Interim Results - 6 Months to 31 October 1999

Baring Emerging Europe Trust PLC
7 December 1999


                          
              THE BARING EMERGING EUROPE TRUST PLC
  Interim announcement in respect of the six months ended 
                      31st October 1999.


The   Board  of  Baring  Emerging  Europe  Trust  PLC  today
announces  its unaudited interim results for the six  months
ended 31st October 1999.

Overview of the 6 month period:

*NAV per ordinary share (basic) fell from 219.2c to 214.3c,
 a fall at 2.2% compared with an average fall of 1.4% by a
 peer group of comparable East European regional funds
 (source: Micropal).

Central Europe

The  Czech  Republic and Hungary performed well  during  the
period  as  interest rates have fallen and their  currencies
have  strengthened as a result of rising exports to the  EU.
Only Poland has failed to benefit from this trend due to its
lower  exposure  to the EU.  The Company is  underweight  in
Poland,  overweight  in Hungary and  neutral  in  the  Czech
Republic.

Russia

Russia's  natural  resource  companies  have  seen  enormous
benefits from the rise in commodity prices, but this has not
been  reflected  in  stock market appreciation  due  to  the
current  political  situation.  However  it  is  likely  the
political situation will improve during 2000 to the  benefit
of  the  equity  market, while the outlook  for  commodities
remains  positive.   The Company is slightly  overweight  in
Russia.

Eastern Mediterranean

The  Greek  market has continued to soar and  this,  coupled
with  the  dominance of the market by retail investors,  has
led  to expectations of a serious correction.  In Turkey the
new  reformist  government and the  recent  earthquakes  are
acting as a catalyst for reform and are likely to lead to  a
deal  with  the IMF in the near future.  This  should  prove
positive  for  the Turkish equity market.   The  Company  is
extremely underweight in Greece and overweight in Turkey.

Martin Taylor, Fund Manager commented:

'We  expect  the  markets  of Central  Europe  to  be  major
beneficiaries  of the ongoing economic recovery  in  the  EU
over  the  next  year.  Strong oil prices  and  progress  on
reform  also mean we are positive on the outlook for  Russia
and  Turkey,  respectively.  Of the  major  markets  in  the
region  we are only negative on Greece, which we believe  to
be seriously overvalued at the current time.'

For more information, please contact:

Peter Willis, Baring Asset Management
Tel: [phone]

Sally Rickman/Robin Hepburn, Ludgate Communications
Tel: [phone]


MANAGER'S REPORT

During the period under review the undiluted net asset value
per share ('NAV') of the Company fell from 219.2c to 214.3c,
a  fall of 2.2%, compared with an average fall of 1.4% by  a
peer  group  of  comparable  East  European  regional  funds
(source: Micropal).

Unlike  the  corresponding period  during  1998,  which  was
dominated  by  the  Russian default,  no  single  event  has
determined market sentiment since May.  This has resulted in
widely  disparate  market  returns  as  local  indices  have
responded more to local political and economic events rather
than broader international trends.

These returns are shown in the table below:

                                % change in $ terms
Central Europe                  
Czech Republic (PX50)           +23.1
Hungary (BUX)                   +13.1
Poland (WIG)                    -7.8
                                
Russia (RTS)                    +6.5
                                
Eastern Mediterranean           
Greece (ATG)                    + 47.4
Turkey (ISE 100)                -0.3

(Source: Reuters)

Central Europe

The  Czech  Republic  and  Hungary  performed  strongly   as
interest  rates fell in response to a combination of  rising
exports   and  progress  on  economic  reform.   Czech   and
Hungarian exports have responded positively to growing signs
of  recovery in the EU, which is the destination of  70%  of
their  exports.   This has resulted in  balance  of  payment
surpluses  in  both  countries, falling interest  rates  and
strengthening  currencies; ideal  liquidity  conditions  for
equity markets.  On the reform front the Czechs are at  last
making  progress in privatising their banking sector, whilst
Hungary  is  returning to a prudent fiscal  stance  after  a
brush with popularism in the first quarter of the year.

