Stmnt re Beta GEM

Fleming Emerging Mkts Inv Tst PLC
31 October 2000


                                                                  
                                 
    The Fleming Emerging Markets Investment Trust plc ('FEMIT')
                                 

             Proposals regarding Beta Global Emerging
             Markets Investment Trust plc ('Beta GEM')

On  18 October 2000, the Board of Beta GEM announced that Beta GEM
had become aware that a number of its shareholders had expressed a
strong  desire  to  realise  their investment  in  their  company.
Accordingly,  the  Board of Beta GEM was considering  the  options
available to it, including a specific proposal.

Further  to that announcement, the Board of FEMIT wishes to  state
that, through its advisers, it is currently discussing a scheme of
reconstruction (the 'Scheme') with the Board of Beta GEM.  Written
support  has been received for the Scheme from a majority of  Beta
GEM shareholders representing 52.82% of the issued share capital.

FEMIT's Scheme, which was proposed to the Board of Beta GEM on  13
October 2000, will in outline involve the liquidation of Beta  GEM
under  section  110 of the Insolvency Act (1986)  and  allow  Beta
GEM's shareholders to realise their entire investment for cash  or
continue  (in  a  tax  efficient manner)  with  an  investment  in
emerging markets through holding shares in FEMIT.

The Board of FEMIT has endeavoured to respond to comments from the
Board of Beta GEM although information requested from Beta GEM has
not  been  made  available to it. In this context,  the  Board  of
FEMIT, together with its advisers, is considering alternatives  to
effect as soon as is practicable the  Scheme  which  has  received
support from a majority of Beta GEM shareholders.

Enquiries:

Patrick Gifford The Fleming Emerging Markets Investment  Trust plc
                020 7625 3090

John Lipscomb   Chase Fleming Asset Management (UK) Ltd
                020 7742 3435
     
Tom Durie       HSBC Investment Bank plc
                020 7336 2004