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: 31 Oct 2017

Sberbank of Russia

16.3%

Gazprom ADR

13.8%

Lukoil ADR

8.0%

Norilsk Nickel ADR

6.5%

Novatek GDR

6.0%

Rosneft GDR

5.2%

Tatneft (including ADR)

4.5%

ALROSA

2.8%

Magnit GDR

2.8%

Polyus GDR

2.6%

Total

68.5%

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: 10 November 2017