JPMorgan Russian Securities plc Half Year Report & Financial Statements for the six months ended 30th April 2020 KEY FEATURES

Your Company

Investment Objective To maximise total return to shareholders from a diversified portfolio of investments primarily in quoted Russian securities. Investment Policies To maintain a diversified portfolio of investments primarily in quoted Russian securities or other companies which operate principally in Russia. The Company may also invest up to 10% of its gross assets in companies that operate or are located in former Soviet Union Republics. Investment Limits and Restrictions The Board seeks to manage some of the Company’s risks by imposing various investment limits and restrictions. • No more than 10% of the Company’s gross assets are to be invested in companies that operate or are located in former Soviet Union Republics. • The Company will not normally invest in unlisted securities. • At the time of purchase, the maximum permitted exposure to each individual company is 15% of the Company’s gross assets. • The Company will not normally invest in derivatives. • The Company will utilise liquidity and borrowings in a range of 10% net cash to 15% geared in typical market conditions. • No more than 15% of gross assets are to be invested in other UK listed investment companies (including investment trusts). Benchmark The RTS Index in sterling terms (RTS). Capital Structure At 30th April 2020, the Company’s share capital comprised 45,557,032 ordinary shares of 1p each. Continuation Vote and Tender A resolution that the Company continue as an investment trust will be put to Shareholders at the Annual General Meeting in 2022 and every five years thereafter. If the next continuation vote in 2022 is approved, the Board has committed to making a tender offer to shareholders for up to 20% of the outstanding share capital at NAV less costs and less a discount of 2% if, over the five years from 1st November 2016, the Company’s net asset value total return in sterling on a cum income basis is below the total return of the benchmark in sterling terms. Discount Control Subject to market conditions the Board will buyback at least 6% of its issued share capital per annum. Management Company and Company Secretary The Company employs JPMorgan Funds Limited (‘JPMF’ or the ‘Manager’) as its Alternative Investment Fund Manager. JPMF delegates the management of the Company’s portfolio to JPMorgan Asset Management (UK) Limited (‘JPMAM’). Financial Conduct Authority (‘FCA’) regulation of ‘non-mainstream pooled investments’ The Company currently conducts its affairs so that the shares issued by JPMorgan Russian Securities plc can be recommended by independent financial advisers to ordinary investors in accordance with the FCA rules in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an investment trust. Association of Investment Companies (AIC) The Company is a member of the AIC. www.theaic.co.uk Website The Company’s website, which can be found at www.jpmrussian.co.uk, includes useful information on the Company, such as daily prices, factsheets, current and historic half year and annual reports and how to buy shares in this Company.

JPMORGAN RUSSIAN SECURITIES PLC. HALF YEAR REPORT & FINANCIAL STATEMENTS 2020 CONTENTS

Half Year Performance Financial Statements 3 Financial Highlights 16 Statement of Comprehensive Income 17 Statement of Changes in Equity 18 Statement of Financial Position Chairman’s Statement 19 Statement of Cash Flows 6 Chairman’s Statement 20 Notes to the Financial Statements

Investment Review Interim Management 9 Investment Managers’ Report 24 Report 13 Sector Analysis 14 List of Investments Shareholder Information 26 Glossary of Terms and Alternative Performance Measures (‘APMs’) 28 Where to buy J.P. Morgan Investment Trusts 29 Information about the Company

CONTENTS Half Year Performance FINANCIAL HIGHLIGHTS

TOTAL RETURNS (INCLUDING DIVIDENDS REINVESTED) TO 30TH APRIL 2020 3 Years 5 Years 10 Years 6 Months Cumulative Cumulative Cumulative

Return to shareholders1,A –18.5% +35.3% +94.0% +25.0%

Return on net assets2,A –19.1% +23.5% +80.4% +21.6%

Benchmark return1,3 –18.0% +21.7% +67.7% +30.2%

Net asset return compared to benchmark return –1.1% +1.8% +12.7% –8.6%

1 Source: Morningstar. 2 Source: Morningstar/J.P. Morgan, using cum income net asset value per share. 3 The Company’s benchmark is the RTS Index in sterling terms (RTS). Prior to 1st November 2016, the Company’s benchmark was the MSCI Russian 10/40 Equity Indices Index in sterling terms. A Alternative Performance Measure (‘APM’).

A glossary of terms and APMs is provided on page 26.

HALF YEAR PERFORMANCE | 3 FINANCIAL HIGHLIGHTS

SUMMARY OF RESULTS

30th April 31st October % 2020 2019 change

Shareholders’ funds (£’000) 284,359 360,340 –21.1 Net asset value per shareA 624.2p 780.8p –20.11 Share price 558.0p 694.0p –19.62 Share price discount to net asset value per shareA 10.6% 11.1% Shares in issue 45,557,032 46,147,780 Revenue return per share 5.82p 40.04p

Gearing/(net cash)A (1.3)% (0.8)%

Ongoing chargesA 1.27% 1.28%

1 % change, excluding dividends paid. Including dividends, the returns would be –19.1%. 2 % change, excluding dividends paid. Including dividends, the return would be –18.5%. A Alternative Performance Measure (‘APM’).

A glossary of terms and APMs is provided on page 26.

HISTORIC DIVIDENDS

Pence per Share

2013 2014 2015 2016 2017 2018 2019

Interim — — — 6.0 15.0 20.0 25.0

Final 15.3 13.0 17.0 8.0 6.0 6.0 10.0

Total 15.3 13.0 17.0 14.0 21.0 26.0 35.0

4 | JPMORGAN RUSSIAN SECURITIES PLC. HALF YEAR REPORT & FINANCIAL STATEMENTS 2020 Chairman’s Statement CHAIRMAN’S STATEMENT

