Changes in Shrholder Register

Baring Emerging Europe Trust PLC
23 July 2002

The Baring Emerging Europe Trust PLC (BEET or the Company)

The Board of BEET has noted the changes in the Company's shareholder register
during the course of this year and the wish indicated by certain shareholders to
realise their investment on more favourable terms than currently achievable in
the market.

The Board's advisers have consulted a number of other major investors, including
shareholders with a substantially greater percentage of the share capital, with
a view to putting forward proposals which would satisfy the institutions seeking
to realise their holding without damaging the interests of the shareholders who
wish the Company to continue with the structure on the basis of which they
invested.

The proposals developed by the Board involved a reverse rights issue structure
which would have entitled all shareholders to have a proportion of their shares
repurchased by the Company at net asset value less expenses. This proposal would
require the approval of shareholders and warrantholders in separate general
meetings.

Despite extensive efforts, it has not proved possible to reconcile the different
interests of the various parties involved in a way which the Board believes
would be in the best interests of the majority of shareholders. Accordingly, the
discussions in relation to the proposals have been terminated and the Board and
Managers of the Company intend to concentrate on maintaining the Company's
strong investment performance. In the year ended 30th April, 2002 the undiluted
net asset value per share ('nav') increased by 38.7%, significantly
outperforming the benchmark index which rose by 26.2% over the same period.
Since the beginning of 2002, the nav has increased by approximately 11.0%
compared with an increase in the benchmark of 6.6%.

In addition, where appropriate, the Board will repurchase shares in the market
with the objective of reducing the volatility of the discount to net asset value
at which the Company's shares are traded.

For any enquiries please contact Howard Myles at Ernst & Young LLP, Financial
Advisers to BEET, on 020 7951 5324.





                      This information is provided by RNS
            The company news service from the London Stock Exchange
          LFVFDRIVFIF