Transaction in Own Shares

JPMorgan Russian Securities PLC
22 May 2006



                          STOCK EXCHANGE ANNOUNCEMENT

                        JPMORGAN RUSSIAN SECURITIES PLC

                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION


JPMorgan Russian Securities plc announces that today in the market it purchased
for cancellation 150,000 ordinary shares at 363.0 pence per share representing
0.27% of the ordinary shares in issue.

The current repurchase authority for 8,418,806 shares was approved by
shareholders on 1st March 2006.  To date 150,000 shares have been repurchased
under this authority.

The remaining shares in issue following this repurchase totals 56,012,812.


22nd May 2006


For further information, please contact:

Hilary Lowe
JPMorgan Asset Management (UK) Limited - Secretary
020 7742 6000



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