2021 Half Year Report

JPMorgan Russian Securities plc Half Year Report & Financial Statements for the six months ended 30th April 2021 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.1 Capital Structure At 30th April 2021, the Company’s share capital comprised 42,273,400 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’). 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 retail investors in accordance with the Financial Conduct Authority (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.

1 See Glossary on page 26 for further details of the Company’s benchmark.

JPMORGAN RUSSIAN SECURITIES PLC. HALF YEAR REPORT & FINANCIAL STATEMENTS 2021 CONTENTS

Half Year Performance Financial Statements 3 Financial Highlights 17 Statement of Comprehensive Income 18 Statement of Changes in Equity 19 Statement of Financial Position Chairman’s Statement 20 Statement of Cash Flows 6 Chairman’s Statement 21 Notes to the Financial Statements

Investment Review Interim Management 10 Investment Managers’ Report 24 Report 14 Sector Analysis 15 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 2021 From 3 Years 5 Years 10 Years 1st November 4 6 Months Cumulative Cumulative Cumulative 2016

Return to shareholders1,A +23.0% +57.1% +135.2% +39.8% +79.5%

Return on net assets2,A +25.0% +48.9% +122.5% +41.7% +67.1%

Benchmark return1,3 +31.5% +52.0% +112.1% +39.7% +65.7%

Net asset return compared to benchmark return –6.5% –3.1% +10.4% +2.0% +1.4%

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. Prior to 1st November 2016, the Company’s benchmark was the MSCI Russian 10/40 Equity Indices Index in sterling terms. 4 1st November 2016 is the date that the Company adopted the RTS index in sterling terms and the commencement date for the tender offer performance period. See Continuation Vote and Tender on Key Features page for further details. 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 % 2021 2020 change

Shareholders’ funds (£’000) 319,578 266,099 20.1 Net asset value per shareA 756.0p 613.4p 23.21 Share price 660.0p 545.0p 21.12 Share price discount to net asset value per shareA 12.7% 11.2% Shares in issue 42,273,400 43,378,912 Revenue return per share 5.58p 34.01p

Net cash 2.5% 1.6%

Ongoing chargesA 1.23% 1.29%

1 % change, excluding dividends paid. Including dividends, the returns would be 25.0%. 2 % change, excluding dividends paid. Including dividends, the return would be 23.0%. 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 2020

Interim — — — 6.0 15.0 20.0 25.0 25.0

Final 15.3 13.0 17.0 8.0 6.0 6.0 10.0 10.0

Total 15.3 13.0 17.0 14.0 21.0 26.0 35.0 35.0

4 | JPMORGAN RUSSIAN SECURITIES PLC. HALF YEAR REPORT & FINANCIAL STATEMENTS 2021 Chairman’s Statement CHAIRMAN’S STATEMENT

Performance and Overview

The turmoil in global financial markets caused by the Coronavirus (Covid-19) pandemic has thankfully subsided to a considerable extent and I am pleased to say that the performance of the Company has improved significantly in the reporting period. During the six months ended 30th April 2021 the Company’s net asset value on a total return basis increased by 25.0%, however this was 6.5% lower than the Company’s benchmark (RTS index, in sterling terms) which increased 31.5%. The Company’s total return to shareholders was +23.0%, taking into account the stock price movement and dividend paid over the period. Gill Nott The positive returns are very welcome with asset values returning nearer to pre-Covid-19 levels. Chairman The Board are pleased to have recently announced that following a review, the Company’s investment management fee arrangements with JPMorgan Funds Limited (‘JPMF’) will change. With effect from 1st November 2021, the annual investment management fee will be charged at a rate of 0.9% (previously 1.0%) on the net asset value of the Company’s portfolio. During the period a further lockdown was introduced in the UK and the majority of JPMorgan’s staff continued to work from home. The whole team at JPMorgan continued to function effectively through this very difficult period as did the Board who met remotely both formally and informally on a regular basis. The Russian economy has weathered the storm of the pandemic better than many. A rapid and effective lockdown enabled the country to open up in the Autumn of 2020 and movement and business resumed at near normal levels by year end. Worryingly, cases have been rising recently. Russia was the first country to develop and approve a vaccine, the Sputnik V vaccine, but so far only approximately 10% of the population has been vaccinated due to low take up. It remains to be seen what impact this will have in the event of any further outbreaks of Coronavirus, and the government is considering making vaccination mandatory for certain key workers. The Russian economy has benefitted from the recovery in the price of oil since the lows experienced in 2020. Government support for both businesses and families, whilst at a much lower level than in Western countries, has also helped. Inflation is now running at about 5% p.a. but the outlook for economic growth is positive at 3.8% p.a. for this year and next. The new US administration strengthened its rhetoric against Russia’s involvement in the Crimea and Ukraine and in April 2021 introduced further economic sanctions for a range of alleged malign activities, including cyberattacks and the treatment of Kremlin critic, Alexei Navalny. None of the newly introduced sanctions directly impacted the Company. The level of growth in the Company’s assets, whilst pleasingly substantial, was disappointingly well below the index. This was largely due to the portfolio being invested in quality companies with strong revenue earnings and longer term growth prospects, at a time when the market moved sharply in favour of value stocks that responded rapidly and more directly to the economic upturn. More details are given in the Investment Managers’ Report on page 10.

