Restructure Proposals

Fleming Emerging Mkts Inv Tst PLC
5 January 2001



The Fleming Emerging Markets Investment Trust plc

Statement regarding Beta Global Emerging Markets Investment Trust plc


5 January 2001

On 31st October 2000, the Board of The Fleming Emerging Markets Investment
Trust plc ('FEMIT') announced that it was, through its advisers, discussing a
scheme of reconstruction (the 'Scheme') with the board of Beta Global Emerging
Markets Investment Trust plc ('Beta GEM').

Further to that announcement the Board of FEMIT, announces that, following
discussions with the board and manager of Beta GEM and with Beta GEM's former
adviser, SG Country Funds, it has decided not to proceed with the Scheme.

Shareholders in Beta GEM representing 52.82% of issued share capital provided
written support for the Scheme. The Board of FEMIT has released those
shareholders from all obligations under their letters of support.

Enquiries:

John Lipscomb
Chase Fleming Asset Management (UK) Ltd
Tel: [phone]

Ravi Anand
HSBC Investment Bank plc
Tel: [phone]