Performance and Overview The turmoil in global financial markets caused by the Coronovirus (Covid-19) pandemic has obviously had a serious impact on the results for this half year although it was not until the final two months of the half year that the effects of the pandemic really began to be felt. Very early on, and well before the UK lockdown, JPMorgan introduced special work practices with the majority of people working from home. As the crisis progressed the Board was kept regularly updated on the Company’s progress and events in Russia . It has had a number of special briefings from the Investment Manager and the Board has been delighted by the Gill Nott extent to which the whole team at JPMorgan has been able to function effectively through this very difficult Chairman period. The influence of the pandemic on the economy of Russia has been significant, and as this report is being written the full impact on the Russian economy cannot be gauged as they are still experiencing high case levels and it is not yet clear when the pandemic will subside. At the beginning of the period under review there was relatively positive outlook for the Russian market but this ended abruptly in February with firstly the disagreement between Russia and other OPEC countries that led to a steep decline in oil prices, and then late in February the rapid spread of the Covid-19 pandemic led to a crash in global equity markets. There is some suggestion that the impact of the virus on the Russian economy may not be as harsh as in most western economies as it has fewer small companies and a relatively smaller services sector. However, Russia is contending with the unprecedented fall in oil prices and all that implies for an economy which is highly dependent on energy exports. Furthermore as a result of the severe business interruption in the country there is likely to be a significant rise in unemployment, already higher than at any time in the past four years. Consumer spending could contract by as much as 25 %. All of this will almost certainly lead to a severe economic downturn, despite Government support mechanisms and the reduction of interest rates by the Russian Central Bank. Further details of the impact of the pandemic on the portfolio are provided in the Investment Managers’ Report on page 9. During the six months ended 30th April 2020 the Company’s net asset value on a total return basis decreased by 19.1%, marginally lower than the Company’s benchmark (RTS index) which was negative –18.0% The Company’s total return to shareholders, was –18.5%, taking into account the stock price movement and dividend paid over the period. It should be remembered that in the year to 31st October 2019 the company recorded a rise in total return to shareholders of 45.4% including a dividend yield of 5%. Even with the dramatic fall in value that we have seen over the last few months the share price of the Company at the end of the period was only 7% below where it was at the same time last year, which whilst disappointing is testament to a strong portfolio. Looking at returns on a longer term basis of three and five years the Company is still showing strong positive returns. The Company’s discount to net asset value has remained remarkably steady between 10% and 15%, with only one major outlying movement in the depths of the crisis in March 2020. The discount ended the period at 10.3%, which was narrower than at the end of the Company’s last financial year, when it was 11.1%. The average discount over the period was 12.1%.

Discount Control The Board continues to use the share repurchase authority to assist in managing any imbalance between supply and demand for the Company’s shares, thereby reducing the volatility of the discount. It has been of considerable value to have this mechanism in place over the last few months. Whilst there has been relatively thin trading in the company’s shares the use of the buy back has enabled the expansion of the discount to be managed at times of moderate levels of excess supply of stock. During the period the discount ranged from 22.3% (on 23rd March 2020) to 7.0% (on 15th April 2020). As referred to in previous years statements, the Board has committed to buying back, subject to market conditions, at least 6.0% of its issued share capital per annum. During the course of the six month period 590,748 shares were bought back, approximately 1.6% of the Company’s issued share capital at 30th April 2020. This added 1.1 pence to the Company’s NAV return in the period. The weighted average discount at which these shares were bought back was 13.0% and these buybacks accounted for approximately 13.5% of traded market volume during the reporting period. The current policy was initiated in January 2018.

6 | JPMORGAN RUSSIAN SECURITIES PLC. HALF YEAR REPORT & FINANCIAL STATEMENTS 2020 CHAIRMAN’S STATEMENT

Revenue, Earnings and Dividend Revenue for the six month period to 30th April 2020 after taxation was £2,674,000 (30th April 2019: £1,554,000) and the return per share, calculated on the basis of the average number of shares in issue was 5.82 pence (30th April 2019: 3.21 pence) per share. The Company receives most of its dividend income during the summer months and therefore, following the pattern of recent years, the Company’s interim dividend is expected to be considered by the Board for declaration in September 2020 and is likely to represent the large majority of the total annual dividend, with a significantly smaller final dividend being recommended for approval by the shareholders at the Annual General Meeting for payment in March 2021. At the time of writing it is clear that there will be an adverse effect on the dividends the Company can expect to receive in the second half from its major shareholdings, many of which are in the energy sector. However, the Company has considerable distributable reserves which it can consider drawing on to supplement the dividend if it considers it appropriate from a longer term perspective.

Investment Manager Oleg Biryulyov and Habib Saikaly continue to be the Company’s Investment Managers supported by JPMorgan Asset Management’s Emerging Markets and Asia Pacific equities team (EMAP), which consists of close to 100 investment professionals. The Company benefits greatly from the extensive experience of the lead investment manager, Oleg, who has successfully steered the company through a number of severe crises in the past in both the world and Russian stock markets. In addition, the Company is supported by other teams at JPMorgan Asset Management In particular the Company’s compliance with sanctions, which continue, closely monitored and reported on regularly to the Board by JPMorgan Asset Management’s compliance function. Despite the challenging investment environment JPMorgan Asset Management continues to focus on environmental, social and governance (ESG) issues in all the companies it invest in. They continue to thoroughly scrutinise companies for compliance with best practice through their embedded ESG evaluation process. I am also pleased to report that the Board have been encouraged by the shareholder communication activities that have been undertaken by the JPMorgan Asset Management Sales, Marketing and PR teams.

Outlook The turmoil in financial markets caused by Covid-19 pandemic have negatively impacted the Company, mirroring falls experienced in the wider market. A global recession in 2020 seems a certainty, although the Russian Central Bank along with its counterparts in the USA, Europe and other leading economies have introduced unprecedented levels of fiscal support to help mitigate this. What is presently unclear is how long and deep a recession could be, or how successful the measures to bring Covid-19 under control will be. Further market turbulence and volatility are to be expected as demonstrated by the recent rise in share price from a low of 422 pence on 18th March 2020, to 614 pence on 10th June 2020 a rise of 45.5%. No investment process can avoid such extreme market volatility. There is no change to the Investment Managers’ approach, which has stood the Company in good stead in the past, and they continue to seek out the best run companies which it is expected will deliver value over time. Usually these are companies with strongly growing revenues. Whilst many are at present experiencing a severe downturn in earnings, particularly those in the energy sector, it is expected that oil prices will recover somewhat toward the end of the year Some other sectors such as the materials and technology sectors are faring much better and are expected to continue to do well. By holding a portfolio of fundamentally strong companies the Board is confident that the Company is well placed to benefit when the world economy begins to pick up, and financial markets, including those in Russia, stabilise and recover.

Gill Nott Chairman 15th June 2020

CHAIRMAN’S STATEMENT | 7 Investment Review INVESTMENT MANAGERS’ REPORT

Introduction In this report, we consider the Company’s investment performance for the six months to 30th April 2020. We discuss the unprecedented market backdrop for the period, examine the drivers of the Company’s performance, and then consider the outlook for the rest of 2020.