Continuation Vote and Tender

If the performance of the Company’s NAV falls short of that of the benchmark over the five years to 31st October 2021, then the Company is committed to holding a tender offer in the circumstances as detailed in the Key Features page. The Company’s NAV performance from 1st November 2016, being the commencement date of the tender offer performance period, to 30th April 2021 is 1.4% ahead of the benchmark, as identified in the Financial Highlights on page 3. Since the end of this reporting period, the relative performance of the Company’s NAV has deteriorated and from 1st November 2016 to 31st May 2021, it was only 0.06% ahead of the Company’s benchmark. Please see the Glossary on page 26 for further details of the Company's benchmark.

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 aiming to reduce the volatility of the discount. The share repurchase activity has been of real value to the company over the period and has prevented the

6 | JPMORGAN RUSSIAN SECURITIES PLC. HALF YEAR REPORT & FINANCIAL STATEMENTS 2021 CHAIRMAN’S STATEMENT

experienced in the previous reporting period which were largely due to the financial turbulence at the start of the global lock down in spring 2020. The discount ended the period at 12.7%, which was wider than at the end of the Company’s last financial year, when it was 11.2%. The average discount over the period was 12.2%. The discount has ranged from 9.4% (on 14th December 2020) to 13.8% (on 5th March 2021). 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 1,105,512 shares were bought back, approximately 2.6% of the Company’s issued share capital at 30th April 2021. This added 2.3 pence to the Company’s NAV return in the period. The weighted average discount at which these shares were bought back was 12.7% and these buybacks accounted for approximately 12.9% of traded market volume during the reporting period. The current policy was initiated in January 2018.

Revenue, Earnings and Dividend Revenue for the six month period to 30th April 2021 after taxation was £2,399,000 (30th April 2020: £2,674,000) and the return per share, calculated on the basis of the average number of shares in issue was 5.58 pence (30th April 2020: 5.82 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 2021 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 2022. Given the impact of Covid-19 on the wider market, at the time of writing, the forecast for dividend receipts by the Company in the year ending 31st October 2021 is more much more positive than we had expected it to be, possibly 20% to 50% above the low 2020 number which was severely impacted by the effects of the pandemic. This very encouraging outlook is due to the portfolio’s general slant towards companies with strong revenue earnings and the continued substantial pay outs from the large energy companies in the portfolio.

Board of Directors As referred to in my Chairman’s Statement for the Company’s Annual Report released in January 2021, in accordance with the Board Succession Plan, the Company engaged an independent search consultancy to search for a suitably qualified Non-executive Director to replace Robert Jeens as a Non-executive Director and the Audit Committee Chairman. After a thorough selection process, the Board were very pleased to announce that Eric Sanderson was appointed as a director on 4th January 2021 and this was confirmed by the vote for Eric at the AGM in March 2021. Eric Sanderson is a highly experienced and well regarded Non-executive Director and Chairman with extensive knowledge of investment trusts and is an excellent addition to the Board. Robert Jeens stood down at the AGM and the Board thanks him again for his significant contribution to the Company.

Investment Manager Oleg Biryulyov and Habib Saikaly continue to be the Company’s Investment Managers supported by the growing JPMorgan Asset Management’s Emerging Markets and Asia Pacific equities team (EMAP). The lead investment manager, Oleg, has some 20 years’ experience of investing in Russia and has managed the Company through a number of severe market events. We are also delighted to have Habib contributing to the management of the portfolio. The Company benefits from having two very experienced managers who can support and challenge each other. 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. 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 all companies for compliance with best practice through their embedded ESG evaluation process.

CHAIRMAN’S STATEMENT | 7 CHAIRMAN’S STATEMENT

Despite the constraints that remote working has paced on marketing activities 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.

Change of Auditors Ernst & Young LLP (EY) were required to retire under audit rotation regulations in 2022. Hence, following a beauty parade, BDO were selected as the new auditors. They were formally appointed at the AGM in March 2021, and we thank EY for their work over the years.

Outlook The familiar themes of oil price levels and political uncertainty again loom large in any prediction of the outlook for the Company, added to which the world faces the challenge of managing the impact of the Covid-19 pandemic. The positive signals are that the on-going bounce in global economic activity will continue into the second half of 2021 and beyond which should support the recovery in the price of oil. However, as in other major economies, the prospect of rising inflation lies ahead and the Russian Central Bank has acted quickly with increases to interest rates and further rises are expected.

