2011 - j.p. morgan asset management - j.p. morgan asset ... · oriflame cosmetics sdr consumer...

Half Year Report2011JPMorgan Russian Securities plc

Half Year Report & Accounts for the six months ended 30th April 2011

Russian HY cover_Russian HY Cover 01/07/2011 12:49 Page 2

Features

Contents

About the Company

1 Half Year Performance2 Chairman’s Statement3 Investment Managers’ Report

Investment Review

5 Twenty Largest Equity Investments6 Sector Analysis

Accounts

7 Income Statement8 Reconciliation of Movements in

Shareholders’ Funds9 Balance Sheet10 Cash Flow Statement11 Notes to the Accounts13 List of Investments

Shareholder Information

14 Interim Management Report15 Glossary of Terms and Definitions17 Information about the Company

Objective

To provide capital growth from investment in Russian securities.

Investment Policies

- To maintain a diversified portfolio of investments in quoted Russian securities andRussian pre-IPO stocks (up to 10% of the gross assets of the Company) or othercompanies which derive the majority of their revenue or gains from operating inRussia.

- To use gearing when appropriate to increase potential returns to shareholders. - To invest no more than 15% of gross assets in other UK listed investment companies(including investment trusts).

Benchmark

The MSCI Russian 10/40 Equity Indices Index in sterling terms.

Capital Structure

At 30th April 2011, the Company’s share capital comprised 55,284,312 ordinary sharesof 1p each.

Management Company

The Company employs JPMorgan Asset Management (UK) Limited to manage itsassets.


JPMorgan Russian Securities plc. Half Year Report & Accounts 2011 1

Half Year Performance

+6.3%Return to shareholders1

+7.4%Return on net assets2

Financial Data30th April 31st October %

2011 2010 change

Total net assets (£’000) 403,831 376,103 +7.4

Number of shares in issue 55,284,312 55,284,312

Net asset value per share 730.5p 680.3p +7.4

Share price 677.5p 637.5p +6.3

Share price discount to net asset valueper share 7.3% 6.3%

A glossary of terms and definitions is provided on page 15.

1Source: Morningstar.2Source: J.P. Morgan.3The Company’s benchmark is the MSCI Russian 10/40 Equity Indices Index in sterling terms.

+20.1%Benchmark return1,3

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JPMorgan Russian Securities plc. Half Year Report & Accounts 20112

Chairman’s Statement

Performance

The Russian market continued to advance in the six months to 30th April 2011, heavilyunderpinned by high oil prices. In the six months under review, the Company’s totalreturn to shareholders was +6.3% and the total return on net assets was +7.4%. Afterthe Company’s excellent performance figures for the year ended 31st October 2010,market conditions in the six months to 30th April 2011, proved difficult for thepositioning of the Company’s portfolio relative to the Company’s benchmark, the MSCIRussian 10/40 Equities Indices Index in Sterling terms which returned +20.1%

Long term shareholders in this Company will be aware that its portfolio hasmaintained an underweight position in the energy sector for many years. Althoughthis strategy has handsomely rewarded shareholders in previous years, over the lastsix months it has detracted from relative performance against the Company’sbenchmark. As a Board we continually challenge the managers with respect to thepositioning of the portfolio and in particular to this long held underweight position.In their report over the page the investment managers provide some explanation forthe surge in energy stock prices over the period and confirm their rationale for theportfolio’s continuing underweight position in this sector. The Board supports theinvestment managers’ convictions, which they believe will deliver significant benefitsto long term shareholders.

Revenue and Earnings

The revenue loss after taxation for the six months ended 30th April 2011 was£1,312,000, which equates to a loss per share of 2.37p.

Gearing

Our investment managers did not gear the portfolio during the review period.

Share Repurchases and Discount

The Board continually monitors the discount at which the Company’s shares trade totheir net asset value and uses the buyback powers granted by shareholders when it isdeemed appropriate. The Board’s stated policy is to consider utilising its buybackpowers if the average discount exceeds 12% over a thirty day period. During theperiod under review the Company’s discount widened marginally to 7.3%, stillcomfortably below 12%. Accordingly it was not deemed necessary to buy back anyof the Company’s shares.