Market review: extraordinary times Economic and political uncertainties overshadowed global markets over the six months, with the period Oleg I. Biryulyov Investment Manager from late January onwards dominated by the outbreak of Covid-19. The prevailing backdrop was not at all supportive for the Russian economy nor for its investment markets which were troubled by the impact of a deepening global economic slump and oil prices falling below a level anyone imagined possible. Over the period, the Russian rouble was one of the worst performing currencies against the US dollar. Throughout 2019, a material slowdown in global trade and weakening demand for major commodities had created headwinds for corporate profitability but the Covid-19 pandemic took this to another level. This public health tragedy swiftly suppressed global demand across sectors and commodities, creating huge challenges for Russia in its wake. The outbreak hit the country later than many other territories but there had been more than 360,000 infection cases by the time of this report, with Moscow at the epicentre. This Habib Saikaly ‘perfect storm’ of freefalling commodity prices and very real disruption shut down huge swathes of the Investment Manager Russian economy and civil activities. By the end of April, Russia had posted its worst ever drop in retail sales and unemployment had risen to its highest level in 4 years. These are extraordinary times for oil prices, so pivotal to Russia’s fortunes, as the world’s largest energy exporter. The unprecedented recent price weakness reflects a global economy that has effectively come to a halt, with businesses closed, travel suspended and people staying indoors, in concerted efforts to combat the virus. There was also the added complication of a price war initiated by Saudi Arabia, after production curtailment negotiations fell through in early March; this alone sent the crude oil price down by more than 50%, an historic decline. At the time of writing, prices have made a tentative recovery but remain well below their average price over the last 5 years. The Covid-19 crisis prompted the world’s central banks and governments to announce multiple stimulus packages. These included fiscal aid, further interest rate cuts, as well as plans to inject more money into their economies, to alleviate market stress and cushion the financial blow of enforced lockdowns. Russian measures were more conservative than its global peers, perhaps because the government is reluctant to dip too deeply into its reserves until the future direction of travel for oil prices becomes clearer. Nevertheless, the stimulus package saw the government ramping up spending to support impacted businesses and individuals, whilst the Bank of Russia cut its key interest rate by 0.5% to 5.5% in late April. By the end of April, global financial markets had stabilised, calmed by the plethora of financial measures unveiled by global authorities. In Russia, markets bounced back, with some commentators judging that the Russian economy would be relatively well placed to weather the economic fall-out, largely thanks to its significant reserves. Although equity valuations recovered somewhat investors remained cautious.

Performance Against the testing macro backdrop highlighted above, most global stock markets suffered sharp pullbacks over the review period, and Russia did not escape this pain. For the six months to 30th April 2020, the Company’s net asset value fell by 19.1% on a total return basis, marginally behind the benchmark, the RTS Index, which fell by 18.0%. The return to shareholders was –18.5% in sterling terms.

Our approach to uncovering value The Company remains the only investment trust providing pure exposure to the ongoing transformation of the Russian economy and we strive to uncover the value in Russian equities. Despite the Covid-19 pandemic and subsequent government legislation necessitating the requirement for the JPMorgan Asset Management

INVESTMENT REVIEW | 9 INVESTMENT MANAGERS’ REPORT

team to rapidly adapt to working from home, the Company continued to build a balanced portfolio of stocks from across the Russian market, with a focus on companies that provide opportunities for compounding earnings growth over the long run. To do this, we actively manage the portfolio and continue to build up internal research capabilities and a growing team of analysts with deep expertise in this complex and under-researched market. We base our decisions on a proven investment process that analyses the specific characteristics of stocks. We believe that an active approach makes sense when investing in Russia, given the market concentration and corporate governance issues.

How have specific stocks and sectors fared? In this section, we consider how specific stock decisions and sectoral weightings impacted portfolio performance. By way of context, we made minimal changes to the portfolio until the end of February/early March 2020 when the landscape changed so dramatically. The Company’s positioning had anticipated oil prices and the rouble remaining strong, but that all changed when energy prices collapsed and rouble depreciated by 20%. We highlight below some of the key portfolio changes we made. In aggregate, portfolio turnover for the first quarter of 2020 was around 20%, well above our normal annualised rate but this was far from a normal time. Our exposure to the Energy sector fell over the period, but still dominates the Company’s portfolio. With crude oil prices spiralling downwards in historic fashion, it is no surprise that our exposure to oil companies was the key detractor from relative returns. One of the most notable detractors was Russia’s biggest oil company . We reduced our holding and moved to an underweight position during the period, on concerns about its elevated risk profile, its high level of borrowings and operational weakness in a low oil price environment. We also trimmed our holding in , the largest supplier of natural gas to Europe and Turkey, on the basis that it too will be challenged by the oil market going from boom to bust. Elsewhere in the Energy sector, we continue to prefer (our largest portfolio holding) and . Although both have suffered from the precipitous decline in oil prices, we consider them to be ‘best in class’ operators with robust management teams focused on delivering long-term shareholder returns. Of our other Energy holdings, we topped up our investment in natural gas producer on the back of our fundamental support for the business and the opportunity to buy stock at a favourable share price following the market sell-off. We remain on the side lines as far as and are concerned, with our absence from both stocks boosting relative performance. We previously explained our 2019 exit from Surgutneftegas in the Company’s last annual report, but our position remains under regular review. Increased exposure to the Materials sector over the period was largely organic and driven by price moves. Our investments in the following stocks performed extremely well in a falling market: Russia’s largest gold producer ; the world’s leading producer of nickel and palladium ; and precious metals company . We continue to see good value in all three businesses, based on the outlook for gold, nickel and silver, as well as the relatively high dividend yields offered by each. Less successful were our holdings in diamond mining group Alrosa and steelmaker , both of which cut production following a plunge in demand. Our underweight positions in the Utilities, Communication Services and Consumer Staples sectors were detrimental to portfolio performance over the period. To illustrate this, retailers and X5 and telecoms provider MTS would have all boosted performance had we owned them, despite the weak economic environment. Magnit was once Russia’s largest food retailer but has been somewhat out of favour in recent times. Its turnaround plan shifts focus away from groceries and more towards home and personal care products, as well as implementing a drive to enhance operating efficiency. We keep our sector positioning under constant review and are actively considering our positioning in these areas to avoid missing out on future ‘recovery play’ opportunities as and when consumption recovers.

