Interim Management Statement

JPMorgan Russian Securities PLC
10 March 2008


                        JPMorgan Russian Securities plc

                          Interim Management Statement

                  For the three months ended 31st January 2008


This interim management statement relates to the quarter from 31st October 2007
to 31st January 2008 and contains information that covers that period, unless
otherwise stated.


Financial performance - Cumulative Total Return *

                           1 month         3 months           1 Year       3 Years       5 Years
Share price                         -10.8%              -3.3%        34.7%        266.9%        619.6%
Net asset value                     -10.8%              -5.4%        27.6%        248.5%        621.1%
Benchmark                           -15.0%              -7.1%        16.6%        235.6%        507.6%


* total return with net dividends reinvested

Source: JPMAM/Fundamental Data


Financial position

                            As at 31st January 2008                        As at 7th March 2008
Total assets                                 £417.8m                              £462.3m
Share price                                 643.0p                                685.5p
Net asset value                             682.3p                                744.57p
Discount                                      5.8%                                 7.93%
Gearing                                       105.8%                              108.0%



Share prices shown are closing bid
Net asset values are shown with debt at fair value
Source: JPMAM/Fundamental Data

Material events

Following a ruling by the European Court of Justice, HM Revenue & Customs has
recently accepted that investment trusts should be exempt from VAT on investment
management fees. This means that henceforth, VAT will no longer be charged on
investment management fees and that the Company is entitled to seek
reimbursement of VAT paid in previous years. However, the Board has been advised
that the change will not have a significant financial impact on the Company, as
it has been able to recover most of the VAT suffered on investment management
fees paid in the past.

At the Company's Annual General Meeting held on 3rd March 2008, all resolutions
were passed, including a special resolution to allow the Company to repurchase
its own shares.

On 10th March 2008, Mr George Nianias was appointed to the Board.

Material transactions

There have been no changes to the share capital over the period.

Portfolio

Top ten holdings as at 31st January 2008

Stock name                             Sector                                  Weight %
Sberbank Rossii                        Financials                              11.6
Mechel ADR                             Materials                               10.5
Open Investments                       Financials                              9.5
Norilsk Nickel ADR                     Materials                               8.0
Severstal Auto                         Consumer Discretionary                  5.1
Cherepovets Severstal                  Materials                               4.4
Mobile Telesystems ADR                 Telecommunication Services              3.6
Pharmacy Chain 36.6                    Consumer Staples                        3.6
Aeroflot                               Industrials                             3.4
RBC Information Systems                Consumer Discretionary                  2.7


Sector analysis as at 31st January 2008

                                                      Portfolio %
Materials                                             29.7
Financials                                            23.9
Consumer Discretionary                                9.7
Telecommunication Services                            8.9
Consumer Staples                                      6.4
Energy                                                5.5
Health Care                                           5.0
Industrials                                           4.9
Information Technology                                2.3
Utilities                                             0.1
Cash                                                  3.6
Total                                                 100.00

By order of the Board
Alison Vincent, for and on behalf of
JPMorgan Asset Management (UK) Limited, Secretary
10th March 2008

Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ

This interim management statement has been prepared solely to provide
information to meet the requirements of the UK Listing Authority's Disclosure
and Transparency Rules.

Please note that up to date information on the Company, including daily NAV and
share prices, factsheets and portfolio information can be found at
www.jpmrussian.co.uk For investor information please contact the JPMorgan
helpline on Freephone 0800 40 30 30.


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