Stmnt re Investment Manager

Baring Emerging Europe Trust PLC
12 February 2001


Embargoed For Release Monday12 February, 2001



Baring Emerging Europe Trust PLC ('BEET')-Baring Asset Management confirmed as
investment manager


Following a review which involved the consideration of submissions from twelve
fund management groups and interviews with a short list, the Board of BEET has
decided to confirm Baring Asset Management as the Company's investment
manager.

The Board has agreed a significantly lower annual management fee combined with
a performance fee based on out-performance of the Company's benchmark index.
The benchmark is currently the BEMI index, but this will be subject to an
independent review. The performance fee structure will include 'high
water-mark' provisions and will be capped at a level such that the total
management and administrative expenses of the Company will not be materially
different from those obtaining currently, even if the maximum performance fee
is earned.

Enquiries:

Sir William Ryrie, Chairman of BEET Tel: [phone]

Richard Spiegelberg, Chancery Communications Tel: [phone]