Increased political tensions also have the potential to derail the more positive economic outlook. The recent deterioration in US and Russia relations has arisen as the new US President seeks to assert his authority and the Russian government has tested the limits of US commitment to the region. The recent US waiving of sanctions, to assist the completion of the Nord Stream 2 natural gas pipeline from Russia to Germany, and the meeting between Biden and Putin in mid-June 2021 are perhaps positive attempts to de-escalate the current situation. Overall there is no change to the Investment Managers’ approach, which has stood the Company in good stead in the past: to continue to seek out the best run companies with strongly growing revenues which are expected to deliver value over time. By holding a portfolio of fundamentally strong companies the Board is confident that the Company is well placed to benefit from the pick-up in the world economy.

Gill Nott Chairman 30th June 2021

8 | JPMORGAN RUSSIAN SECURITIES PLC. HALF YEAR REPORT & FINANCIAL STATEMENTS 2021 Investment Review INVESTMENT MANAGERS’ REPORT

Economic and political backdrop The Russian economy has fared relatively well so far during the Covid-19 pandemic. It adapted rapidly to drastic lockdowns across the region and was relatively quick to re-open – lockdowns and travel restrictions were lifted in autumn 2020. Industrial production began to recover, and by the end of 2020, the economy was operating at almost normal levels – and continues to do so. After peaking in the winter months, Covid-19 cases stabilised at the lower levels seen last summer, but have risen again in recent weeks. Russia was the first country to develop and approve a vaccine, although the take up rate has been low, with Oleg I. Biryulyov around 10% of the population vaccinated so far. However, the government has now made vaccination Investment Manager mandatory for some key workers. As the world’s largest oil and gas exporter, the sharp recovery in oil and gas prices that began in May 2020 has been instrumental to the improvement in the Russian economy. Oil, gas and other commodity prices were given added impetus by the arrival of several more vaccines in November 2020, which boosted expectations of a resurgence in global economic activity and air travel. OPEC+ members began increasing oil production in February 2021 and by the end of the review period, Russian oil production was back at 90% of its pre-pandemic level and is forecast to continue rising. Government and central bank policy has also been supportive. The government provided subsidised bank Habib Saikaly loans for businesses and additional financial support for families. Total fiscal measures to counter the Investment Manager impact of the pandemic comprised around 5% of Russian GDP, similar to the level of support deployed in China, but much lower than the stimulus delivered by governments in the US (27% of GDP), the UK (18%) and the European Union (11%). The Bank of Russia reduced rates to a low of 4.25% in July last year. In all, the Russian economy contracted by 3.1% in 2020, a relatively modest fall compared to an average contraction of 4.7% amongst advanced economies. And the outlook is quite positive - the International Monetary Fund forecasts Russian GDP growth of 3.8% in both 2021 and 2022, almost as vigorous as the projected recovery in advanced economies. Inflationary pressures have begun to emerge and the Bank of Russia began to re-tighten policy in March 2021. The official rate is currently 5%. Higher oil prices and the flow-through effects of last year’s sharp rouble devaluation will keep some upward pressure on inflation in the near term, but we do not expect inflation to rise significantly above the central bank’s 5% guidance level this year. On the political front, relations between Russia and the new Biden administration got off to a rocky start, exacerbated by some inflammatory rhetoric from the new US President. Tensions rose further in April due to military build-ups on Russia’s border with Ukraine. In response, the US increased sanctions on Russia, and troops were subsequently withdrawn. The US has threatened further sanctions in response to renewed Russian provocation, or if Russian opposition leader Alexei Navalny, who was arrested on his return to Russia in January 2021, dies in custody. However, tensions have since eased and a Biden-Putin summit went ahead on 16th June 2021.

Performance The Russian equity market rose strongly at the end of 2020 and continued to do well in the early months of 2021. The market was supported during this period by a move out of growth stocks such as technology and healthcare companies, into more cyclical, economically sensitive value stocks, including energy companies and financials. This rotation favoured the RTS index, which is dominated by oil and gas producers and banks. The rise in the popularity of cyclical and value stocks mirrored similar moves in other major equity markets. It was driven in part by mounting investor confidence in the global economic outlook now that vaccines are widely available. In addition, fears of rising inflation led to a jump in bond yields and this had an adverse effect on expensive technology and other growth stocks, as higher interest rates reduce the value of projected earnings, and hence stock prices. The RTS index rose 31.5% in the six months ended 30th April 2021. This compares with the Company’s 25.0% return on net asset value (NAV), representing underperformance of 6.5 percentage points. However,