Pamela Idelson SmithChairman 30th June 2011



Investment Managers’ Report

During the six month period under review the Company’s net asset value rose by7.4%. Many shareholders will be aware that emerging markets have had a challengingperiod particularly in the early part of 2011. An exception to this has been the Russianindices which have been strong beneficiaries of the rising oil price as the indices aredominated by the large Russian energy stocks. The Company’s benchmark index, theMSCI Russian 10/40 Equity Indices Index in sterling terms, rose by 20.1% over the sixmonth period and we discuss below the reasons for the strong performance of theindex.

The Market and Portfolio Strategy

Long standing shareholders will be aware that in the portfolio we have for aconsiderable period of time been significantly underweight the energy sector. Wefirmly believe that energy companies in Russia are at a structural disadvantage whichdoes not allow them to reap the benefits of a higher oil price. The punitive tax regimefor the sector as well as the high level of capital expenditure required to sustaincurrent production levels mean that we believe earnings are overstated and thesector is generating returns below its cost of capital. Energy companies thereforecompare poorly with other opportunities in the market, notably consumer and retailstocks, which combine superior economic returns with lower risk because of theirlong-term growth prospects. Unlike the previous period in 2010 where weoutperformed this positioning was unhelpful during the six months to 30th April 2011as the performance of the oil sector and other sectors of the Russian equity marketdiverged.

The oil price rose by 46.4% in sterling terms over the six months and reached a priceof US$126 a barrel at the end of April. We witnessed significant inflows into Russianspecific index-tracking exchange tradable funds (‘ETFs’) who received over five timesthe inflows of 2009. In this period, when 80+% of new investment flows into theRussian market came through ETFs, the largest stocks, which happen to be energystocks such as Gazprom and Lukoil, where we are significantly underweight, had avery powerful run. This has led to a distortion in the overall level of general financialefficiency for capital allocation on the Russian market, which in our view istemporary.

In addition to the impact from the portfolio’s underweight in the energy sector, andstock selection within this, our large positions in consumer sector stocks like Magnit,Sberbank, MTS and Systema all underperformed in the short term and detractedfrom performance. The underweight position in the materials sector was positive forreturns, as was stock selection in the telecoms sector.

We continually review our rationale for maintaining an underweight position inenergy stocks and we believe our stance is valid despite the increased volatility of oilprices. The forecast earnings growth for our portfolio is 30% compared to that of thebenchmark index of 23% and over the medium and long run this should continue todeliver returns for active fundamentally driven investors such as us.

Vitaly N. Kazakov

Oleg I. Biryulyov



Market and Political comments

In general, interest in the Russian market from foreign investors increased over thereview period. However, domestic investors have been absent from the market forthe last 18 months and accordingly missed most of the 2009-2011 rally.

A stronger market and rising valuations provided the catalyst for many privatecompanies to consider entering the public market as an opportunity to attractadditional capital. In the review period the Company took part in two IPOs:

Mostotrest is a large construction company. It floated with an attractive valuation andprovided a unique opportunity to gain exposure to the undercapitalised and rapidlygrowing infrastructure sector. The quality and quantity of roads and generalinfrastructure in Russia has been notoriously poor and the Government has given astrong commitment to address this issue, which has long been a stumbling block forRussia’s economic growth.

Ros Agro is a food company, primarily based on sugar production at present. Thefood and agricultural industry in Russia has historically not been very efficient.However, this company’s flotation represented an opportunity to invest in one of themost efficient players in this environment, at an attractive valuation.

The Russian election season commenced with President Medvedev and PrimeMinister Putin both not excluding their interest in participation in the presidentialelections in March 2012. We believe that political risks in Russia for the next12-18months will be elevated, as the majority of the business community becomesunsettled about potential change and its impact on the business environment inRussia. However, we would expect that the most likely outcome will be better thanfeared, but it will take time for this to become the consensus view.