10 | JPMORGAN RUSSIAN SECURITIES PLC. HALF YEAR REPORT & FINANCIAL STATEMENTS 2020 INVESTMENT MANAGERS’ REPORT

Moving on to Information Technology, this is a sector where we are keen to increase our exposure given its minimal correlation to the plunging oil price. Two star performing holdings were and EPAM Systems. Yandex is a multinational technology giant whose revenues have increased as it has diversified its business interests: whilst its online advertising and taxi services have been badly hit by Covid-19, its search engine, blogging, video streaming and various delivery services have all boomed during lockdown. Yandex’s ambition and the increasing digitisation of society bodes well for its prospects. In the case of global software supplier EPAM, it delivered solid performance in the latter part of 2019 and its revenues held up well in the first quarter of the 2020, in spite of Covid-19 disruption. Also within the IT space, we bought into QIWI, a leading provider of next generation payment and financial services that has been restructuring its business and where a valuation opportunity arose for us. Companies in the Financial sector are ‘cyclical’ stocks because they are highly sensitive to economic cycle peaks and troughs; they typically struggle in depressed economic environments like the current situation. Within the sector, we sold out of Russian bank TCS because our views changed on its corporate governance and operational risks. In the current environment of regulatory constraints, collapsing demand for new consumer loans and the need for banks to support their customers by providing interest and credit ‘holidays’, we see significant challenges ahead for TCS, with little prospect of growth and every possibility of significantly higher debt provisions. Moreover, TCS’s founder, billionaire Oleg Tinkov is facing tax charges relating to under-reported income and is fighting extradition to the United States. All things considered, we decided that the potential risk of staying invested was simply too high. Elsewhere in Financials, we further reduced our already underweight exposure to leading Russian bank Sberbank, as we think that credit expansion will be weakened by the economic environment; our stance boosted the portfolio’s relative returns since the stock fell markedly when Covid-19 rocked global markets. We sold out of Russia’s largest (MICEX) altogether, however, on broader concerns for corporate earnings, as well as the business’s changing corporate profile. MICEX had been a drag on relative performance prior to our exit and we were concerned about the various headwinds it faces. As well as recent operational issues with trading of oil futures contracts, the enduring lower interest rate environment will limit earnings, whilst higher market volatility and lower trade volumes do not create a positive fee environment. Finally, to the Real Estate space, where we are overweight versus the benchmark. We remain committed to two of the biggest players in the sector, Etalon Group and LSR Group. Both businesses delivered solid results although short-term prospects will be severely dented by the pandemic fall-out. Etalon has launched remote sales channels which provide a useful service with Covid-19 restrictions in place and will reduce operational expenses in the long run. The Real Estate sector is a competitive environment in which only the strongest survive. Etalon and LSR face an extremely tough 2020 but we believe they have the credentials to progress over the longer term. We continue to trim down small, illiquid stock positions wherever we can. For example, we reduced our exposure to both automotive group Sollers and footwear retailer Obuv Rossii on business outlook concerns. The Covid-19 pandemic has created a hugely challenging environment for many businesses, putting pressure on corporate earnings and dividend payments. We expect dividends to follow earnings down, with the potential for a 30-50% decline. As economies reopen and companies announce second quarter earnings we will have greater clarity, but until then forecasting dividend levels is very difficult.

Outlook Our investment approach, and specifically our focus on identifying long-term growth opportunities from individual Russian stocks, remains unaltered by the recent challenges that have weighed down global markets. We are confident in our tried and tested strategy which has delivered robust returns to shareholders over recent reporting periods. This six-month period under review was a noticeable exception, but this was also a time when the economic and geopolitical landscape shifted in an unprecedented manner.

INVESTMENT REVIEW | 11 INVESTMENT MANAGERS’ REPORT

On a short-term view, the biggest risk for Russia is how long the coronavirus persists and how widely and deeply its impact spreads. Uncertainty will continue to weigh heavily on Russia’s prospects (with market volatility an inevitability) until there is a gradual restoration of the normal order. Until such time, we will consider volatility as an opportunity to buy favoured stocks at attractive valuations. Looking forward, we expect to see: • Continued weak demand for oil in 2020, which will be a challenge for many Russian companies. We expect firmer prices in 2021, driven by production cuts, politics and an upward spike in demand, all of which will be positive for the earnings of Russian companies. Between now and then oil price volatility is almost guaranteed. • Interest rates to fall by a further 0.5 to 1% over the next 6 months, to stimulate spending and investment, and buoy the market. • The rouble likely to depreciate further until the latter part of 2020. • The geopolitical risk environment around US/European Union sanctions remaining fluid, a situation we will continue to monitor. Russia’s economic links with the European Union will be pivotal to resolving the Russia-Ukraine stalemate. • Companies’ earnings per share likely to be anywhere between 35-50% lower than they were in 2019. This will be painful in the short run but should lay the groundwork for future opportunities. Notwithstanding the challenges that lie ahead, we believe that Russia still offers the potential for attractive investment opportunities, even if some patience may be required on the part of our investors. We are proud of our track record and continue to be very selective about the companies we invest in from across the Russian market, prioritising well-managed businesses that have robust balance sheets and the potential to deliver decent dividend yields. We will adhere to our investment process and look beyond short-term volatility and towards a more benign outlook. We are constantly spurred on by the new stock opportunities we are unearthing and by the reasonable company valuations we are seeing. Above all, we are confident that the Company’s portfolio is well positioned to weather the current difficulties and to deliver attractive returns for risk-aware investors over the long-term. Our approach is a proven one that has served us well over time.

