Interim Results

JPMorgan Russian Securities PLC
30 June 2006


                       LONDON STOCK EXCHANGE ANNOUNCEMENT

                        JPMORGAN RUSSIAN SECURITIES PLC

       UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH APRIL 2006


Performance

Over the six months to the 30th April 2006, the net asset value and share price
of the Company rose substantially as the Russian equity markets benefited from
higher commodity prices and a re-rating of Russia's economic potential.

The net asset value appreciation of +64.0% was behind that of the benchmark
index, the CSFB ROS Index which grew by +79.1%. The benchmark index is heavily
dominated by a small number of energy stocks which makes its relevance as a true
indicator of investment manager performance unreliable.

The Company's share price rose by +77.5% as the discount at which the shares
trade to their net asset value reduced from 8.0% to 0.1%.

Revenue and Earnings

The revenue loss after taxation for the six months ended 30th April 2006 was
£1,291,000, which equates to a loss per share of 2.30p.

Investment Management Team

JPMorgan Asset Management have been reviewing their resources in their emerging
markets team and as a result of this we are pleased to report that Vitaly
Kazakov will be working as the joint investment manager of the Company. Vitaly
has been working with Oleg in the Moscow office for the last two years. He
replaces Ashraf Ansary who is working in other emerging market areas for
JPMorgan. We are grateful to Ashraf for his assistance.

Update

As shareholders will be aware, there has been a sharp fall in many world equity
markets over the last few weeks and Russia has not escaped. Some investors have
become concerned over the outlook for inflation and rising commodity prices and
have sold assets perceived as being more risky, such as the Russian market. The
net asset value per share of the Company as at 29th June 2006 was 417.9p, which
is a fall of 12.6% since the end of April. The Company has had no gearing
through this period and the Board and investment managers believe that the
underlying economic position of the companies we have invested in remains
strong.


Pamela Idelson Smith

Chairman

30th June 2006



For further information please contact:

Hilary Lowe, JPMorgan Asset Management (UK) Limited .............. 020 7742 3408




JPMorgan Russian Securities plc
Unaudited figures for the six months ended 30th April 2006

Income Statement
                          Six months to 30 April 2006   Six months to 30 April 2005     Year to 31 October 2005
                            Revenue    Capital    Total  Revenue    Capital    Total   Revenue   Capital     Total
                             Return     Return   Return   Return     Return   Return    Return    Return    Return
                              £'000      £'000    £'000    £'000      £'000    £'000     £'000     £'000     £'000

Realised gains/(losses) on 
investments                       -      7,816    7,816        -    (1,874)  (1,874)         -     4,415     4,415
Unrealised gains/(losses) on 
investments                       -     99,197   99,197        -      (968)    (968)         -    45,268    45,268
Currency (losses)/gains on 
cash and short-term deposits 
held during the period            -      (226)    (226)        -      (230)    (230)         -       415       415
Unrealised foreign
exchange gains/(losses) on 
US Dollar loan                    -        461      461        -        350      350         -     (887)     (887)
Realised foreign exchange
loss on US Dollar loan            -      (481)    (481)        -          -        -         -         -         -
Other capital charges             -       (15)     (15)        -       (33)     (33)         -      (51)      (51)
Overseas dividends              963          -      963    1,028          -    1,028     2,692         -     2,692
Deposit interest                139          -      139       63          -       63       149         -       149
                            _______   ________  _______  _______   ________  _______   _______   _______   _______

Gross return /(loss)          1,102    106,752  107,854    1,091    (2,755)  (1,664)     2,841    49,160    52,001
Management fee              (1,656)          -  (1,656)    (919)          -    (919)   (1,989)         -   (1,989)
Other administrative
expenses                      (215)          -    (215)    (146)          -    (146)     (373)         -     (373)
                            _______   ________  _______  _______   ________  _______   _______   _______   _______

Net return before finance
costs and taxation            (769)    106,752  105,983       26    (2,755)  (2,729)       479    49,160    49,639
Finance costs                 (388)          -    (388)    (378)          -    (378)     (822)         -     (822)
                            _______    _______  _______  _______    _______  _______   _______   _______   _______

Loss/return before          (1,157)    106,752  105,595    (352)    (2,755)  (3,107)     (343)    49,160    48,817
taxation
Taxation                      (134)          -    (134)    (174)          -    (174)     (527)         -     (527)
                             ______    _______  _______   ______    _______  _______   _______   _______   _______

(Loss)/return               (1,291)    106,752  105,461    (526)    (2,755)  (3,281)     (870)    49,160    48,290
attributable to
shareholders

(Loss)/return per           (2.30)p    191.08p  188.78p  (0.94)p    (4.90)p  (5.84)p   (1.55)p    87.53p    85.98p
ordinary share


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

The total return column of this statement is the profit and loss account of the
Company and the revenue and capital return columns represent supplementary
information.