Outlook

In the short-term, inflation, commodity price movements and politics will weigh onthe Russian market. In addition the expectation of further monetary tightening andnew equity supply are putting pressure on the market in the absence of positivesurprises from the real economy. In this volatile environment we will continue tofocus on identifying quality businesses at sensible valuations.

We believe that the long term fundamental case for Russian equities is still intact.Individual stock valuations do not reflect all the risks and opportunities in the marketand leave space for active fund managers to benefit.

Oleg I. BiryulyovVitaly N. KazakovInvestment Managers 30th June 2011

Investment Managers’ Reportcontinued



Twenty Largest Equity Investmentsat 30th April 2011

ActiveValuation Portfolio Benchmark Position

Company Sector £’000 %1 % %

Sberbank Rossii Financials 54,089 13.4 8.9 4.5

Magnit2 Consumer Staples 38,327 9.5 4.0 5.5

Norilsk Nickel ADR Materials 29,847 7.4 9.8 (2.4)

Mobile Telesystems3 Telecommunication Services 25,278 6.3 3.6 2.7

Tatneft ADR Energy 20,157 5.0 4.6 0.4

Novolipetsk Iron & Steel GDR Materials 17,849 4.4 2.7 1.7

Sistema4 Telecommunication Services 16,571 4.1 0.9 3.2

CTC Media Consumer Discretionary 15,647 3.9 — 3.9

Magnitogorsk Iron & Steel Works GDR Materials 14,379 3.6 — 3.6

Bank Saint Petersburg Financials 13,999 3.5 — 3.5

Mostotrest5 Industrials 13,938 3.4 — 3.4

Lukoil ADR Energy 12,407 3.1 8.6 (5.5)

Dixy Consumer Discretionary 12,304 3.0 — 3.0

Cherkizovo GDR Consumer Staples 11,942 2.9 — 2.9

Pharmacy Chain 36.6 Health Care 10,570 2.6 — 2.6

Kalina Concern6 Consumer Staples 8,096 2.0 — 2.0

IDGC Utilities 7,933 2.0 — 2.0

Oriflame Cosmetics SDR Consumer Staples 7,656 1.9 — 1.9

Eurasia Drilling GDR Energy 7,384 1.8 — 1.8

ROS Agro GDR5 Consumer Staples 6,933 1.7 — 1.7

Total 345,306 85.5

1Based on total assets less current liabilities of £403.8m.2Includes GDR amounting to £10,554,000.3Includes ADR amounting to £19,752,000.4Includes GDR amounting to £12,822,000.5Not held in the portfolio at 31st October 2010.6Not included in the twenty largest equity investments at 31st October 2010.

At 31st October 2010, the value of the twenty largest equity investments amounted to £326.5m representing 86.8% of total assets less current liabilities.



30th April 2011 31st October 2010Active Active

Portfolio Benchmark Position Portfolio Benchmark Position%1 % % %1 % %

Consumer Staples 18.8 5.7 13.1 17.6 5.5 12.1

Materials 17.7 28.5 (10.8) 15.6 19.9 (4.3)

Financials 17.5 13.1 4.4 17.8 13.9 3.9

Energy 12.7 38.6 (25.9) 12.3 40.3 (28.0)

Telecommunication Services 10.4 4.5 5.9 11.0 8.7 2.3

Consumer Discretionary 10.2 — 10.2 13.4 — 13.4

Health Care 4.3 — 4.3 4.7 0.3 4.4

Industrials 3.4 — 3.4 — — —

Utilities 3.3 9.6 (6.3) 4.0 11.4 (7.4)

Information Technology 0.3 — 0.3 0.6 — 0.6

Liquidity Fund 0.8 — 0.8 1.7 — 1.7

Net Current Assets 0.6 — 0.6 1.3 — 1.3

Total 100.0 100.0 100.0 100.0

1Based on total assets less current liabilities of £403.8m (2010: £376.1m).