Oleg I. Biryulyov Habib Saikaly Investment Managers 15th June 2020

12 | JPMORGAN RUSSIAN SECURITIES PLC. HALF YEAR REPORT & FINANCIAL STATEMENTS 2020 PORTFOLIO ANALYSIS

SECTOR 30th April 2020 31st October 2019 Portfolio Benchmark Portfolio Benchmark %1 % %1 %

Energy 42.2 44.5 52.5 50.8 Materials 28.0 20.4 17.8 15.8 Financials 10.6 17.4 17.2 17.8 Communication Services 6.1 8.9 3.7 7.6 Information Technology 6.0 0.0 2.8 — Consumer Discretionary 1.9 0.8 1.8 0.7 Real Estate 1.5 0.2 1.7 0.3 Utilities 1.2 2.7 — 2.3 Health Care 1.0 0.0 1.0 — Consumer Staples 0.9 4.8 0.9 4.3 Industrials 0.6 0.3 0.6 0.4 Total 100.0 100.0 100.0 100.0

1 Based on total investments of £280.7m (2019: £357.5m).

INVESTMENT REVIEW | 13 LIST OF INVESTMENTS

AT 30TH APRIL 2020

Valuation Valuation Valuation Company £’000 Company £’000 Company £’000 ENERGY FINANCIALS UTILITIES LUKOIL, ADR 40,702 Preference 29,795 RusHydro 3,410 Gazprom, ADR 35,825 29,795 3,410 Tatneft Preference 15,923 Novatek, GDR 13,372 COMMUNICATION SERVICES HEALTH CARE Rosneft Oil, GDR 6,651 Yandex 17,035 MD Medical Group Investments, GDR 2,834 Gazprom Neft 6,077 17,035 2,834 118,550 INFORMATION TECHNOLOGY CONSUMER STAPLES MATERIALS EPAM Systems 13,382 Ros Agro, GDR 2,418 MMC Norilsk Nickel, ADR 27,359 QIWI, ADR 3,454 2,418 Polyus, GDR 12,942 16,836 Polymetal International 12,492 INDUSTRIALS Severstal, GDR 6,746 CONSUMER DISCRETIONARY Globaltrans Investment, GDR 820 , GDR 6,626 5,153 Globaltruck Management 730 Alrosa 4,613 OR 319 1,550 PhosAgro, GDR 4,611 5,472 TOTAL INVESTMENTS 280,690 Highland Gold Mining 3,301 See glossary of terms and APM’s on page 26 for 78,690 REAL ESTATE definition of ADR and GDR. LSR, GDR 2,372 Etalon, GDR 1,728 4,100

14 | JPMORGAN RUSSIAN SECURITIES PLC. HALF YEAR REPORT & FINANCIAL STATEMENTS 2020 Financial Statements STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30TH APRIL 2020

(Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th April 2020 30th April 2019 31st October 2019 Revenue Capital Total Revenue Capital Total Revenue Capital Total £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000

(Losses)/gains on investments held at fair value through profit or loss — (70,558) (70,558) — 26,124 26,124 — 72,431 72,431 Net foreign currency gains/(losses) — 315 315 — 37 37 — (621) (621) Income from investments 4,939 — 4,939 2,750 — 2,750 24,931 — 24,931 Interest receivable and similar income 33 — 33 36 — 36 94 — 94 Gross return/(loss) 4,972 (70,243) (65,271) 2,786 26,161 28,947 25,025 71,810 96,835 Management fee (694) (1,042) (1,736) (604) (905) (1,509) (1,315) (1,973) (3,288) Other administrative expenses (425) — (425) (347) — (347) (978) — (978) Net return/(loss) before finance costs and taxation 3,853 (71,285) (67,432) 1,835 25,256 27,091 22,732 69,837 92,569 Finance costs (3) — (3) — — — — — — Net return/(loss) before taxation 3,850 (71,285) (67,435) 1,835 25,256 27,091 22,732 69,837 92,569 Taxation (1,176) 748 (428) (281) — (281) (3,593) 678 (2,915) Net return/(loss) after taxation 2,674 (70,537) (67,863) 1,554 25,256 26,810 19,139 70,515 89,654 Return/(loss) per share (note 3) 5.82p (153.48)p (147.66)p 3.21p 52.15p 55.36p 40.04p 147.53p 187.57p

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period. The ‘Total’ column of this statement is the profit and loss account of the Company and the ‘Revenue’ and ‘Capital’ columns represent supplementary information prepared under guidance issued by the Association of Investment Companies. The net return after taxation represents the profit for the period and also the total comprehensive income.

16 | JPMORGAN RUSSIAN SECURITIES PLC. HALF YEAR REPORT & FINANCIAL STATEMENTS 2020 STATEMENT OF CHANGES IN EQUITY

Called up Capital share redemption Other Capital Revenue capital reserve reserve reserves1 reserve1 Total £’000 £’000 £’000 £’000 £’000 £’000 Six months ended 30th April 2019 (Unaudited) At 31st October 2019 462 139 12,528 333,503 13,708 360,340 Repurchase and cancellation of the Company’s own shares (6) 6 (3,517) — — (3,517) Net (loss)/return — — — (70,537) 2,674 (67,863) Dividend paid in the period (note 4) ————(4,601) (4,601) At 30th April 2020 456 145 9,011 262,966 11,781 284,359 Six months ended 30th April 2019 (Unaudited) At 31st October 2018 491 110 30,438 262,988 9,162 303,189 Repurchase and cancellation of the Company’s own shares (14) 14 (7,247) — — (7,247) Net return — — — 25,256 1,554 26,810 Dividend paid in the period (note 4) ————(2,905) (2,905) At 30th April 2019 477 124 23,191 288,244 7,811 319,847 Year ended 31st October 2019 (Audited) At 31st October 2018 491 110 30,438 262,988 9,162 303,189 Repurchase and cancellation of the Company’s own shares (29) 29 (17,910) — — (17,910) Net return — — — 70,515 19,139 89,654 Dividends paid in the year (note 4) ————(14,593) (14,593) At 31st October 2019 462 139 12,528 333,503 13,708 360,340

1 These reserves form the distributable reserves of the Company and may be used to fund distributions of profits to investors.

FINANCIAL STATEMENTS | 17 STATEMENT OF FINANCIAL POSITION

AT 30TH APRIL 2020

(Unaudited) (Unaudited) (Audited) 30th April 2020 30th April 2019 31st October 2019 £’000 £’000 £’000

Fixed assets Investments held at fair value through profit or loss 280,690 319,332 357,455 Current assets Debtors 203 192 1,500 Cash and cash equivalents 3,607 402 2,060 3,810 594 3,560 Current liabilities Creditors: amounts falling due within one year (141) (79) (674) Derivative financial liabilities — — (1) Net current assets 3,669 515 2,885 Total assets less current liabilities 284,359 319,847 360,340 Net assets 284,359 319,847 360,340 Capital and reserves Called up share capital 456 477 462 Capital redemption reserve 145 124 139 Other reserve 9,011 23,191 12,528 Capital reserves 262,966 288,244 333,503 Revenue reserve 11,781 7,811 13,708 Total shareholders’ funds 284,359 319,847 360,340 Net asset value per share (note 5) 624.2p 670.1p 780.8p

