JPMorgan Russian Securities plc (LSE:JRS) commences share repurchases on March 21, 2019, under the program mandated by the shareholders in the Annual General Meeting held on March 12, 2019. As per the mandate, the fund is authorized to repurchase up to 7,308,581 shares, representing 14.99% of its issued share capital. The minimum price which may be paid for an ordinary share will be 1 pence. The maximum price which may be paid for an ordinary share shall be an amount equal to the highest of either 105% of the average of the middle market quotations for an ordinary share taken from and calculated by reference to the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which the ordinary share is purchased; or the price of the last independent trade; or the highest current independent bid. The authority hereby conferred shall expire at the next Annual General unless the authority is renewed at a General Meeting prior to such time.