Loan Facility

JPMorgan Flem Russian Secs PLC
24 April 2003



                          Stock Exchange Announcement


                    JPMORGAN FLEMING RUSSIAN SECURITIES PLC


24th April 2003


The Board of JPMorgan Fleming Russian Securities plc ('the Company') announce
that a US$15million loan facility has been entered into with ING Bank.
US$10million of the facility has been drawn down for utilisation in accordance
with the Company's investment objectives.


For further information, please contact:


Richard Lewis
For and on behalf of
J.P.Morgan Fleming Asset Management (UK) Limited
Telephone [phone]


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