Sector Analysis



Income Statementfor the six months ended 30th April 2011

(Unaudited) (Unaudited) (Audited)Six months ended Six months ended Year ended30th April 2011 30th April 2010 31st October 2010

Revenue Capital Total Revenue Capital Total Revenue Capital Total£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000

Gains on investments held at fair value through profit or loss — 29,267 29,267 — 113,353 113,353 — 119,491 119,491

Net foreign currency (losses)/gains — (227) (227) — 5 5 — 73 73Income from investments 2,565 — 2,565 1,772 — 1,772 6,033 — 6,033Other interest receivable and

similar income 1 — 1 — — — 1 — 1

Gross return 2,566 29,040 31,606 1,772 113,358 115,130 6,034 119,564 125,598Management fee (3,035) — (3,035) (2,270) — (2,270) (4,828) — (4,828)Other administrative expenses (559) — (559) (355) — (355) (770) — (770)

Net (loss)/return on ordinary activities before finance costs and taxation (1,028) 29,040 28,012 (853) 113,358 112,505 436 119,564 120,000

Finance costs — — — — — — (1) — (1)

Net (loss)/return on ordinary activities before taxation (1,028) 29,040 28,012 (853) 113,358 112,505 435 119,564 119,999

Taxation (284) — (284) (219) — (219) (817) — (817)

Net (loss)/return on ordinary activities after taxation (1,312) 29,040 27,728 (1,072) 113,358 112,286 (382) 119,564 119,182

(Loss)/return per share (note 3) (2.37)p 52.53p 50.16p (1.93)p 204.05p 202.12p (0.69)p 215.74p 215.05p

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

The ‘Total’ column of this statement is the profit and loss account of the Company and the ‘Revenue’ and ‘Capital’ columnsrepresent supplementary information prepared under guidance issued by the Association of Investment Companies. The Totalcolumn represents all the information that is required to be disclosed in a Statement of Total Recognised Gains and Losses(‘STRGL’). For this reason a STRGL has not been presented.



Reconciliation of Movements inShareholders’ Funds

Called up CapitalSix months ended share Other redemption Capital Revenue30th April 2011 capital reserve reserve reserves reserve Total(Unaudited) £’000 £’000 £’000 £’000 £’000 £’000

At 31st October 2010 553 49,281 48 330,771 (4,550) 376,103Net return/(loss) on ordinary activities — — — 29,040 (1,312) 27,728

At 30th April 2011 553 49,281 48 359,811 (5,862) 403,831

Called up CapitalSix months ended share Other redemption Capital Revenue30th April 2010 capital reserve reserve reserves reserve Total(Unaudited) £’000 £’000 £’000 £’000 £’000 £’000

At 31st October 2009 559 52,397 42 211,207 (4,168) 260,037Repurchase of the Company’s own shares

for cancellation (6) (3,116) 6 — — (3,116)Net return/(loss) on ordinary activities — — — 113,358 (1,072) 112,286

At 30th April 2010 553 49,281 48 324,565 (5,240) 369,207

Called up CapitalYear ended share Other redemption Capital Revenue31st October 2010 capital reserve reserve reserves reserve Total(Audited) £’000 £’000 £’000 £’000 £’000 £’000

At 31st October 2009 559 52,397 42 211,207 (4,168) 260,037Repurchase of the Company’s own shares for cancellation (6) (3,116) 6 — — (3,116)Net return/(loss) on ordinary activities — — — 119,564 (382) 119,182

At 31st October 2010 553 49,281 48 330,771 (4,550) 376,103



Balance Sheetat 30th April 2011

(Unaudited) (Unaudited) (Audited)30th April 2011 30th April 2010 31st October 2010

£’000 £’000 £’000

Fixed assetsEquity investments held at fair value through profit or loss 397,980 368,611 364,854 Investment in liquidity fund held at fair value through

profit or loss 3,342 5,106 6,395

Total investment portfolio 401,322 373,717 371,249

Current assetsFinancial assets: Derivative financial instruments 1 — —Debtors 1,787 3,079 1,986Cash and short term deposits 853 50 2,998

2,641 3,129 4,984Creditors: amounts falling due within one year (132) (7,639) (130)

Net current assets/(liabilities) 2,509 (4,510) 4,854

Total assets less current liabilities 403,831 369,207 376,103

Net assets 403,831 369,207 376,103

Capital and reservesCalled up share capital 553 553 553Other reserve 49,281 49,281 49,281Capital redemption reserve 48 48 48Capital reserves 359,811 324,565 330,771Revenue reserve (5,862) (5,240) (4,550)

Shareholders’ funds 403,831 369,207 376,103

Net asset value per share (note4) 730.5p 667.8p 680.3p

Company registration number: 4567378.