10 | JPMORGAN RUSSIAN SECURITIES PLC. HALF YEAR REPORT & FINANCIAL STATEMENTS 2021 INVESTMENT MANAGERS’ REPORT

the Company has maintained its record of very solid absolute returns, outperformed its benchmark over five and ten years. The Company has also outpaced most of its peers over three, five and ten years. Our focus on quality and income generating businesses with long-term growth opportunities, was the reason for the underperformance over the past six months, as these stocks tend to cluster in sectors such as materials, IT, real estate and consumer staples, whose performance lagged the market in recent months. At the beginning of the review period, the portfolio had overweight positions in each of these sectors, while being underweight in sectors such as energy, financials and industrials, that outperformed. In late 2020 and early 2021, we took action to staunch the adverse performance impact of these sectoral allocation decisions by reducing our underweights to energy and financials and trimming our overweight positions in IT, real estate and consumer sectors. These adjustments, combined with the positive influence of our underweights to utilities and communication services, partially offset the underperformance seen in the early part of the review period. Gearing detracted modestly, as the portfolio maintained a small net cash position over the period, while stock selection had a very minor overall adverse impact.

Portfolio positioning and stock performance As mentioned above, we responded to the sudden improvement in the prospects of cyclical and value stocks in late 2020 by increasing our exposure to quality energy and financial stocks and others set to benefit most from the brighter economic outlook and higher interest rates. We also reduced positions in IT, consumer sectors and communications services, which we expect to underperform in the current market climate. Within the energy sector, we rebalanced our exposure, almost eliminating our underweight. We significantly increased an existing holding in Rosneft on the view that this company, along with Gazprom, is in the best operational and financial position to benefit from the rise in oil and gas prices and higher demand now that global economic activity and air travel are recovering. We also added marginally to our long-term holding in Novatek. We like this business for its growth prospects and its ability to deliver large and complex projects on time and on budget. Finally, we began to build an exposure to Surgutneftegas. We have expressed some concerns in the past about this company, due to its limited disclosures regarding its ownership structure and strategic plans. However, this stock has underperformed the market and oil price rises so far this year, providing a significant margin of safety, and its dividend yield is attractive, not just within the Russian market, but also by global standards. We are very confident we will be paid the 14.5% dividend yield due in August, which will take the annualised yield to almost 30%. This new position performed very strongly and made the largest stock selection contribution to returns over the period. Conversely, we trimmed Lukoil, which detracted, and Tatneft, on concerns about their ability to increase production. In addition, taxation changes have been detrimental and their dividend payments are below those of their industry peers. In the financial sector, we continued to suffer from our underweight in TCS Group, the online retail financial services provider, which had the largest adverse impact on returns over the period. However, we have discussed in the past our reasons for disagreeing with the market perception of this company, and our view has not changed. Our position in QIWI, the online payments and credit company detracted. Its share price declined sharply on news of regulatory breaches and associated fines, Sberbank, detracted from relative performance – although the share price rose strongly during the review period, the portfolio was underweight this stock. However, we are very pleased with the performance of our out-of-index stakes in Kazakh financial names Halyk Bank and Kaspi, a banking and fintech company. Both contributed to returns over the review period. We have recently re-established an exposure to Moscow Exchange MICEX, due to its unique position at the forefront of Russia’s expanding equity market. Within the technology sector, we took some profits on a couple of holdings that have performed very strongly. Yandex, Russia’s equivalent to Google, Tesla, Paypal and Deliveroo, was one of the key contributors to returns over the past six months. Profit-taking on this stock was a major source of funds in the last six months, as we reduced our exposure significantly. Valuations looked extended, earnings are falling, and we are concerned about the company’s aggressive growth strategy and massive capital

INVESTMENT REVIEW | 11 INVESTMENT MANAGERS’ REPORT

expenditure program. EPAM Systems, a digital platform and software developer, was once again one of the portfolio’s best performers and we have started to trim our position, as the stock is looking expensive at current levels. In the Materials sector, we made significant reductions in our gold producers Polyus, Russia’s largest gold miner, and Polymetal, which both detracted from performance. However, we added to our stakes in steel producers Severstal, which was one of the main contributors to returns in the past six months, and Novolipetsk Steel (NLMK). We have been surprised by the rise in iron ore and steel prices, but we expect them to remain strong, at least in the short term, driven by the global economic recovery, restocking and the northern hemisphere’s construction season. We also significantly increased our holding of Norilsk Nickel. This company produces the nickel, copper and rare metals now in high demand by producers of electric vehicles and batteries and in our view, it offers great exposure to the current boom in these sectors. News that Norilsk has finalised a legal dispute with the state and paid the fine for last year’s oil spill is also welcome and will allow the company to move forward. We capitulated on our two long term real estate holdings, LSR Group and Etalon, reducing our exposure to LSR Group and selling Etalon outright. In both cases we underestimated the impact of new regulation on the residential construction sector. Ultimately these businesses became far more capital intensive and earnings became more volatile and unpredictable, reducing their attractiveness. We maintained our underweight positions in the Utilities and Telecoms, and reduced our overweights to Consumer sectors, with mixed results. Not holding the electricity company Inter RAO UES added to returns, and our stake in Rostelecom has done relatively well, outperforming its rival MTS, which we do not hold. We trimmed our exposures to Sistema, the telecommunications services company and department store operator Destsky Mir, taking some profits on both after their recent strong performance. However, we have maintained exposures to both on the expectation that they will continue to deliver strong earnings growth. Our overweight to grocery retailer X5 versus an underweight to its rival Magnit detracted in net terms over the review period, but the position has begun to perform more recently. We opened a new stake in department store operator, Fix Price Group. In the small cap universe, we have previously discussed our intention to reduce exposure to these less liquid names, as they tend to underperform in rising markets, and this process continued over the past six months. As opportunities arose, we trimmed our holdings in MDMG, a medical care company, and Global Truck, a transport and logistics company.

