Investment Manager

Baring Emerging Europe Trust PLC
18 August 2000


The Board of The Baring Emerging Europe Trust plc (the 'Company') announced on
19th July, 2000 that it was reviewing the position of the Company's investment
manager, Baring Asset Management Limited ('BAM'), following the announcement of
the resignation of Mr Rory Landman.  BAM has advised the Board that Klaus
Bockstaller will join BAM in September 2000 to head up BAM's Eastern European
Team.

Under the terms of its existing investment management agreement with the Company
(the 'Agreement'), BAM is entitled to six months' notice of termination.  The
Board now wishes to notify shareholders that BAM has agreed that the Company may
terminate the Agreement on immediate notice at any time prior to 19th April
2001, provided that BAM will remain entitled to management fees accrued to the
date of termination and, if the Agreement is terminated at any time prior to
19th January 2001, BAM shall be entitled to a termination fee equal to the
management fees which would have been payable to it had BAM continued to manage
the Company's portfolio from the date of termination until 19th January 2001.

The intention behind this arrangement is to enable the Board properly to review
the performance of the manager, as announced on 19th July, and to enable the
Board to take whatever steps are necessary without undue expense for the
Company.  The Board is likely to interview other potential managers, probably in
January 2001, with a view to the Board making a decision on the continuance or
replacement of BAM as the investment manager.

A further announcement will be made in due course once the review has been
completed.