Cash Flow Statementfor the six months ended 30th April 2011


£’000 £’000 £’000

Net cash outflow from operating activities (note 5) (1,111) (1,449) (1,769)

Net cash outflow from returns on investments and servicing of finance — — (1)

Net cash (outflow)/inflow from capital expenditure and financial investment (806) (2,118) 7,795

Net cash outflow from financing — (3,116) (3,116)

(Decrease)/increase in cash for the period (1,917) (6,683) 2,909

Reconciliation of net cash flow to movement in net debt

Net cash movement (1,917) (6,683) 2,909Exchange movements (228) 5 73

Movement in net funds/debt in the period (2,145) (6,678) 2,982Net funds at the beginning of the period 2,998 16 16

Net funds/(debt) at the end of the period 853 (6,662) 2,998

Represented by:Cash and short term deposits 853 50 2,998Bank overdraft — (6,712) —

Net funds/(debt) at the end of the period 853 (6,662) 2,998



Notes to the Accountsfor the six months ended 30th April 2011

1. Financial statements

The information contained within the financial statements in this half year report has not been audited or reviewed by theCompany’s auditors.

The figures and financial information for the year ended 31st October 2010 are extracted from the latest published accounts ofthe Company and do not constitute statutory accounts for that year. Those accounts have been delivered to the Registrar ofCompanies and included the report of the auditors which was unqualified and did not contain a statement under eithersection 498(2) or 498(3) of the Companies Act 2006.

2. Accounting policies

The accounts have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (‘UK GAAP’) andwith the Statement of Recommended Practice ‘Financial Statements of Investment Trust Companies and Venture Capital Trusts’issued in January 2009.

All of the Company’s operations are of a continuing nature.

The accounting policies applied in these half year accounts are consistent with those applied in the accounts for the yearended 31st October 2010.

3. (Loss)/return per share(Unaudited) (Unaudited) (Audited)

Six months ended Six months ended Year ended30th April 2011 30th April 2010 31st October 2010

£’000 £’000 £’000

(Loss)/return per share is based on the following:Revenue loss (1,312) (1,072) (382)Capital return 29,040 113,358 119,564

Total return 27,728 112,286 119,182

Weighted average number of shares in issue 55,284,312 55,554,389 55,419,350

Revenue loss per share (2.37)p (1.93)p (0.69)pCapital return per share 52.53p 204.05p 215.74p

Total return per share 50.16p 202.12p 215.05p

4. Net asset value per share

Net asset value per share is based on the net assets attributable to shareholders £403,831,000 (30th April 2010: £369,207,000and 31st October 2010: £376,103,000) and on the 55,284,312 (30th April 2010: 55,284,312 and 31st October 2010: 55,284,312)shares in issue at the period end.



5. Reconciliationoftotal returnonordinaryactivitiesbeforefinancecostsandtaxationtonetcashoutflowfromoperatingactivities


£’000 £’000 £’000

Total return on ordinary activities before finance costs and taxation 28,012 112,505 120,000

Add back capital return before finance costs and taxation (29,040) (113,358) (119,564)Net movements in debtors, accrued income and accrued expenses 201 (377) (1,388)Overseas withholding tax (284) (219) (817)

Net cash outflow from operating activities (1,111) (1,449) (1,769)

