Final Results

Baring Emerging Europe Trust PLC
26 June 2001

                     THE BARING EMERGING EUROPE TRUST PLC

Preliminary announcement in respect of the year ended 30 April 2001.

STATEMENT OF TOTAL RETURN YEAR ENDED 30 APRIL 2001

                                                          Capital     Total
                                                Revenue
                                                          US$000     US$000
                                                US$000

Losses on investments                          ---       (100,345) (100,345)
Gains on foreign exchange                      ---       462       462
Income                                         3,812     ---       3,812
Investment management fee                      (4,458)   ---       (4,458)
Other expenses                                 (1,956)   ---       (1,956)
                                                        
Net return before interest payable and         (2,602)   (99,883)  (102,485)
taxation
Interest payable                                  (226)  ---           (226)
                                                       
Return on ordinary activities before taxation  (2,828)   (99,883)  (102,711)
Taxation                                          (438)  ---             (438)
                                                         
Return attributable to ordinary shareholders   (3,266)   (99,883)  (103,149)
Dividend per share                             ---       ---       ---
                                             
Transfers to reserves                          (3,266)   (99,883)  (103,149)



                                                Revenue   Capital     Total
Return per ordinary share: basic               (2.68)c   (81.99)c  (84.67)c

Return per ordinary share: fully diluted       (2.44)c   (74.75)c  (77.19)c




                     THE BARING EMERGING EUROPE TRUST PLC

STATEMENT OF TOTAL RETURN YEAR ENDED 30 APRIL 2000

                                                          Capital     Total
                                               Revenue
                                                           US$000     US$000
                                                US$000

                                             

Gains on investments                          ---        143,252    143,252
Gains on foreign exchange                     ---        12         12
Income                                        3,613      ---        3,613
Investment management fee                     (5,024)    ---        (5,024)
Other expenses                                (2,048)    ---        (2,048)
                                                         
Net return before interest payable and        (3,459)    143,264    139,805
taxation
Interest payable                                 (201)   ---           (201)
                                                         
Return on ordinary activities before taxation (3,660)    143,264    139,604
Taxation                                         (293)   ---           (293)
                                                         
Return attributable to ordinary shareholders  (3,953)    143,264    139,311
Dividend per share                            ---        ---        ---
                                            
Transfers to reserves                         (3,953)    143,264    139,311



                                               Earnings   Capital     Total
Return per ordinary share: basic              (3.19)c    115.73c    112.54c

Return per ordinary share: fully diluted      (2.90)c    105.09c    102.19c





SUMMARY OF NET ASSETS                             YEAR ENDED 30 APRIL 1999

                                                                    US$000
Fixed asset investments                                             276,212
Net current assets                                                   (4,165)
Total assets less current liabilities                               272,047
Provision for liabilities and charges                                   ---
Equity shareholders' funds                                          272,047


Net asset value per ordinary share:                                 

     basic                                                          219.20c

     fully diluted                                                  199.40c




      Baring Asset Management Limited, 155 Bishopsgate, London EC2M 3XY


                     THE BARING EMERGING EUROPE TRUST PLC


BALANCE SHEET


                                                         At 30 April

                                                  2001                2000

                                                US$000              US$000

Fixed assets

Investments                                   296,037            409,140

Current assets                                1,888              22,260

Debtors                                       1,121              89

Cash at bank and in hand
                                              3,009              22,349

Creditors:                                    (3,661)           (21,037)

Amounts falling due within one year

Net (current liabilities)/current assets        (652)              1,312
Total assets less current liabilities         295,385            410,452

Capital and reserves                          11,840             12,399

Called-up share capital                       94,357             94,293

Share premium account                         12,835             13,263

Warrant premium account

Other reserves                                599                35

Redemption reserve                            184,127            204,178

Capital reserve-realised                      2,794              94,185

Capital reserve-unrealised                    (11,167)           (7,901)

Revenue reserve


Total shareholders' funds                     295,385             410,452

Net asset value per share:     basic           249.88c            331.54c

     fully diluted                             224.71c            293.10c




                     THE BARING EMERGING EUROPE TRUST PLC


CASHFLOW STATEMENT


                                                        Year Ended 30 April

                                                       2001             2000

                                                      US$000           US$000




Operating activities

Investment income received                          2,915            3,215

Interest received                                   459              105

Investment management fees paid                     (3,590)          (4,806)

Other cash payments                                 (1,827)          (1,923)

Net cash outflow from operating activities          (2,043)          (3,409)

Returns on investments and servicing of finance                      (201)

Interest paid                                       (189)
Financial Investment                                (203,000)        (381,593)

Purchases of investments                            237,789          364,455

Sales of investments
Net cash inflow/(outflow) from financial investment 34,789           (17,138)

Financing                                           -                23

Exercise of warrants                                45               --

Buyback of warrants                                 (601)            (930)

Buyback of ordinary shares                          (11,361)
Net cash (outflow)/inflow from financing            (11,917)           (907)

Increase(decrease) in cash                          20,640           (21,655)


NOTES:

The abridged figures for 2001 are an extract from the latest Accounts. These
Accounts have not yet been delivered to the Registrar of Companies, nor have
the Auditors yet reported on them.

