Ten Largest Investments

JPMorgan Russian Securities PLC
04 September 2007

31 August - 07



Ten Largest Investments
JPMorgan Russian Securities*
Open Investments                                                                11.5
Sberbank Rossii                                                                 11.4
Mechel ADR                                                                       9.1
JSC MMC Norilsk Nickel ADR                                                       8.2
RAO Unified Energy System of Russia GDR                                          6.3
Severstal Auto                                                                   4.8
Pharmacy Chain 36.6                                                              4.7
Comstar United Telesystems GDR                                                   3.3
Sitronics GDR                                                                    2.5
Cherepovets Severstal                                                            2.4
                                                                                64.2
*Excludes Investments in Liquidity stocks




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