Allottment of Shares

THE BARING EMERGING EUROPE TRUST PLC
6 September 1999

The Company has allotted 23,555 Ordinary Shares of US$0.10 each following the
exercise of 23,555 warrants on 31 August 1999.  In the case of holders of shares
in certified form, the new Ordinary Share certificates will be despatched no
later than 28 September 1999.  In the case of holders of shares in
uncertificated form, the Registrars will credit their entitlement to their CREST
accounts no later than 10 September 1999.  Application will be made to The
London Stock Exchange for the 23,555 Ordinary shares allotted to be admitted to
the Official List.