18 | JPMORGAN RUSSIAN SECURITIES PLC. HALF YEAR REPORT & FINANCIAL STATEMENTS 2020 STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30TH APRIL 2020

(Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th April 2020 30th April 2019 31st October 2019 £’000 £’000 £’000

Net cash outflow from operations before dividends and interest (note 6)1 (1,594) (1,902) (4,879) Dividends received 5,843 3,450 21,693 Interest received 33 36 94 Overseas tax recovered — 13 — Interest paid (3) — — Net cash inflow from operating activities 4,279 1,597 16,908 Purchases of investments (52,517) (16,182) (71,421) Sales of investments 58,741 22,110 85,541 Settlement of forward currency contracts (40) 39 (10) Net cash inflow from investing activities 6,184 5,967 14,110 Repurchase and cancellation of the Company’s own shares (4,057) (7,247) (17,354) Dividends paid (4,601) (2,905) (14,593) Net cash outflow from financing activities (8,658) (10,152) (31,947) Increase/(decrease) in cash and cash equivalents 1,805 (2,588) (929) Cash and cash equivalents at start of period/year 2,060 2,997 2,997 Unrealised loss on foreign currency cash and cash equivalents1 (258) (7) (8) Cash and cash equivalents at end of period/year 3,607 402 2,060 Increase/(decrease) in cash and cash equivalents 1,805 (2,588) (929) Cash and cash equivalents consist of: Cash and short term deposits 381 356 2,060 Cash held in JPMorgan US Dollar Liquidity Fund 3,226 46 — Total 3,607 402 2,060

1 The unrealised exchange loss on the JPMorgan US Dollar Liquidity Fund in the comparative column has been moved from the initial ‘Net cash outflow from operations’ total to be disclosed separately as the ‘unrealised loss on foreign currency cash and cash equivalents’.

RECONCILIATION OF NET DEBT As at Other As at 31st October 2019 Cash flows non-cash charges 30th April 2020 £’000 £’000 £’000 £’000

Cash and cash equivalents Cash 2,060 (1,994) 315 381 Cash equivalents — 3,226 — 3,226 Total 2,060 1,232 315 3,607

FINANCIAL STATEMENTS | 19 NOTES TO THE FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30TH APRIL 2020

1. Financial statements The information contained within the financial statements in this half year report has not been audited or reviewed by the Company's auditors. The figures and financial information for the year ended 31st October 2019 are extracted from the latest published financial statements of the Company and do not constitute statutory accounts for that year. Those financial statements have been delivered to the Registrar of Companies and including the report of the auditors which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006.

2. Accounting policies The financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ of the United Kingdom Generally Accepted Accounting Practice (‘UK GAAP’) and with the Statement of Recommended Practice ‘Financial Statements of Investment Trust Companies and Venture Capital Trusts’ (the ‘SORP’) issued by the Association of Investment Companies in October 2019. FRS 104, ‘Interim Financial Reporting’, issued by the Financial Reporting Council (‘FRC’) in March 2015 has been applied in preparing this condensed set of financial statements for the six months ended 30th April 2020. All of the Company’s operations are of a continuing nature. The accounting policies applied to this condensed set of financial statements are consistent with those applied in the financial statements for the year ended 31st October 2019.

3. Return/(loss) per share (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th April 2020 30th April 2019 31st October 2019 £’000 £’000 £’000

Return/(loss) per share is based on the following: Revenue return 2,674 1,554 19,139 Capital (loss)/return (70,537) 25,256 70,515 Total (loss)/return (67,863) 26,810 89,654

Weighted average number of shares in issue 45,959,452 48,427,728 47,795,970 Revenue return per share 5.82p 3.21p 40.04p Capital (loss)/return per share (153.48)p 52.15p 147.53p Total (loss)/return per share (147.66)p 55.36p 187.57p

20 | JPMORGAN RUSSIAN SECURITIES PLC. HALF YEAR REPORT & FINANCIAL STATEMENTS 2020 NOTES TO THE FINANCIAL STATEMENTS

4. Dividends paid (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th April 2020 30th April 2019 31st October 2019 £’000 £’000 £’000

2019 Final dividend paid of 10.0p (2018: 6.0p) 4,601 2,905 2,905 2019 interim dividend of 25.0p (2018 : 20.0p) — — 11,688 Total dividends in the period/year 4,601 2,905 14,593

All dividends paid in the period/year have been funded from the revenue reserve. The 2020 interim dividend is expected to be payable in October 2020.

5. Net asset value per share (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th April 2020 30th April 2019 31st October 2019

Net assets (£’000) 284,359 319,847 360,340 Number of shares in issue 45,557,032 47,728,734 46,147,780 Net asset value per share 624.2p 670.1p 780.8p

6. Reconciliation of net (loss)/return before finance costs and taxation to net cash outflow from operations before dividends and interest (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th April 2020 30th April 2019 31st October 2019

Net (loss)/return before finance costs and taxation (67,432) 27,091 92,569 Add capital loss/(less capital return) before finance costs and taxation 71,285 (25,256) (69,837) Decrease/(increase) in accrued income and other debtors 1,309 994 (311) Decrease in accrued expenses (22) (51) (23) Management fee charged to capital (1,042) (905) (1,973) Overseas withholding tax (428) (294) (2,915) Dividends received (5,843) (3,450) (21,693) Interest received (33) (36) (94) Realised gain/(loss) on foreign exchange transactions 354 (27) (81) Realised gain/(loss) on liquidity fund 258 32 (521) Net cash outflow from operations before dividends and interest1 (1,594) (1,902) (4,879)

1 The Unrealised exchange loss on liquidity fund (30th April 2019: £6,000 and 31st October 2019: £7,000) in the comparative column has been removed from this note to be disclosed separately on the face of the Statement of cash flows within the ‘Unrealised loss on foreign currency cash and cash equivalents’.

FINANCIAL STATEMENTS | 21 NOTES TO THE FINANCIAL STATEMENTS

7. Fair valuation of investments The fair value hierarchy analysis for financial instruments held at fair value at the period end is as follows:

(Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th April 2020 30th April 2019 31st October 2019 Assets Liabilities Assets Liabilities Assets Liabilities £’000 £’000 £’000 £’000 £’000 £’000 Level 1 280,690 — 319,332 — 357,455 — Level 21 —— —— — (1) Total value of investments 280,690 — 319,332 — 357,455 (1)

1 Currency contracts.

22 | JPMORGAN RUSSIAN SECURITIES PLC. HALF YEAR REPORT & FINANCIAL STATEMENTS 2020 Interim Management Report INTERIM MANAGEMENT REPORT

The Company is required to make the following disclosures in its half year report.

