Holding(s) in Company

JPMorgan Russian Securities PLC
20 September 2006



                                  SCHEDULE 10

                   NOTIFICATION OF MAJOR INTERESTS IN SHARES


1)   Name of company

JPMORGAN RUSSIAN SECURITIES PLC


2)   Name of shareholder having a major interest

CITY OF LONDON INVESTMENT MANAGEMENT COMPANY LIMITED


3)   Please state whether notification indicates that it is in respect of
     holding of the shareholder named in 2 above or in respect of a
     non-beneficial interest or in the case of an individual holder if it is a
     holding of that person's spouse or children under the age of 18

NON-BENEFICIAL


4)   Name of the registered holder(s) and, if more than one holder, the
     number of shares held by each of them

MELLON UK NOMINEES LTD                   11,673,141
STATE STREET BANK AND TRUST COMPANY       2,445,028
THE NORTHERN TRUST COMPANY                  420,000
NATIONAL AUSTRALIA BANK                     287,500
CITIBANK                                    146,300


5)   Number of shares/amount of stock acquired

NOT DISCLOSED


6)   Percentage of issued class

NOT DISCLOSED


7)   Number of shares/amount of stock disposed

N/A


8)   Percentage of issued class

N/A


9)   Class of security

ORDINARY 1P SHARES


10)  Date of transaction

NOT DISCLOSED


11)  Date company informed

19TH SEPTEMBER 2006


12)  Total holding following this notification

14,971,969


13) Total percentage holding of issued class following this notification

26.73%


14)  Any additional information

N/A


15)  Name of contact and telephone number for queries

CHRIS LEGG  020 7742 3477


16)  Name and signature of authorised company official responsible for
     making this notification

HILARY LOWE


17) Date of notification:

20TH SEPTEMBER 2006



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