Our investment approach The Company remains the only investment trust providing pure exposure to the ongoing transformation of the Russian economy. We aim to build a balanced portfolio of high-quality stocks from across the Russian market, with a focus on companies that possess the capacity to generate income, compound earnings sustainably and grow over the long term. We target market leaders with scope to expand their businesses nationally or internationally. In our view, this approach offers the best chance of delivering positive absolute and relative returns to shareholders, whatever the prevailing economic, geopolitical and investment challenges. We actively manage the portfolio, basing our decisions on a proven investment process that analyses the fundamental characteristics of individual stocks. Our investment process has not been hindered by the constraints imposed by the pandemic. We continue to build our internal research capabilities to assist us in our task. Our growing team of analysts has deep expertise in this complex and under-researched market. An active approach is, in our view, the right strategy when investing in Russia, given the market concentration and volatility, corporate governance issues and the opportunities amongst under-researched companies, that can be unearthed by thorough fundamental analysis.

12 | JPMORGAN RUSSIAN SECURITIES PLC. HALF YEAR REPORT & FINANCIAL STATEMENTS 2021 INVESTMENT MANAGERS’ REPORT

Outlook The outlook for the Russian economy improved over the six months reporting period, thanks to the stabilisation of Covid-19 cases within the country, the brighter global economic outlook and the associated rise in oil, gas and other commodity prices. Despite ongoing uncertainties, especially related to the recent increase in the rate of Covid-19 infections, global roll-out of vaccination programs and the political climate between Russia and its Western counterparts, we believe the risk/reward balance offered by Russian equities is positively skewed. The market currently offers what we see as an almost perfect combination of very low price/earning multiples and one of the world’s highest dividend yields – a drawcard for investors seeking diversified income sources in the current low interest rate environment. In our view, the market remains attractive for those willing to bear the associated risks.

Looking ahead, we expect: • Oil prices to remain firm over 2021, supported by production cuts and higher demand as global economic activity gradually returns to more normal levels. This will be positive for the earnings of Russian energy companies, as well as for the economy generally. • The central bank to be proactive in combatting inflation, with rates likely to keep rising by another 50-100 bp over the course of this year. This should be sufficient to keep inflation close to the Russian Bank’s 5% guidance level. Beyond this year, the central bank is likely to take its lead from the global interest rate environment, as it targets a 2.5-3% margin above US Fed rates. • Modest rouble deprecation, thanks to higher interest rates, and a marked improvement in the government’s budgetary position, given the recent rise in oil prices. • EPS for 2021 to be 20-50% higher than the very low base set by 2020 results. We foresee an acceleration of the recovery in profitability that started in Q320, improving Russia’s attractiveness relative to other emerging markets. Average annual earnings growth of 10% (in USD terms) seems realistic over the next five years. • The environment around sanctions to remain fluid. Economic links with the European Union will be pivotal to resolving the Russia-Ukraine stalemate. We will continue to monitor the situation closely. Despite the Company’s recent underperformance, we believe our longer-term outperformance against the benchmark and our peers is testament to the merits of our approach. We remain confident that our focus on high quality businesses, with compelling growth prospects, remains the best way to capitalise on the opportunities offered by this market, and to realise our objective to maximise total returns to our shareholders over the long term.

Oleg I. Biryulyov Habib Saikaly Investment Managers 30th June 2021

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SECTOR ANALYSIS

SECTOR

30th April 2021 31st October 2020 Portfolio Benchmark Portfolio Benchmark %1 % %1 %

Energy 38.1 38.5 23.8 37.0 Materials 22.0 20.5 21.7 20.3 Financials 19.2 21.1 12.0 19.0 Communication Services 7.2 11.4 18.1 14.3 Information Technology 3.8 0.1 6.6 0.3 Consumer Staples 3.7 3.4 8.9 5.0 Consumer Discretionary 2.7 2.0 3.4 1.0 Utilities 1.3 1.8 1.4 2.6 Health Care 1.0 — 1.4 — Real Estate 0.9 0.2 2.2 0.3 Industrials 0.1 1.0 0.5 0.2