Principal Risks and Uncertainties The principal risks and uncertainties faced by the Company fall into the following broad categories: investing in Russia; share price discount and Net Asset Value per share; investment underperformance and strategy; failure of investment process; loss of investment team and Manager; operational and cyber crime; board relationship and shareholders; political and economic regulatory and legal market and financial. Information on each of these areas is given in the Business Review within the Annual Report and Accounts for the year ended 31st October 2019. The recent emergence and spread of the Covid-19 virus has raised the emerging risk of global epidemics into a principal risk.

Related Parties Transactions During the first six months of the current financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company during the period.

Going Concern The Directors believe, having considered the Company’s investment objectives, risk management policies, capital management policies and procedures, nature of the portfolio and expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future and, more specifically, that there are no material uncertainties pertaining to the Company that would prevent its ability to continue in such operation existence for at least twelve months from the date of the approval of this half yearly financial report. In reaching that view, the Directors have considered the impact of the current Covid-19 pandemic on the Company’s financial and operational position. For these reasons, they consider there is reasonable evidence to continue to adopt the going concern basis in preparing the accounts.

Directors’ Responsibilities The Board of Directors confirms that, to the best of its knowledge: (i) the condensed set of financial statements contained within the half yearly financial report has been prepared in accordance with FRS 104 ‘Interim Financial Reporting’ and gives a true and fair view of the state of affairs of the Company and of the assets/liabilities, financial position and net return/loss of the Company, as at 30th April 2019 as required by the UK Listing Authority Disclosure and Transparency Rule 4.2.4R; and (ii) the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the UK Listing Authority Disclosure and Transparency Rules. In order to provide these confirmations, and in preparing these financial statements, the Directors are required to: • select suitable accounting policies and then apply them consistently; • make judgements and accounting estimates that are reasonable and prudent; • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and the Directors confirm that they have done so.

For and on behalf of the Board Gill Nott Chairman 15th June 2020

24 | JPMORGAN RUSSIAN SECURITIES PLC. HALF YEAR REPORT & FINANCIAL STATEMENTS 2020 Shareholder Information GLOSSARY OF TERMS AND ALTERNATIVE PERFORMANCE MEASURES (‘APMs’)

Return to Shareholders (APM) Total return to the shareholders, on a last traded price to last traded price basis, assuming that all dividends received were reinvested, without transaction costs, into the shares of the Company at the time the shares were quoted ex-dividend. Six months ended Total return calculation Page 30th April 2020 Opening share price (p) 4 694.0 (a) Closing share price (p) 4 558.0 (b) Total dividend adjustment factor1 1.013228 (c) Adjusted closing share price (p) (d = b x c) 565.4 (d) Total return to shareholders (e = d / a – 1) –18.5% (e)

1 The dividend adjustment factor is calculated on the assumption that the dividends paid out by the Company are reinvested into the shares of the Company at the last traded price quoted at the ex-dividend date.

Return on Net Assets (APM) Total return on net asset value (‘NAV’) per share, on a bid value to bid value basis, assuming that all dividends paid out by the Company were reinvested, without transaction costs, into the shares of the Company at the NAV per share at the time the shares were quoted ex-dividend. Six months ended Total return calculation Page 30th April 2020 Opening cum-income NAV per share (p) 4 780.8 (a) Closing cum-income NAV per share (p) 4 624.2 (b) Total dividend adjustment factor1 1.011810 (c) Adjusted closing cum-income NAV per share (p) (d = b x c) 631.6 (d) Total return on net assets (e = d / a – 1) –19.1% (e)

1 The dividend adjustment factor is calculated on the assumption that the dividends paid out by the Company are reinvested into the shares of the Company at the cum-income NAV at the ex-dividend date.

Net asset value per share (APM) The value of the Company’s net assets (total assets less total liabilities) divided by the number of ordinary shares in issue. Please see note 5 on page 21 for detailed calculations. Benchmark Return Total return on the benchmark, on a closing-market value to closing-market value basis, assuming that all dividends received were reinvested, without transaction costs, in the shares of the underlying companies at the time the shares were quoted ex-dividend. The benchmark is a recognised index of stocks which should not be taken as wholly representative of the Company’s investment universe. The Company’s investment strategy does not follow or ‘track’ this index and consequently, there may be some divergence between the Company’s performance and that of the benchmark.

26 | JPMORGAN RUSSIAN SECURITIES PLC. HALF YEAR REPORT & FINANCIAL STATEMENTS 2020 GLOSSARY OF TERMS AND ALTERNATIVE PERFORMANCE MEASURES (‘APMs’)

Gearing/(net cash) (APM) Gearing represents the excess amount above shareholders’ funds of total investments, expressed as a percentage of the shareholders’ funds. If the amount calculated is negative, this is shown as a ‘net cash’ position. 30th April 2020 31st October 2019 Gearing calculation Page £’000 £’000 Investments held at fair value through profit or loss 18 280,690 357,455 (a) Net assets 18 284,359 360,340 (b) Gearing/(net cash) (c = a / b – 1) (1.3)% (0.8)% (c)

Ongoing charges (APM) The ongoing charges represent the Company’s management fee and all other operating expenses excluding finance costs payable, expressed as a percentage of the average of the daily cum-income net assets during the year and is calculated in accordance with guidance issued by the Association of Investment Companies. The figure as at 30th April 2020 is an estimated annualised figure based on the figures for the six months ended 30th April 2019. 30th April 2020 31st October 2019 Ongoing charges calculation Page £’000 £’000 Management Fee 16 3,472 3,288 Other administrative expenses1 16 925 978 Total management fee and other administrative expenses 4,397 4,266 (a) Average daily cum-income net assets 344,836 332,489 (b) Ongoing charges (c = a / b) 1.27% 1.28% (c)

1 Dividend charges are a significant component of other administrative expenses. The timing of the dividend receipts is heavily-weighted towards the second half of the financial year. To ensure greater comparability of ongoing charges across reporting periods, the annualised dividend charges used in the calculation of ongoing charges as at 30th April 2019 is determined as the actual expenditure for the six months to 30th April 2019 plus 50% of the dividend charges for the preceeding year-end audited financial statements.

