Directorate Change

ACM European Enhanced Inc.Fund PLC
27 July 2004



ACM EUROPEAN ENHANCED INCOME FUND PLC

Directorate Change

27 July 2004


The Board of ACM European Enhanced Income Fund plc announces the following with
immediate effect:

-         the resignation of Mr. Carl O'Sullivan as a non-executive director.
          The Board wishes to thank Mr. O'Sullivan for his valuable contribution 
          during his time as a Director.

-         the appointment of Mr. Gavin Caldwell as a non-executive director.

-         the appointment of Mr. John Donohoe as a non-executive director.

Mr. Caldwell is currently a director of Gartmore Irish Growth Fund plc, Merrill
Lynch Capital Markets Bank Limited and Newsmith Investment Funds plc. He is also
Chairman of the Asset Management Task Force (which is part of the committee
structure, coordinated in the Irish Taoiseach's office, for the continuing
development of international financial services in Ireland) and a member of the
Irish Clearing House Committee. He was until September 2003 Chief Executive of
KBC Asset Management Limited. He set up Ulster Bank Investment Managers Limited
in 1980 and was its Chief Executive from 1980 until its sale to KBC Bank &
Insurance Holding N.V. in 2000, when he became Chief Executive of KBC Asset
Management Limited. From 1971 to 1974, he was an investment analyst at Wood
McKenzie. He joined Bank of Ireland Asset Management in 1974, where he was
initially an equity fund manager and then Head of Fixed Interest. From 1979 to
1980 he was a partner and equity fund manager at Fraser Orr. He holds a business
studies degree from Trinity College, Dublin.

The list below details Mr. Caldwell's directorships in publicly quoted companies
held within the last five years.

Current Directorships

Gartmore Irish Growth Fund plc

Mr. Donohoe is currently the Chief Executive Officer of Carne Global Financial
Services Limited, an independent financial and professional services company
which he founded in 2004.  He was until January 2004 a Senior Vice President of
State Street Corporation following the acquisition of Deutsche Bank's global
security services business.  Prior to that, from 1992 to January 2003, he held
various positions within Deutsche Bank AG, latterly as the Chief Executive
Officer, Europe, Asia and Offshore, Deutsche global funds services.  From 1988
to 1992 he worked in the financial services division of KPMG and qualified as an
accountant.  He holds a BA in accounting and finance from Dublin City
University.

The list below details Mr. Donohoe's directorships in publicly quoted companies
held within the last five years.

Past Directorships

Deutsche Balanced Asset Allocation Sterling Fund plc
Deutsche Cash and Money Market Fund plc
Deutsche Equity Asset Allocation Sterling Fund plc
Deutsche Fixed Income Funds plc
Deutsche Funds plc
Deutsche Global Liquidity Series plc
Deutsche Global Select Funds plc
Deutsche Global Spectrum Funds plc
Deutsche International Funds plc
Deutsche Profunds plc
Montanaro European Smaller Companies plc

There is no information to be disclosed in respect of Mr Caldwell or Mr Donohoe
for the purposes of Rule 6.F.2 (b) - (g).

Enquiries:

ACM, Investment Manager
Geoffrey Hyde
Tel. [phone]

Close Brothers Securities, Corporate Broker
David Benda / Nathan Brown
Tel. [phone]

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