capital
                                                     share         Other    redemption    Capital    Revenue        
                                                   capital       reserve       reserve    reserve    reserve      Total
                                                     £'000         £'000         £'000      £'000      £'000      £'000 
       
Year ended 31st October 2006 (audited)    

At 31st October 2005                                   562        53,361            39    111,209      (906)  164,265
Adjustment to opening shareholders funds at
1st November 2005 to reflect the adoption of
bid prices                                               -             -             -    (1,276)          -  (1,276)
Repurchase of shares for cancellation                  (2)         (548)             2          -          -    (548)
Capital return from ordinary activities                  -             -             -    103,294          -  103,294
Revenue loss from ordinary activities                    -             -             -          -       (753)    (753)
 At 31st October 2006                                  560        52,813            41    213,227     (1,659)  264,982


JPMorgan Russian Securities plc
Unaudited figures for the six months ended 30th April 2007


BALANCE SHEET                                              (Unaudited)      (Unaudited)             (Audited)
                                                       30th April 2007    30th April 2006   31st October 2006
                                                                 £'000               £'000              £'000

Fixed assets
Investments at fair value through profit or loss               339,668             272,782            274,807

Current assets
Debtors                                                          2,595               1,128              1,439

Cash and short term deposits                                     1,447               9,125              1,491
                                                                 4,042              10,253              2,930

Creditors : amounts falling due within one year               (21,167)            (14,585)           (12,755)
Net current liabilities                                       (17,125)             (4,332)            (9,825)

Total assets less current liabilities                          322,543             268,450            264,982

Total net assets                                               322,543             268,450            264,982

Capital and reserves
Called up share capital                                            559                 562                560
Other reserve                                                   52,397              53,361             52,813
Capital redemption reserve                                          42                  39                 41
Capital reserve                                                272,990             216,685            213,227
Revenue reserve                                                (3,445)             (2,197)            (1,659)

Shareholders' funds                                            322,543             268,450            264,982

Net asset value per share (note 3)                              576.7p              478.0p             473.1p



Unaudited figures for the six months ended 30th April
2007
CASH FLOW STATEMENT                                        (Unaudited)         (Unaudited)          (Audited)
                                                       30th April 2007     30th April 2006  31st October 2006
                                                                 £'000               £'000              £'000

Net cash outflow from operating activities                     (1,279)             (1,075)              (561)
Net cash outflow from returns on investments and
servicing of finance                                             (477)               (402)              (525)
Net cash (outflow)/inflow from capital expenditure and
financial investment                                           (9,265)               4,993            (4,769)
Net cash inflow /(outflow) from financing                       10,610             (8,713)            (7,501)

Decrease in cash for the period                                  (411)             (5,197)           (13,356)



Notes to the Accounts

1. Accounting policies

The accounts have been prepared in accordance with United Kingdom Generally
Accepted Accounting Practice ('UK GAAP') and with the Statement of Recommended
Practice 'Financial Statements of Investment Trust Companies' dated 31st
December 2005.  All of the Company's operations are of a continuing nature.  The
accounting policies applied to these interim accounts are consistent with those
applied in the accounts for the year ended 31st October 2006.

2. (Loss)/return per share


                                                        (Unaudited)          (Unaudited)             (Audited)
                                                   Six months ended     Six months ended            Year ended
                                                    30th April 2007      30th April 2006     31st October 2006
                                                              £'000                £'000                 £'000
(Loss)/return per share is based on the
following:


Revenue loss                                                (1,786)              (1,291)                 (753)

Capital return                                               59,763              106,752               103,294

                                                          _________            _________             _________ 
Total return                                                 57,977              105,461               102,541
                                                          =========            =========             =========

Weighted average number of shares in issue               55,982,043           56,162,812            56,094,887


Revenue loss per share                                      (3.19)p              (2.30)p               (1.34)p

Capital return per share                                    106.75p              190.08p               184.14p

                                                          _________            _________             _________ 
Total return per share                                      103.56p              187.78p               182.80p
                                                          =========            =========             =========


3. Net asset value per share

Net asset value per share is based on the net assets attributable to the
ordinary shareholders' of £322,543,000 (30th April 2006: £268,450,000 and 31st
October 2006: £264,982,000) and on the 55,932,812 (30th April 2006: 56,162,812
and 31st October 2006: 56,012,812) shares in issue at the period end.


4. Accounts for the year ended 31st October 2006

The figures and financial information for the year ended 31st October 2006 are
extracted from the latest published accounts of the Company and do not
constitute statutory accounts for that year. Those accounts have been delivered
to the Registrar of Companies and included the report of the auditors which was
unqualified and did not contain a statement under either section 237(2) or 237
(3) of the Companies Act 1985.

JPMORGAN ASSET MANAGEMENT (UK) LIMITED



                      This information is provided by RNS
            The company news service from the London Stock Exchange