JPMorgan Russian Securities plc
Unaudited figures for the six months ended 30th April 2006
Reconciliation of Movements in Shareholders' Funds

                                       Called up      Capital
                                           share   redemption     Capital       Other     Revenue
                                         capital      reserve     reserve     reserve     reserve       Total
                                           £'000        £'000       £'000       £'000       £'000       £'000
At 31st October 2004                        562           39      62,049      53,361        (36)     115,975
Net capital return from ordinary
activities                                     -            -      49,160           -           -      49,160
Net revenue loss from ordinary
activities                                     -            -           -           -       (870)       (870)
                                         _______     ________    ________     _______     _______    ________
At 31st October 2005                         562           39     111,209      53,361       (906)     164,265
Adjustment to opening shareholders'
funds at 1st November 2005 to reflect 
the adoption of bid prices                     -            -     (1,276)           -           -     (1,276)
Net capital return from ordinary
activities                                     -            -     106,752           -           -     106,752
Net revenue loss from ordinary
activities                                     -            -           -           -     (1,291)     (1,291)
                                         _______     ________    ________     _______    ________    ________
At 30th April 2006                           562           39     216,685      53,361     (2,197)     268,450




JPMorgan Russian Securities plc
Unaudited figures for the six months ended 30th April 2006

BALANCE SHEET                                                      30th April    30th April   31st October
                                                                         2006          2005           2005
                                                                        £'000         £'000          £'000

Investments at fair value through profit or loss                      272,782       115,944        170,163

Net current liabilities                                               (4,332)       (3,250)        (5,898)
                                                                      _______       _______        _______
Total assets less current liabilities                                 268,450       112,694        164,265
                                                                        =====         =====          =====
Net asset value per ordinary share                                     478.0p        200.7p         292.5p



CASH FLOW STATEMENT
                                                                         2006          2005           2005
                                                                        £'000         £'000          £'000

Net cash (outflow)/inflow from operating activities                   (1,075)           160            698

Net cash outflow from servicing of finance                              (402)         (350)          (822)

Net cash inflow from capital expenditure and 
financial investment                                                    4,993         3,243          6,764

Net cash (outflow)/inflow from financing                              (8,713)         5,143          5,145
                                                                      _______       _______         ______

(Decrease)/increase in cash for the period                            (5,197)         8,196         11,785
                                                                        =====         =====           ====



Accounting policies

The Company has adopted certain new accounting policies due to the issue of new
financial reporting standards (FRSs) and the issue of the revised Statement of
Recommended Practice 'Financial statements of investment trust companies' (the
SORP) by the AITC in December 2005.

The new FRSs and the the SORP have given rise to some changes in presentation.
The Statement of Total Return is now called the Income Statement and the total
return column, as opposed to the revenue column, is now the profit and loss
account of the Company. There is also a new primary statement, the
Reconciliation of Movements in Shareholder's Funds.

Investments are designated as held at 'fair value through profit or loss' in
accordance with FRS 26: 'Financial Instruments: Measurement'. Listed investments
are valued at bid market prices. This represents a change in accounting policy,
but in accordance with paragraph 108D of FRS 26, comparatives have not been
restated. In prior periods investments were valued at last traded prices. The
adoption of bid prices on 1st November 2005 reduced the published value of
investments by £1,276,000, which represented 0.8% of equity shareholders funds.

The results for the year ended 31st October 2005 are a non-statutory version of
the full report and accounts for that year which have been filed with the
Registrar of Companies and on which the auditors reported under S235 of the
Companies Act 1985. The report contained no qualifications or any statement
under S237( 2) or (3) of the said Act.


JPMORGAN  ASSET MANAGEMENT (UK) LIMITED


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