Response to Statement by City of London

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN RUSSIAN SECURITIES PLC

('the Company')

Response to statement by

City of London Investment Management Company Limited ('City of London')

2 December 2011

The Board note the recent statement by City of London requesting a "significant tender" at the Company's Annual General Meeting (to be held on 27 January 2012) and will be responding with the publication of the Company's Annual Report and Accounts which is due to be released by 21 December 2011.

For further information:

David Barron /Craig Cleland

 JPMorgan Asset Management (UK) Limited

0207 742 6000

Will Rogers/Charlie Ricketts/Chris Lunn

Cenkos Securities plc

 0207 397 1920/1910