LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN EMERGING EUROPE, MIDDLE EAST & AFRICA SECURITIES PLC

('the Company' or 'JEMA')

Legal Entity Identifier: 549300II3MHI98ZLVH37

Russian Court Order - Update

Further to the Board's previous RNS announcements regarding the lawsuit filed by VTB Bank in Russia claiming $439 million against eight J.P. Morgan legal entities and the Company, the Board announces the following updates from the Company's Manager (in italics):

"We wanted to make you aware of a recent application filed by VTB Bank seeking to avoid paying  its 2024 dividends  which were due on VTB equity positions held via JPMorgan Chase Bank, N.A's foreign nominee holder account at J.P. Morgan Bank International (JPMBI). VTB Bank has argued to the Court that these dividends should be retained by it to offset the $439 million judgment it obtained against eight J.P. Morgan entities and the Company. On July 23rd 2025, the Court issued an order granting VTB's application. The Dividend Payment Date for these dividends was July 24^th 2025.

J.P. Morgan is taking appropriate legal steps to cancel the Courts ruling. J.P. Morgan will credit clients  with the dividends if and when funds are made available to J.P. Morgan.

Clients are reminded that as previously disclosed J.P. Morgan has appealed the $439 million judgment, and the appeal hearing was rescheduled by the Russian Courts to September 10th, 2025. J.P. Morgan continues to take appropriate legal and regulatory steps, including, where applicable, challenging claims and appealing judgments."

In response to the above information, Eric Sanderson, the Chairman of the Company commented that:

 "I would like to reiterate the following comments from the Chairman's statement in the Company's Half Year Report & Financial Statements for the six months ended 30th April 2025 (in italics):

At present the dividends paid from the Russian securities in the Company's portfolio are held in a custody 'S' account in Moscow. The balance on the 'S' account as at 21st May 2025 was equivalent to approximately £42.6 million at the exchange rate applicable on that date. The Company's Manager is monitoring the receipts into the 'S' account against dividends announced by the portfolio companies although there is no certainty that the sums in the 'S' account will ever be received by the Company. The Board also monitors the underlying local value of the Russian assets, although there is much uncertainty of these values ever being realisable by the Company.

As at 21st May 2025, an additional £10.3 million of dividends have been announced but are yet to be received. Your Board also monitors this in order to assess whether all dividends due are in fact accurately recorded in the 'S' account. As previously detailed, these dividends cannot be remitted to the Company and may never be received. They are not recognised in the Company's net asset value or in its income statement."

The balance on the 'S' account as at 13th August 2025 (at the exchange rate applicable on that date) was equivalent to approximately £43.2 million. No dividends have been received from VTB Bank to date. An additional £9.7 million of dividends have been announced but are yet to be received. This includes approximately £850,000 due from VTB Bank.   

The Company's full portfolio listing including recent valuations are available on the Company's website: www.jpmeemeasecurities.com.

The Board will provide further updates to you as the cases progress.

14th August 2025

For further information:

Paul Winship, Neil Martin, JPMorgan Funds Limited             0800 20 40 20

Hugh Jonathan, Deutsche Numis                                            020 7260 1000