The Directors' Report and Statement of Accounts will be posted on 11 July
2001.

The Annual General Meeting will be held at 155 Bishopsgate, London EC2, on
Friday 21 September 2001 at 11.30 a.m.


                             CHAIRMAN'S STATEMENT


Company Performance

The Company's undiluted net asset value per share declined by 25% during the
year ended 30 April 2001. This compares with an increase of 51% in the
preceding financial year. Since inception in January 1994, the Company's
undiluted net asset value per share has grown at a compound annual rate of
growth of 14 per cent.

Relative performance has continued to be strong, with the Company continuing
to outperform its benchmark, the BEMI Emerging Europe Index and its peer group
of comparable funds.

All the markets of the region suffered declines during the period. This was
due mainly to weak international investor sentiment and declining global
markets despite the fact that, except for Turkey, economic fundamentals in the
region remained relatively strong.

The 'converging' economies of Central Europe continue their path towards
integration with Western Europe. Although some small teething problems can be
expected along the way, the political and economic momentum seems unstoppable.

The economies of the main 'emerging' countries, namely Russia and Turkey,
suffered widely differing fortunes during the last 12 months. Russia
maintained the structural reform process under the continued strong leadership
of Vladimir Putin while the high oil price offered positive support to the
economy. In Turkey, however, the IMF - initiated disinflation programme and
reform process collapsed dramatically under currency and liquidity pressures
and the Lira was devalued by around 40%.

We continue to monitor the discount to Net Asset Value at which the Company's
shares trade. During the year the Company repurchased a further 5,635,000 of
its ordinary shares and 750,000 of its warrants for cancellation. Resolution
number 5 at the forthcoming AGM is being proposed as a special resolution to
renew the buyback facility.

Review of Investment Manager

As I reported in my interim statement, both Rory Landman and Martin Taylor
resigned from Baring Asset Management ('BAM'), the Company's investment
manager, during the first half of the year. Klaus Bockstaller was subsequently
appointed by BAM as a replacement for Mr Taylor and he is supported in his
role by BAM's Emerging Europe investment team.

In light of these personnel changes at BAM, your Board concluded that it was
appropriate to review the position of BAM as the Company's investment manager
and sought proposals from a number of companies with emerging market
expertise. Following careful consideration of these submissions and
presentations and detailed discussions with a short-list, we announced on 12
February 2001 that Baring Asset Management had been confirmed as investment
manager.

An amended management contract is in the process of being concluded which
inter alia will result in the creation of a performance element in the
investment managers' fee. This will be capped at a level which will result, at
its maximum, in no increase in costs to the Company.

Board

Sadly, I have to report that on 7 May 2001 Massimo Camilletti, who had been a
director of the Company since its inception until his retirement at the AGM in
1999, lost his battle against Motor Neurone Disease.

                        CHAIRMAN'S STATEMENT (cont'd)

As mentioned in the interim report, Preston Rabl resigned from the Board on 30
November 2000 and I would again like to record my thanks for the service that
he rendered to the Company. On 2 April 2001 Iain Saunders, who had spent 30
years with the Flemings group until his retirement in 2001, was appointed as a
director.

AITC

The Company made a contribution towards the Association of Investment Trust
Companies ('AITC') marketing campaign which in particular has introduced the
'its' logo. The AITC is presently consulting with its members on the next
phase of its initiative and we expect to maintain our existing level of
support.

Annual General Meeting

This year's Annual General Meeting is being held on Friday 21 September 2001
at 155 Bishopsgate, London EC2 commencing at 11.30 a.m. The formal business
will be followed by a short presentation from the investment manager after
which there will be an opportunity for you to raise any specific issues with
them or any member of the Board.

We are also proposing a number of amendments to the Company's Articles of
Association at an Extraordinary General Meeting immediately following this
year's AGM. Full details will be contained in a separate letter to
shareholders.

Outlook

Our view of the longer term outlook in the region remains positive, but, as
always, shareholders should be aware of the political, economic, market and
stock-specific risks inherent in the Company's investments in this particular
region.


Sir William Ryrie

26 June, 2001





THE BARING EMERGING EUROPE TRUST PLC

M J Nokes

Company Secretary

155 Bishopsgate, London EC2M 3XY Tel: [phone]