Re: Portfolio Manager

Baring Emerging Europe PLC
12 July 2004


                     BARING EMERGING EUROPE PLC


Baring Asset Management Limited ('BAM'), the investment manager of Baring
Emerging Europe PLC, has advised the Board that Stuart Richards, who has been
responsible with  Klaus Bockstaller for managing the Company's portfolio, will
assume primary responsibility with immediate effect.  Mr Bockstaller has
announced his intention  to leave BAM in the Autumn.  Mr Richards will be
assisted by Dr Ghadir Abu-Leil Cooper.

                               ENDS

FOR FURTHER ENQUIRIES:

Baring Emerging Europe plc
Ian Pascal                                         020 7214 1862

Citigate Dewe Rogerson
Jonathan Flint                                     020 7282 2861



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