Issue of Equity

ACM European Enhanced Inc.Fund PLC
29 January 2001

ACM European Enhanced Income Fund PLC

Issue of Shares

ACM European Enhanced Income Fund PLC (the 'Company') announces that it has
today agreed to issue 4,800,000 new shares (the 'Shares') for cash via
Deutsche Bank AG London to a small number of investors, conditional on
admission of the Shares to the Official List of the London Stock Exchange. The
Shares have been issued at a price of 87.0 pence per share, representing net
asset value per share plus a financial intermediaries commission.

Application will be made to the UK Listing Authority for the Shares to be
admitted to the Official List and for admission of the Shares to trading on
the London Stock Exchange. Dealings in the Shares are expected to commence on
Thursday 1 February. The Shares represent 9.6 per cent. of the existing issued
share capital of the Company and will rank pari passu in all respects with the
existing shares of no par value in the capital of the Company.

Following the issue, there will be 54,654,743 shares in issue.

Enquiries

Deutsche Bank AG London                            020 7545 8000
Mark Bloomfield

ENDS