.Share price discount/premium to Net Asset Value (‘NAV’) per share (APM) If the share price of an investment trust is lower than the NAV per share, the shares are said to be trading at a discount. The discount is shown as a percentage of the NAV per share. The opposite of a discount is a premium. It is more common for an investment trust’s shares to trade at a discount than at a premium (page 4).

ADR/GDR American Depositary Receipts (ADR) and Global Depositary Receipts (GDR). ADRs are certificates that are traded on US stock exchanges representing a specified number of shares in a non-US company. ADRs are denominated and pay dividends in US dollars and may be traded like regular shares of stock. GDRs are similar to ADRs. GDRs are certificates that are traded in multiple countries representing a specified number of shares in a foreign company.

SHAREHOLDER INFORMATION | 27 WHERE TO BUY J.P. MORGAN INVESTMENT TRUSTS

You can invest in a J.P. Morgan investment trust through the 2. Through a professional adviser following: Professional advisers are usually able to access the products of all 1. Via a third party provider the companies in the market and can help you find an investment that suits your individual circumstances. An adviser will let you Third party providers include: know the fee for their service before you go ahead. You can find AJ Bell Hargreaves Lansdown an adviser at unbiased.co.uk Barclays Smart Investor Interactive Investor You may also buy investment trusts through stockbrokers, wealth Charles Stanley Direct Selftrade managers and banks. Fidelity FundsNetwork The Share Centre To familiarise yourself with the Financial Conduct Authority (FCA) Halifax adviser charging and commission rules, visit fca.org.uk Please note this list is not exhaustive and the availability of individual trusts may vary depending on the provider. These websites are third party sites and J.P. Morgan Asset Management does not endorse or recommend any. Please observe each site’s privacy and cookie policies as well as their platform charges structure. The Board encourages all of its shareholders to exercise their rights and notes that many specialist platforms provide shareholders with the ability to receive company documentation, to vote their shares and to attend general meetings, at no cost. Please refer to your investment platform for more details, or visit the Association of Investment Companies (‘AIC’) website at www.theaic.co.uk/aic/shareholder-voting-consumer-platforms for information on which platforms support these services and how to utilise them.

Be ScamSmart Avoid investment fraud Report a Scam 1 Reject cold calls If you suspect that you have been If you’ve received unsolicited contact about approached by fraudsters please tell the an investment opportunity, chances are FCA using the reporting form at Investment scams are it’s a high risk investment or a scam. You www.fca.org.uk/consumers/report- should treat the call with extreme caution. scam-unauthorised-firm. You can also call designed to look like The safest thing to do is to hang up. the FCA Consumer Helpline on genuine investments 2 Check the FCA Warning List 0800 111 6768 Spot the warning signs The FCA Warning List is a list of firms and If you have lost money to investment fraud, individuals we know are operating without you should report it to Action Fraud on Have you been: our authorisation. 0300 123 2040 or online at • contacted out of the blue 3 Get impartial advice www.actionfraud.police.uk • promised tempting returns Think about getting impartial financial and told the investment is safe advice before you hand over any money. Find out more at • called repeatedly, or Seek advice from someone unconnected to www.fca.org.uk/scamsmart • told the offer is only available the firm that has approached you. for a limited time? If so, you might have been contacted by fraudsters. Remember: if it sounds too good to be true, it probably is!

28 | JPMORGAN RUSSIAN SECURITIES PLC. HALF YEAR REPORT & FINANCIAL STATEMENTS 2020 INFORMATION ABOUT THE COMPANY

FINANCIAL CALENDAR

Final results announced January Annual General Meeting March* Final dividend paid March Half year end 30th April Half year results announced June Interim dividend paid October Financial year end 31st October

*2021 Annual General Meeting scheduled to be held at the Company’s registered office on 3rd March at 2.30 p.m.

History Company’s Registered Office The Company was launched in December 2002 by a placing and offer for 60 Victoria Embankment subscription. It is the successor Company to The Fleming Russia Securities Fund London EC4Y 0JP Limited, a closed-ended investment company incorporated in Jersey and listed on Telephone: 020 7742 4000 the Irish Stock Exchange. The Company adopted its present name on 1st March For company secretarial and administrative matters, please contact Paul Winship 2006. at the Company’s registered office.

Directors Depositary Gill Nott (Chairman) The Bank of New York Mellon (International) Limited Robert Jeens (Audit Committee Chairman) 1 Canada Square Ashley Dunster London E14 5AL Nick Pink Tamara Sakovska The Depositary has appointed JPMorgan Chase Bank, N.A. as the Company’s custodian. Company Numbers Registrars Company registration number: 4567378 Equiniti Limited Ordinary Shares Reference 2610 The Causeway London Stock Exchange Sedol number: 0032164732 Worthing, ISIN: GB0032164732 West Sussex BN99 6DA Bloomberg ticker: JRS LN Telephone number: 0371 384 2030 LEI: 549300II3MHI98ZLVH37 Lines open 8.30 a.m. to 5.30 p.m. Monday to Friday. Calls to the helpline will cost Market Information no more than a national rate call to a 01 or 02 number. Callers from overseas should dial +44 121 415 0225. The Company’s shares are listed on the London Stock Exchange. The market price is shown daily in the Financial Times, The Times, The Daily Telegraph, Notifications of changes of address and all enquiries regarding certificates should The Scotsman and on the JPMorgan website at www.jpmrussian.co.uk where the be sent to the Registrar quoting reference 2610. share price is updated every 15 minutes during trading hours. Registered shareholders can obtain further details on individual holdings on the internet by visiting www.shareview.co.uk Website www.jpmrussian.co.uk Independent Auditor Ernst & Young LLP Share Transactions Statutory Auditor The Company’s shares may be dealt in directly through a stockbroker or 1 More London Place professional adviser acting on an investor’s behalf. London SE1 2AF

Manager and Company Secretary Brokers JPMorgan Funds Limited Numis Securities LTD The London Stock Exchange Building, 10 Paternoster Square, London, EC4M 7LT

A member of the AIC

SHAREHOLDER INFORMATION | 29 21 CONTACT 60 Victoria Embankment London EC4Y 0JP Tel +44 (0) 20 7742 4000 Website www.jpmrussian.co.uk

100%

GB I123 | 06/20