RNS Number:6089N
Schroder Emerging Countries Fd PLC
16 July 2003


                                                                    16 July 2003


                    Substantial Share Interest Notification

We are writing to advise you that the Company was notified on 15 July 2003 that,
as a result of the sale of 3,238,725 ordinary shares in the Company on 14 July
2003, Charlemagne Capital (IOM) Limited as Investment Manager on behalf of
Undervalued Assets Fund - Series One, no longer has an interest in the ordinary
shares of the Company.




Enquiries:

John Spedding

Schroder Investment Management Limited

Tel: 020 7658 3206


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