Further re Allotment of Shrs

Baring Emerging Europe PLC
9 January 2003

                              Baring Emerging Europe PLC

Pursuant to the Scheme of Reconstruction (the 'Scheme') of The Baring Emerging 
Europe Trust PLC ('BEET'), the Board of Baring Emerging Europe PLC 
(the 'Company') allotted 47,879,271 ordinary shares of 10p each. These shares 
were admitted to the Official List by the UK Listing Authority and to trading on 
the main market of the London Stock Exchange. The opening net asset value per 
ordinary share was 193.9p.

The Board has been informed by the Company's registrars, Capita IRG Plc, that 
3,004,367 ordinary shares in the Company were incorrectly allotted to three 
institutional investors who were entitled to cash under the Scheme.

This number of shares was repurchased by the Company on 9 January 2003 at a 
price of 177p per share and will be cancelled. The price represents a discount 
of approximately 8.5% to the estimated net asset value of the shares at the 
close of business on 8 January 2003, Following this repurchase the total number 
of ordinary shares in issue is 44,874,904.

The Company has agreed to compensate the three investors in respect of any 
shortfall between the proceeds of the repurchase and the amount which they would 
have received in the liquidation of BEET under the Scheme had the error not been 
made. This shortfall will not be known until the completion of the liquidation, 
but at current market values is estimated at approximately $420,000.
 
Discussions with Capita IRG Plc are continuing regarding payment of any losses 
arising as a result of the error. 

Enquiries:

Iain Saunders (Chairman)               tel no. 020 7762 8405
Howard Myles (Ernst & Young LLP)       tel no. 020 7951 2000



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