Statemnt re Investment Policy

Baring Emerging Europe PLC
22 October 2003

                                Investment Policy

The Board of Baring Emerging Europe PLC (the 'Company') notes the publication of
the Investment Entities (Listing Rules and conduct of Business) Instrument 2003
and announces that the investment policy of the Company is not to invest more
than 15% of its gross assets in other UK listed investment companies (including
listed investment trusts).






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