Further re Allotment of Shrs

Baring Emerging Europe PLC
18 December 2002


Further to the announcement today by the Company of the initial issue of
47,112,697 Ordinary Shares of 10p each in the Company, a further 767,060
Ordinary Shares of 10p each have been allotted in the Company. Application has
been made for these further shares to be admitted to the Official List by the UK
Listing Authority and to trading on the main market of the London Stock
Exchange, effective from 8am on 19 December 2002.

This further allotment of shares was made exclusively to warrantholders of The
Baring Emerging Europe Trust Plc (in liquidation) who elected to exercise their
cash entitlements for new shares in the Company. For every one thousand warrants
in respect of which such an election was made the holder will receive
approximately 671 Ordinary Shares in the Company. Individual holdings will be
rounded down to the nearest share.

Enquiries:

Michael Nokes, Company Secretary          020 7762 8405 
Howard Myles, Ernst & Young LLP           020 7951 8566


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