Ten Largest Investments

JPMORGAN RUSSIAN SECURITIES PLC (the 'Company')

Legal Entity Identifier: 549300II3MHI98ZLVH37

THE COMPANY ANNOUNCES THE TEN LARGEST INVESTMENTS IN % OF TOTAL ASSETS As at: 30 April 2018

Gazprom ADR

15.3%

Sberbank of Russia

12.3%

Lukoil ADR

10.3%

Norilsk Nickel ADR

7.1%

Novatek GDR

6.5%

Rosneft GDR

6.3%

Tatneft (including ADR)

4.9%

ALROSA

3.0%

Ros Agro GDR

2.4%

Novolipetsk Iron & Steel GDS

2.3%

Total

70.4%

Name of contact and telephone number for queries:

Debbie Sarfas 0044 207 742 3449

Name of authorised company official responsible for making this notification:

Paul Winship 0044 207 742 9815 - Company Secretary

Date: 11 May 2018