Poland, on the other hand, has failed to benefit from either
of  these  trends; their export exposure to the EU  is  half
that of Hungary and the Czech Republic whilst the process of
economic reform has temporarily stagnated under the  current
government.  The Company is underweight Poland,   overweight
Hungary and neutral the Czech Republic.

Russia

The  Russian  economy and Russia's leading natural  resource
companies  have enormously benefited during the period  from
the  sharp  rise in commodity prices, particularly  oil  and
base metals.  Unfortunately, this has not been reflected  in
stock  market  appreciation due to the  concurrent  rise  in
political  risk  as  a  result of the  increasingly  erratic
behaviour  of  Boris  Yeltsin and the growing  proximity  of
December's   parliamentary   elections   and   next   June's
presidential  elections.   Given the  positive  outlook  for
commodity  prices, low valuations and the likelihood  of  an
improvement  in the political outlook after the  forthcoming
elections, the Company is slightly overweight in Russia.

The Eastern Mediterranean

The  Greek market continued to soar, rising 47.4% during the
period.   Unfortunately, the market has  now  become  wholly
liquidity  driven, with retail investors now dominating  and
has  lost  touch  with fundamentally fair valuation  levels.
This  has raised the spectre of a serious correction leading
the Company to be extremely underweight Greek equities.

Turkish  valuations,  on the other hand,  remain  low  which
reflects  the  historically  high  level  of  political  and
economic  risk prevalent in this country.  However,  with  a
new reformist government making steady progress on an accord
with the IMF and the recent earthquakes acting as a catalyst
for reform, this may change in the near future.  The Company
is overweight the Turkish market.

Conclusion

Central  Europe is likely to be a prime beneficiary  of  the
current  economic  recovery in  the  EU  whilst  the  higher
commodity prices stimulated by stronger global growth should
also  be  good  news  for Russia.  In Turkey,  we  are  also
optimistic of progress in much-needed economic reforms.   Of
the  regions  major markets only Greece - which has  trebled
since  March  1998  - appears to offer few  attractions  for
investors.


Rory Landman
Martin Taylor
7 December 1999

INTERIM ACCOUNTS
for the six months ended 31st October, 1999, (unaudited)

                                    Half-year to 31st October 1999
STATEMENT OF TOTAL RETURN+           Revenue     Capital       Total
                                        $000        $000        $000
                                                           
Gains/(losses) on investments              -     (6,024)     (6,024)
Gains/(losses)    on     foreign                                    
exchange                                   -          94          94
Income                                 3,088           -       3,088
Investment management fee            (2,012)           -     (2,012)
Other expenses                         (855)           -       (855)
                                                                    
Net   return   before   interest                                    
payable and taxation                     221     (5,930)     (5,709)
Interest payable                        (31)           -        (31)
                                                                    
Return  on  ordinary  activities                                    
before taxation                          190     (5,930)     (5,740)
Taxation                               (276)           -       (276)
                                                                    
Return  attributable to ordinary                                    
shareholders                            (86)     (5,930)     (6,016)
Dividends                                  -           -           -
Dividends per share                        -           -           -
                                                                    
Transfers to reserves                   (86)     (5,930)     (6,016)
                                                                    
                                    Earnings     Capital       Total
Return per ordinary share            (0.07)c     (4.78)c     (4.86)c


SUMMARY OF NET ASSETS                       31st October            
                                                    1999
                                                    $000
                                                         
Fixed asset investments                          266,359 
Net current assets                                 (304)            
Creditors: amounts falling due after more                           
than one year                                          -
                                                                    
Equity shareholders' funds                       266,055            
                                                                    
Net asset value per ordinary share                                  
                        - basic                  214.30c
                        - fully diluted          195.38c            

+  The  revenue column of this statement is the  profit  and
   loss account of the Company.
   No dividend has been declared for the current period  as
   the Company has no distributable reserves.

