Support for Capital Return Programme

CITY OF LONDON INVESTMENT MANAGEMENT

Support for Capital Return Programme

City of London Investment Management (CLIM) welcomes the announcement by JP Morgan Russian Securities PLC on 17th November. The proposed changes to the management and governance of the Company include the introduction of continuation resolutions every five years starting at the Annual General meeting in 2012. 

CLIM confirms its policy regarding continuation resolutions which is to support them only in circumstances where shareholders are offered an opportunity to realise a percentage of their investment at net asset value. Performance is also an important factor to take into account. The latest fact sheet shows that the Company's NAV return is 30% behind its benchmark over the past five years. In view of this poor investment performance CLIM urges the board to offer shareholders a significant tender at the AGM.

For further Information contact:

Simon Westlake

Executive

City of London Investment Group, PLC http://www.citlon.co.uk/[email protected]+44 (0) 20 77111552