Total 100.0 100.0 100.0 100.0

1 Based on total investments of £311.7m (2020: £261.9m).

14 | JPMORGAN RUSSIAN SECURITIES PLC. HALF YEAR REPORT & FINANCIAL STATEMENTS 2021 LIST OF INVESTMENTS

AT 30TH APRIL 2021

Valuation Valuation Valuation Company £’000 Company £’000 Company £’000 ENERGY COMMUNICATION SERVICES HEALTH CARE Gazprom, ADR 47,787 Yandex 10,448 MD Medical Group Investments, GDR 3,107 LUKOIL, ADR 24,473 Rostelecom 6,367 3,107 Rosneft Oil, GDR 21,616 Sistema PJSFC 3,665 Novatek, GDR 11,106 Mail.Ru, GDR Preference 2,103 REAL ESTATE Surgutneftegas Preference 6,515 22,583 LSR, GDR 2,696 Gazprom Neft 4,511 2,696 Tatneft Preference 2,743 INFORMATION TECHNOLOGY 118,751 EPAM Systems 8,669 INDUSTRIALS QIWI, ADR 3,270 Globaltruck Management 319 MATERIALS 11,939 319 MMC Norilsk Nickel, ADR 34,664 TOTAL INVESTMENTS 311,668 Severstal, GDR 9,687 CONSUMER STAPLES See glossary of terms and APM’s on page 26 for Novolipetsk Steel, GDR 9,563 X5 Retail, GDR 6,872 definition of ADR and GDR. Polymetal International 7,497 Magnit 4,621 Polyus, GDR 7,295 11,493 68,706 CONSUMER DISCRETIONARY FINANCIALS Detsky Mir 5,955 Sberbank of Russia Preference 39,321 Fix Price, GDR 2,298 Moscow Exchange MICEX-RTS 8,460 8,253 Kaspi.KZ, GDR 6,174 Halyk Savings Bank of UTILITIES Kazakhstan, GDR 5,783 RusHydro 4,083 59,738 4,083

INVESTMENT REVIEW | 15 Financial Statements STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30TH APRIL 2021

(Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th April 2021 30th April 2020 31st October 2020 Revenue Capital Total Revenue Capital Total Revenue Capital Total £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000

Gains/(losses) on investments held at fair value through profit or loss — 63,689 63,689 — (70,558) (70,558) — (75,410) (75,410) Net foreign currency (losses)/gains — (273) (273) — 315 315 — 53 53 Income from investments 3,708 — 3,708 4,939 — 4,939 20,107 — 20,107 Interest receivable and similar income 4 — 4 33 — 33 100 — 100 Gross return/(loss) 3,712 63,416 67,128 4,972 (70,243) (65,271) 20,207 (75,357) (55,150) Management fee (599) (898) (1,497) (694) (1,042) (1,736) (1,305) (1,958) (3,263) Other administrative expenses (365) — (365) (425) — (425) (932) — (932) Net return/(loss) before finance costs and taxation 2,748 62,518 65,266 3,853 (71,285) (67,432) 17,970 (77,315) (59,345) Finance costs (2) — (2) (3) — (3) (10) — (10) Net return/(loss) before taxation 2,746 62,518 65,264 3,850 (71,285) (67,435) 17,960 (77,315) (59,355) Taxation (347) — (347) (1,176) 748 (428) (2,585) 117 (2,468) Net return/(loss) after taxation 2,399 62,518 64,917 2,674 (70,537) (67,863) 15,375 (77,198) (61,823) Return/(loss) per share (note 3) 5.58p 145.55p 151.13p 5.82p (153.48)p (147.66)p 34.01p (170.78)p (136.77)p

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.

FINANCIAL STATEMENTS | 17 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 2021 (Unaudited) At 31st October 2020 434 167 — 251,927 13,571 266,099 Repurchase and cancellation of the Company’s own shares (11) 11 — (7,139) — (7,139) Net return — — — 62,518 2,399 64,917 Dividend paid in the period (note 4) ———— (4,299) (4,299) At 30th April 2021 423 178 — 307,306 11,671 319,578 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 Year ended 31st October 2020 (Audited) At 31st October 2019 462 139 12,528 333,503 13,708 360,340 Repurchase and cancellation of the Company’s own shares (28) 28 (12,528) (4,378) — (16,906) Net (loss)/return — — — (77,198) 15,375 (61,823) Dividends paid in the year (note 4) ———— (15,512) (15,512) At 31st October 2020 434 167 — 251,927 13,571 266,099

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

18 | JPMORGAN RUSSIAN SECURITIES PLC. HALF YEAR REPORT & FINANCIAL STATEMENTS 2021 STATEMENT OF FINANCIAL POSITION

AT 30TH APRIL 2021

(Unaudited) (Unaudited) (Audited) 30th April 2021 30th April 2020 31st October 2020 £’000 £’000 £’000