                                    Half-year to 31st October 1998
STATEMENT OF TOTAL RETURN+          Revenue      Capital        Total
                                       $000         $000         $000
                                                            
Gains/(losses) on investments             -     (85,921)     (85,921)
Gains/(losses)    on    foreign                                      
exchange                                  -          130          130
Income                                4,334            -        4,334
Investment management fee           (1,569)            -      (1,569)
Other expenses                        (917)            -        (917)
                                                                     
Net   return  before   interest                                      
payable and taxation                  1,848     (85,791)     (83,943)
Interest payable                       (58)            -         (58)
                                                                     
Return  on  ordinary activities                                      
before taxation                       1,790     (85,791)     (84,001)
Taxation                              (237)            -        (237)
                                                                     
Return attributable to ordinary                                      
shareholders                          1,553     (85,791)     (84,238)
Dividends                                 -            -            -
Dividends per share                       -            -            -
                                                                     
Transfers to reserves                 1,553     (85,791)     (84,238)
                                                                     
                                   Earnings      Capital        Total
Return per ordinary share             1.25c     (69.12)c     (67.87)c


SUMMARY OF NET ASSETS                       31st October            
                                                    1998
                                                    $000
                                                         
Fixed asset investments                          216,095            
Net current assets                               (5,491)            
Creditors: amounts falling  due  after                              
more than one year                                     -
                                                                    
Equity shareholders' funds                       210,604            
                                                                    
Net asset value per ordinary share                                  
                       - basic                   169.67c
                       - fully diluted           158.12c            


                                      Full year to 30th April 1999
STATEMENT OF TOTAL RETURN+           Revenue      Capital        Total
                                        $000         $000         $000
                                                             
Gains/(losses) on investments              -     (41,018)     (41,018)
Gains/(losses)    on     foreign                                      
exchange                                   -        (508)        (508)
Income                                 5,470            -        5,470
Investment management fee            (3,259)            -      (3,259)
Other expenses                       (1,878)            -      (1,878)
                                                                      
Net   return   before   interest                                      
payable and taxation                     333     (41,526)     (41,193)
Interest payable                       (114)            -        (114)
                                                                      
Return  on  ordinary  activities                                      
before taxation                          219     (41,526)     (41,307)
Taxation                               (236)            -        (236)
                                                                      
Return  attributable to ordinary                                      
shareholders                            (17)     (41,526)     (41,543)
Dividends                                  -            -            -
Dividends per share                        -            -            -
                                                                      
Transfers to reserves                   (17)     (41,526)    (41, 543)
                                                                      
                                    Earnings      Capital        Total
Return per ordinary share            (0.01)c     (33.46)c     (33.47)c


SUMMARY OF NET ASSETS                    30th April 1999            
                                                    $000
                                                         
Fixed asset investments                          276,212            
Net current assets                               (4,165)            
Creditors:  amounts falling  due  after                             
more than one year                                     -
                                                                    
Equity shareholders' funds                       272,047            
                                                                    
Net asset value per ordinary share                                  
                        - basic                  219.20c
                        - fully diluted          199.40c            

The  results stated above for the year ended 30th April 1999
are not statutory accounts.  Full accounts for that year, on
which  the  Auditors  of  the Company  made  an  unqualified
report, have been filed with the Registrar of Companies.


                  NOTE TO INTERIM ACCOUNTS

True and fair over-ride

The  Company has ceased to be an investment company  as  its
Articles  of Association do not comply with section  266  of
the  Companies  Act 1985 in that they do  not  prohibit  the
distribution  of capital profits.  However,  it  remains  an
investment trust for taxation purposes under section 842  of
the  Income and Corporation Taxes Act 1988 and the  Articles
of   the   Company  prohibit  capital  profits  from   being
distributed  by  way  of dividend.  As such,  the  Directors
consider  it appropriate to continue to present the accounts
in accordance with the Statement of Recommended Practice for
the financial statements of investment trust companies ('the
SORP').   Under the SORP, the financial performance  of  the
Company is presented in a statement of total return in which
the  revenue  column is the profit and loss account  of  the
Company.  The revenue column excludes certain capital  items
which, since the Company is no longer an investment company,
the Companies Act and/or FRS3 would ordinarily require to be
included  in  the  profit and loss account:  profits  and/or
losses  on disposal of investments and profits and/or losses
on  foreign exchange.  In the opinion of the Directors,  the
inclusion  of  these items in the profit  and  loss  account
would  obscure  and  distort both the  revenue  and  capital
performance  of the Company, and would not show clearly  the
revenue  profits  emerging to be  distributable  by  way  of
dividend.   The  Directors  therefore  consider  that  these
departures from the specific provisions of the Companies Act
and  accounting standards are necessary to give a  true  and
fair view.  The departures have no effect on total return or
on the balance sheet.


