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: 29 Mar 2018

Sberbank of Russia

16.5%

Gazprom ADR

15.0%

Lukoil ADR

9.7%

Novatek GDR

6.5%

Rosneft GDR

5.7%

Norilsk Nickel ADR

5.1%

Tatneft (including ADR)

4.3%

ALROSA

3.1%

Polyus GDR

2.2%

MD Medical Group GDR

2.2%

Total

70.3%

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: 13 April 2018