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 Jan 2018

Sberbank of Russia

18.3%

Gazprom ADR

14.7%

Lukoil ADR

8.8%

Rosneft GDR

6.1%

Novatek GDR

6.0%

Norilsk Nickel ADR

5.4%

Tatneft (including ADR)

4.9%

ALROSA

2.7%

Polyus GDR

2.2%

Novolipetsk Iron & Steel GDS

2.1%

Total

71.2%

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: 12 February 2018