EASTERN EUROPE, SOUTH AFRICA & ISRAEL

FUND NAME

MARKET CAP (£MILLIONS)

CONVERSION TERMS

INVESTMENT AREA

BARING EMERGING
EUROPE

14.19

1 ordinary share at
$1 to 31-Aug-04

Emerging Europe incl Russia

FIRST RUSSIAN
FRONTIERS II

0.24

1 ordinary share at
$13.2 to 30-Jun-01

Russia & Eastern Europe

FIRST RUSSIAN
FRONTIERS

0.58

1 ordinary share at
$10 to 30-Jun-01

Russia & Eastern Europe

ISRAEL FUND

3.57

1 ordinary share at
$1 to 31-May-04

Israel

OLD MUTUAL
SOUTH AFRICA

1.75

1 ordinary share at
100p to 31-Dec-01

SA industrial &
commerical sectors