RNS Number:0984O
Schroder Emerging Countries Fd PLC
29 July 2003



                                                                    29 July 2003

                      Schroder Emerging Countries Fund plc

                               Final Entitlements

Ordinary Shares with 'A' rights ("A Shares") - the rollover option

As at 12.00 noon on Friday 25 July 2003 the net asset value of the Rollover Pool
was #23,031,108 (equating to a net asset value of 64.1054 pence per A Share) and
the creation price of an accumulation unit (a "Unit") in Schroder Global
Emerging Markets Fund unit trust ("Schroder GEM") was 39.72 pence. In
consideration for the transfer of the assets in the Rollover Pool to Schroder
GEM, holders of A Shares will therefore receive 1.6139 Units for every A Share
held. Units have been allotted to holders of A Shares on that basis, and it is
intended that contract notes in respect of such allotments be posted to
allottees during the course of this week. No initial charge will be made on the
issue of these Units.

Ordinary Shares with 'B' rights ("B Shares") - the cash option

Following approval of the scheme of reconstruction by shareholders at the
Extraordinary General Meeting held on 16 July, the Company's managers have fully
realised the stocks held within the Liquidation Pool. Following such
realisation, cash in the Liquidation Pool available for initial distribution in
accordance with the terms and conditions of the scheme to the holders of the
Company's 58,314,856 "B" Shares amounts to #37,278,936, equating to a value of
63.927 pence per B Share. It is intended that cheques in respect of this initial
cash distribution to those B Shareholders who held their Ordinary Shares in
certificated form be despatched during the course of this week. CREST accounts
of B Shareholders who held their Ordinary Shares in uncertificated form are also
expected to be credited during this week.

Warrants

In accordance with the terms and conditions of the scheme of reconstruction,
warrantholders will receive cash at the rate of 3.25 pence per warrant. It is
intended that cheques in respect of the payment to warrantholders be despatched
during the course of this week.

Further distributions

Non-cash assets (such as debtors and VAT reclaims) held by the Company at the
commencement of the liquidation (which cannot be transferred to Schroder GEM or
form part of the initial cash distribution to holders of B Shares) will be
realised by the Company's liquidators and any cash remaining after the final
settlement of all liabilities of the Company will be distributed pro rata to all
shareholders on the Company's share register as at Friday 25 July 2003 except
that, if a shareholder is entitled to a distribution of less than #3.00, the
distribution will be paid to Schroder GEM (although there will be no further
issue of Units). The precise timing of any such distribution will depend upon
the rate of progress of the liquidation.


Enquiries:

John Spedding

Schroder Investment Management Limited          020 7658 6000


Jamie Smith/Nicholas Dargan

Deloitte & Touche                               020 7007 3012



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