                          YEAR 2000

The  Directors  are  aware of the  possible  impact  on  the
operations of the Company of the year 2000 issue on computer
systems.   For  the Company this issue is made more  complex
because  the  Company has no systems of  its  own  and  sub-
contracts  the  performance  of  its  operations  to   third
parties.   As  such,  it  is the key  systems  of  the  sub-
contractors relevant to the functions performed on behalf of
the Company which need to be year 2000 compliant.

The  Company has received assurances from all its  key  sub-
contractors that they have completed development and testing
procedures  so  as  to  ensure that their  systems  will  be
compliant for the new millennium.  Costs associated with the
development and testing of relevant systems will be borne by
the  respective  sub-contractors and will not  fall  on  the
Company.

The  interim  report  will be sent to shareholders  on  20th
December, 1999. It will not be advertised in newspapers, but
copies  will  be available from that date at  the  Company's
Registered Office at 155 Bishopsgate, London, EC2M 3XY
GEOGRAPHIC EXPOSURE

                                 31st October     Benchmark
                                         1999             *
                                          (%)           (%)
Central Europe                                             
Czech Republic                            8.3           8.3
Croatia                                   1.7           2.8
Estonia                                   2.5             -
Hungary                                  35.2          22.5
Poland                                   18.1          20.3
Slovakia                                    -           1.5
Slovenia                                  0.6           1.3
                                         66.4          56.7
                                                           
Eastern Mediterranean                                      
Greece                                    2.2          26.3
Turkey                                   17.9           6.6
                                         20.1          32.9
                                                           
Russia                                   13.3          10.4
                                                           
Cash & Equivalents                        0.2             -
                                        100.0         100.0

* Bespoke BEMI Emerging Europe Index



20 LARGEST EQUITY HOLDINGS

    Valuation 31st October 1999         Valuation 31st October 1999
                            (%)                                 (%)
                                                                   
1. OTP Bank (Hungary)     10.12  12. Borsodchem (Hungary)      2.50
2. Matav (Hungary)        8.96   13. Turkiye Is Bank               
                                     (Turkey)                  2.39
3. Richter Gedeon                14. Tiszai Vegyi Komb             
   (Hungary)              6.03       (Hungary)                 2.29
4. Lukoil (Russia)               15. Ceska Sporitelna              
                          4.83       (Czech)                   2.28
5. Telekomun Pol                 16. Powzechny Bank                
   (Poland)               4.60       (Poland)                  2.15
7. KGHM (Poland)          3.93   17. KOC Holding (Turkey)      2.10
6. Surgutneftegaz                18. Unified Energy                
   (Russia)               4.08       (Russia)                  2.10
8. Akbank (Turkey)        3.12   19. Demask (Hungary)          2.01
9. SPT Telecom (Czech)           20. Haci Omer Sabanci             
                          3.08       (Turkey)                  1.91
10. Yapi Kredi Bank                                                
    (Turkey)              3.06
11. Eesti Telekom                                            74.10%
    (Estonia)             2.56

The  Ordinary  Share and Warrant price  of  the  Company  is
quoted  in the Financial Times under the heading 'Investment
Companies' in the 'London Share Service' Section.

Additionally  for internet users, the prices appear  on  the
TrustNet website (http://www.trustnet.co.uk)


SAVINGS SCHEME

The  Company's  shares can be purchased through  the  Baring
Investment  Trusts Savings Scheme.  The Scheme  provides  an
easy  way  to purchase the Company's shares.  It caters  for
regular and/or occasional savers.

Full  details of the Scheme may be obtained from the Company
Secretary.