Notes to the Accounts continuedfor the six months ended 30th April 2011



List of Investmentsat 30th April 2011

ValuationCompany Sector £’000 %

Sberbank Rossii Financials 54,089 13.5Magnit1 Consumer Staples 38,327 9.6Norilsk Nickel ADR Materials 29,847 7.4Mobile Telesystems2 Telecommunication Services 25,278 6.3Tatneft ADR Energy 20,157 5.0Novolipetsk Iron & Steel GDR Materials 17,849 4.5Sistema3 Telecommunication Services 16,571 4.1CTC Media Consumer Discretionary 15,647 3.9Magnitogorsk Iron & Steel Works GDR Materials 14,379 3.6Bank Saint Petersburg Financials 13,999 3.5Mostotrest Industrials 13,938 3.5Lukoil ADR Energy 12,407 3.1Dixy Consumer Discretionary 12,304 3.1Cherkizovo GDR Consumer Staples 11,942 3.0Pharmacy Chain 36.6 Health Care 10,570 2.6Kalina Concern Consumer Staples 8,096 2.0IDGC Utilities 7,933 2.0Oriflame Cosmetics SDR Consumer Staples 7,656 1.9Eurasia Drilling GDR Energy 7,384 1.9ROS Agro GDR Consumer Staples 6,933 1.7Surgutneftegaz ADR Energy 6,810 1.7Verofarm Health Care 6,797 1.7Mechel Materials 6,580 1.6Sollers Consumer Discretionary 6,565 1.6World Trade Centre Moscow Consumer Discretionary 4,549 1.1Gazprom ADR Energy 4,142 1.0X5 Retail GDR Consumer Staples 3,182 0.8WGC–3 Utilities 3,086 0.8Cheliabinsk Elektrolit4 Materials 2,701 0.7Lenenergo Utilities 2,100 0.5RBC Consumer Discretionary 2,021 0.5Sistema-Hals GDR Financials 1,516 0.4Sitronics GDR Information Technology 1,274 0.3Open Investments Financials 883 0.2Urals Energy Energy 468 0.1JPM US Dollar Liquidity Fund Liquidity Fund 3,342 0.8

Total Portfolio 401,322 100.0

1Includes GDR amounting to £10,554,000.2Includes ADR amounting to £19,752,000.3Includes GDR amounting to £12,822,000.4Includes GDR amounting to £1,387,000.



Interim Management Report

The Company is now required to make the followingdisclosures in its half year report.

Principal Risks and Uncertainties

The principal risks and uncertainties faced by the Companyfall into the following broad categories: investment andstrategy; accounting, legal and regulatory; corporategovernance and shareholder relations; operational andfinancial. Information on each of these areas is given in theBusiness Review within the Annual Report and Accounts forthe year ended 31st October 2010.

Related Parties Transactions

During the first six months of the current financial year, notransactions with related parties have taken place which havematerially affected the financial position or the performance ofthe Company during the period.

Going Concern

The Directors believe, having considered the Company’sinvestment objectives, risk management policies, capitalmanagement policies and procedures, nature of the portfolioand expenditure projections, that the Company has adequateresources, an appropriate financial structure and suitablemanagement arrangements in place to continue in operationalexistence for the foreseeable future. For these reasons, theyconsider there is reasonable evidence to continue to adopt thegoing concern basis in preparing the accounts.

Directors’ Responsibilities

The Board of Directors confirms that, to the best of itsknowledge:

(i) the condensed set of financial statements containedwithin the half yearly financial report has beenprepared in accordance with the Accounting StandardsBoard’s Statement ‘Half-Yearly Financial Reports’; and

(ii) the interim management report includes a fair reviewof the information required by 4.2.7R and 4.2.8R ofthe UK Listing Authority Disclosure and TransparencyRules.

For and on behalf of the BoardPamela Idelson SmithChairman

30th June 2011



Glossary of Terms and Definitions

Return to shareholders

Total return to the shareholder, on a mid-market price tomid-market price basis.

Return on net assets

Total return on net asset value per share, on a bid value to bidvalue basis.

Benchmark return

Total return on the benchmark, on a mid-market value tomid-market value basis, assuming that all dividends receivedwere reinvested, without transaction costs, in the shares of theunderlying companies at the time the shares were quotedex-dividend.