Fixed assets Investments held at fair value through profit or loss 311,668 280,690 261,864 Current assets Debtors 5,734 203 612 Cash and cash equivalents 2,521 3,607 4,129 8,255 3,810 4,741 Current liabilities Creditors: amounts falling due within one year (344) (141) (506) Derivative financial liabilities (1) — — Net current assets 7,910 3,669 4,235 Total assets less current liabilities 319,578 284,359 266,099 Net assets 319,578 284,359 266,099 Capital and reserves Called up share capital 423 456 434 Capital redemption reserve 178 145 167 Other reserve — 9,011 — Capital reserves 307,306 262,966 251,927 Revenue reserve 11,671 11,781 13,571 Total shareholders’ funds 319,578 284,359 266,099 Net asset value per share (note 5) 756.0p 624.2p 613.4p

FINANCIAL STATEMENTS | 19 STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30TH APRIL 2021

(Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th April 2021 30th April 2020 31st October 2020 £’000 £’000 £’000

Net cash outflow from operations before dividends and interest (note 6)1 (2,130) (1,594) (4,131) Dividends received 3,142 5,843 18,551 Interest received 6 33 98 Overseas tax recovered/(paid) 16 — (15) Interest paid (2) (3) (10) Net cash inflow from operating activities 1,032 4,279 14,493 Purchases of investments (86,518) (52,517) (124,238) Sales of investments 95,315 58,741 144,628 Settlement of forward currency contracts 46 (40) 6 Net cash inflow from investing activities 8,843 6,184 20,396 Repurchase and cancellation of the Company's own shares (7,130) (4,057) (17,292) Dividends paid (4,299) (4,601) (15,512) Net cash outflow from financing activities (11,429) (8,658) (32,804) (Decrease)/increase in cash and cash equivalents (1,554) 1,805 2,085 Cash and cash equivalents at start of period/year 4,129 2,060 2,060 Unrealised loss on foreign currency cash and cash equivalents1 (54) (258) (16) Cash and cash equivalents at end of period/year 2,521 3,607 4,129 (Decrease)/increase in cash and cash equivalents (1,554) 1,805 2,085 Cash and cash equivalents consist of: Cash and short term deposits 2,268 381 243 Cash held in JPMorgan US Dollar Liquidity Fund 253 3,226 3,886 Total 2,521 3,607 4,129

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 2020 Cash flows non-cash charges 30th April 2021 £’000 £’000 £’000 £’000

Cash and cash equivalents Cash 243 2,069 (44) 2,268 Cash equivalents 3,886 (3,623) (10) 253 Total 4,129 (1,554) (54) 2,521

20 | JPMORGAN RUSSIAN SECURITIES PLC. HALF YEAR REPORT & FINANCIAL STATEMENTS 2021 NOTES TO THE FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30TH APRIL 2021

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 2020 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 2021. 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 2020.

3. Return/(loss) per share (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th April 2021 30th April 2020 31st October 2020 £’000 £’000 £’000

Return/(loss) per share is based on the following: Revenue return 2,399 2,674 15,375 Capital return/(loss) 62,518 (70,537) (77,198) Total return/(loss) 64,917 (67,863) (61,823)

Weighted average number of shares in issue 42,953,385 45,959,452 45,203,549 Revenue return per share 5.58p 5.82p 34.01p Capital return/(loss) per share 145.55p (153.48)p (170.78)p Total return/(loss) per share 151.13p (147.66)p (136.77)p

4. Dividends paid (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th April 2021 30th April 2020 31st October 2020 £’000 £’000 £’000

2020 Final dividend paid of 10.0p (2019: 10.0p) 4,299 4,601 4,601 2020 interim dividend of 25.0p (2019 : 25.0p) — — 10,911 Total dividends in the period/year 4,299 4,601 15,512

All dividends paid in the period/year have been funded from the revenue reserve. The 2021 interim dividend is expected to be payable in October 2021.

FINANCIAL STATEMENTS | 21 NOTES TO THE FINANCIAL STATEMENTS

5. Net asset value per share (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th April 2021 30th April 2020 31st October 2020

Net assets (£’000) 319,578 284,359 266,099 Number of shares in issue 42,273,400 45,557,032 43,378,912 Net asset value per share 756.0p 624.2p 613.4p

6. Reconciliation of net return/(loss) 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 2021 30th April 2020 31st October 2020

Net return/(loss) before finance costs and taxation 65,266 (67,432) (59,345) (Less capital return)/add capital loss before finance costs and taxation (62,518) 71,285 77,315 (Increase)/decrease in accrued income and other debtors (214) 1,309 900 Increase/(decrease) in accrued expenses 14 (22) 12 Management fee charged to capital (898) (1,042) (1,958) Overseas withholding tax (368) (428) (2,468) Dividends received (3,142) (5,843) (18,551) Interest received (6) (33) (98) Realised (loss)/gain on foreign exchange transactions (231) 354 201 Realised (loss)/gain on liquidity fund (33) 258 (139) Net cash outflow from operations before dividends and interest1 (2,130) (1,594) (4,131)

