Net Asset Value(s)

JPMorgan Russian Securities PLC
27 February 2008





JPMORGAN ASSET MANAGEMENT (UK) LIMITED ANNOUNCES THE UNAUDITED NET ASSET VALUES
(NAVS) OF THE FOLLOWING INVESTMENT TRUSTS AS AT CLOSE OF BUSINESS ON 26TH
FEBRUARY 2008.  THESE NAVS HAVE BEEN CALCULATED IN ACCORDANCE WITH AIC
RECOMMENDATIONS (I.E. EXCLUDING CURRENT FINANCIAL YEAR REVENUE ITEMS), EXCEPT
WHERE NOTED BELOW.  THE UNDERLYING INVESTMENTS OF THE INVESTMENT TRUSTS HAVE
BEEN VALUED ON A BID BASIS, OR IF MORE APPROPRIATE, A LAST TRADE BASIS.
PROVISIONS FOR PERFORMANCE FEES, CAPITAL EXPENSES AND CAPITAL INTEREST ARE
INCLUDED IN THESE NAVS WHERE APPLICABLE.

AN ESTIMATE OF THE CURRENT REVENUE RESERVE IS INCLUDED WHERE THIS RESERVE IS IN
DEFICIT.


THE NET ASSET VALUES IN PENCE WITH DEBT VALUED AT PAR AS AT MARKET CLOSE ON 26TH
FEBRUARY 2008 WERE AS FOLLOWS:



JPMORGAN RUSSIAN SECURITIES PLC:                  779.94





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