The benchmark is a recognised index of stocks which shouldnot be taken as wholly representative of the Company’sinvestment universe. The Company’s investment strategy doesnot follow or ‘track’ this index and consequently, there may besome divergence between the Company’s performance andthat of the benchmark.

Share price discount/premium to net asset value per share

If the share price of an investment trust is lower than the netasset value (‘NAV’) per share, the shares are said to be tradingat a discount. The discount is shown as a percentage of theNAV. The opposite of a discount is a premium. It is morecommon for an investment trust’s shares to trade at a discountthan at a premium.

Active position

The active position shows the difference between theCompany’s holding of an individual stock or sector comparedwith that stock or sector’s weighting in the Company’sbenchmark index. A positive number indicates an activedecision by the Manager to own more of (i.e. be overweight) aparticular stock or sector versus the benchmark and a negativenumber indicates a decision to hold less of (i.e. beunderweight) a particular stock or sector versus thebenchmark.


HistoryThe Company was launched in December 2002 by a placing andoffer for subscription. It is the successor Company to The FlemingRussia Securities Fund Limited, a closed-ended investmentcompany incorporated in Jersey and listed on the Irish StockExchange. The Company adopted its present name on 1st March2006.

DirectorsPamela Idelson Smith (Chairman) James Nicholson (Audit Committee Chairman)Alexander EastonPatrick Gifford George Nianias Lysander Tennant

Company NumbersCompany registration number: 4567378 London Stock Exchange Sedol number: 0032164732ISIN: GB0032164732Bloomberg ticker: JRS LN

Market InformationThe Company’s shares are listed on the London StockExchange. The market price is shown daily in the FinancialTimes, The Times, The Daily Telegraph, The Scotsman, TheIndependent and on the JPMorgan website atwww.jpmrussian.co.uk where the share price is updated everyfifteen minutes during trading hours.

Websitewww.jpmrussian.co.uk

Share TransactionsThe Company’s shares may be dealt in directly through a stockbrokeror professional adviser acting on an investor’s behalf. They may alsobe purchased and held through the J.P. Morgan Investment Account,J.P. Morgan ISA and J.P. Morgan SIPP. These products are all availableon the online wealth manager service, J.P. Morgan WealthManager+available at www.jpmorganwealthmanagerplus.co.uk

Manager and SecretaryJPMorgan Asset Management (UK) Limited

Company’s Registered OfficeFinsbury Dials20 Finsbury StreetLondon EC2Y 9AQTelephone number: 020 7742 6000

CustodianJPMorgan Chase Bank, N.A.125 London WallLondon EC2Y 5AJ

For company secretarial and administrative matters, please contactAlison Vincent.

RegistrarsEquiniti Reference 2610 The CausewayWorthing,West Sussex BN99 6DA Telephone number: 0871 384 2030

Calls to this number cost 8p per minute from a BT landline. Otherproviders’ costs may vary. Lines open 8.30 a.m. to 5.30 p.m., Mondayto Friday. The overseas helpline number is +44 (0)121 415 7047.

Notifications of changes of address and all enquiries regardingcertificates should be sent to the Registrar quoting reference 2610.

Registered shareholders can obtain further details on individualholdings on the internet by visiting www.shareview.co.uk

Independent AuditorErnst & Young LLP Statutory Auditor1 More London PlaceLondon SE1 2AF

BrokersCenkos Securities plc 6,7,8 Tokenhouse YardLondon EC2R 7AS

Savings Product AdministratorsFor queries on the J.P. Morgan Investment Account, J.P. MorganISA and J.P. Morgan SIPP, see contact details on the back cover ofthis report.

Information about the Company

Financial CalendarFinancial year end 31st OctoberFinal results announced JanuaryHalf year end 30th AprilHalf year results announced JuneInterim Management Statements announced February/AugustDividend (if any) MarchAnnual General Meeting March

A member of the AIC



J.P. Morgan HelplineFreephone 0800 20 40 20 or +44 (0)20 7742 9995

Your telephone call may be recorded for your security

www.jpmrussian.co.uk


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