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 2021 30th April 2020 31st October 2020 Assets Liabilities Assets Liabilities Assets Liabilities £’000 £’000 £’000 £’000 £’000 £’000 Level 1 311,668 — 280,690 — 261,864 — Total value of investments 311,668 — 280,690 — 261,864 —

22 | JPMORGAN RUSSIAN SECURITIES PLC. HALF YEAR REPORT & FINANCIAL STATEMENTS 2021 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 2020. The 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 12 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 2021 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 30th June 2021

24 | JPMORGAN RUSSIAN SECURITIES PLC. HALF YEAR REPORT & FINANCIAL STATEMENTS 2021 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 2021 Opening share price (p) 4 545.0 (a) Closing share price (p) 4 660.0 (b) Total dividend adjustment factor1 1.015949 (c) Adjusted closing share price (p) (d = b x c) 670.5 (d) Total return to shareholders (e = d / a – 1) 23.0% (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 2021 Opening cum-income NAV per share (p) 4 613.4 (a) Closing cum-income NAV per share (p) 4 756.0 (b) Total dividend adjustment factor1 1.013887 (c) Adjusted closing cum-income NAV per share (p) (d = b x c) 766.5 (d) Total return on net assets (e = d / a – 1) 25.0% (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 22 for detailed calculations. Benchmark Return The Company’s benchmark was adopted by the Company on 1st November 2016 and is a customised variation of the RTS index which is calculated by the Moscow Stock Exchange in sterling terms on a total return basis, net of the tax applicable to non-resident corporate investors. It is regarded as being the most appropriate benchmark for the Company in terms of the stocks included in its composition and the Company’s non-resident, sterling denominated status. The Company’s benchmark can be viewed on the Company’s website. Please note that the Company’s benchmark is the only official sterling RTS index and is not currently readily available on well known market data platforms such as Bloomberg and Reuters. The data identified as RTS in sterling terms on those data platforms may not be the Company’s benchmark. 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 2021 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 2021 31st October 2020 Gearing calculation Page £’000 £’000 Investments held at fair value through profit or loss 19 311,668 261,864 (a) Net assets 19 319,578 266,099 (b) Gearing/(net cash) (c = a / b – 1) (2.5)% (1.6)% (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 2021 is an estimated annualised figure based on the figures for the six months ended 30th April 2020. 30th April 2021 31st October 2020 Ongoing charges calculation Page £’000 £’000 Management Fee 17 2,994 3,263 Other administrative expenses1 17 847 932 Total management fee and other administrative expenses 3,841 4,195 (a) Average daily cum-income net assets 312,615 325,661 (b) Ongoing charges (c = a / b) 1.23% 1.29% (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 2020 is determined as the actual expenditure for the six months to 30th April 2020 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 Halifax an adviser at unbiased.co.uk Barclays Smart Investor Hargreaves Lansdown You may also buy investment trusts through stockbrokers, wealth Charles Stanley Direct Interactive Investor managers and banks. Fidelity FundsNetwork Selftrade To familiarise yourself with the Financial Conduct Authority (FCA) Please note this list is not exhaustive and the availability of adviser charging and commission rules, visit fca.org.uk 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 2021 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

*2022 Annual General Meeting scheduled to be held at the Company’s registered office on 4th 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 Telephone: 020 7742 4000 on the Irish Stock Exchange. The Company adopted its present name on For company secretarial and administrative matters, please contact Paul Winship 1st March 2006. at the Company’s registered office.

Directors Depositary Gill Nott (Chairman and Nomination Committee Chairman) The Bank of New York Mellon (International) Limited Eric Sanderson (Audit Committee Chairman) 1 Canada Square Ashley Dunster London E14 5AL Nicholas 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 Aspect House London Stock Exchange Sedol number: 0032164732 Spencer Road ISIN: GB0032164732 Lancing Bloomberg ticker: JRS LN West Sussex BN99 6DA LEI: 549300II3MHI98ZLVH37 Telephone number: 0371 384 2030

Market Information Lines open 8.30 a.m. to 5.30 p.m. Monday to Friday. Calls to the helpline will cost no more than a national rate call to a 01 or 02 number. Callers from overseas The Company’s shares are listed on the London Stock Exchange. The market should dial +44 121 415 0225. price is shown daily in the Financial Times and on the JPMorgan website at www.jpmrussian.co.uk where the share price is updated every 15 minutes Notifications of changes of address and all enquiries regarding certificates should during trading hours. be sent to the Registrar quoting reference 2610.

Registered shareholders can obtain further details on individual holdings on the Website internet by visiting www.shareview.co.uk www.jpmrussian.co.uk Independent Auditor Share Transactions BDO LLP The Company’s shares may be dealt in directly through a stockbroker or 55 Baker Street, professional adviser acting on an investor’s behalf. London W1U 7EU

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

GB I123 | 06/21