Provided to Professional Advisers Only OFFSHORE FUNDS JANUARY 2000 Standard & Poor’s Micropal...

Provided to Professional Advisers Only

OFFSHOREFUNDS

JANUARY 2000

Standard & Poor’s Micropal Awards 1998

1st Over 3 years

Best Fixed Interest Manager

FACTS & BRIEFING - OFFSHORE FUNDS(london: shared\dtp\fundlit\fact&brf\powerpnt’97\ofnov97.ppt

31st December 1999

All performance source: Standard & Poor’s Micropal as at 31.12.99 Offer to offer, with gross income reinvested.All Performance Characteristics are source Baring Asset Management and are calculated using three year

performance figures sourced from Standard & Poor’s Micropal as at 31.12.99

TOP 10 HOLDINGS (%)

FUND DETAILS PERFORMANCE - As at 31.12.99

FUND BREAKDOWN (%)

CALENDAR YEAR

PERFORMANCECHARACTERISTICSfor the 3 year period

to 31.12.99

For definitions of Performance Characteristics, see Glossary of Terms on page 24.

MANAGER’S COMMENTS

Standard & Poor’s Micropal Star RankingTM Baring Europa Fund

The objective of the Fund is to achieve long-term capital growth in the value of assets. The policy of the Managers is to hold a diversified portfolio of quoted or traded equity investments in companies incorporated in any European country (meaning including the United Kingdom) or quoted or traded on any European stock exchange or over-the-counter market or in companies that have a significant proportion of their assets or other interests in Europe. Within Europe, the portfolio will be balanced according to the Managers' assessment of investment prospects for individual countries. There is no limit to the proportion of the Fund which may be invested in any one country.

Standard & Poor’s Fund Research Rating

AA

This Fund is recognised under the UK Financial Services Act 1986 and managed by Baring International Fund Managers (Ireland) Limited

Nokia 2.9Deutsche Telekom 2.8British Telecom 2.7HSBC 2.5Carrefour 2.0France Telecom 2.0KPNQWest 1.9Mannesmann 1.9Siemens 1.8Total Fina 1.8

Fund B'markUnited Kingdom 27.7 28.9France 17.9 15.4Germany 13.2 15.7Netherlands 10.7 7.9Sw itzerland 9.2 8.5Italy 6.2 6.4Spain 5.1 4.0Sw eden 3.6 4.0Finland 2.9 4.5Others 1.8 4.7Cash 1.7 0.0

% Change US$ £Fund B'mark Fund B'mark

YTD 99 +19.1 +16.2 +22.9 +20.01 Year +19.1 +16.2 +22.9 +20.03 Years +92.6 +86.1 +104.5 +97.65 Years +175.6 +176.3 +167.5 +168.23 Years p.a. +24.4 +23.0 +27.0 +25.55 Years p.a. +22.5 +22.5 +21.7 +21.8

Fund B'mark1999 +19.1 +16.21998 +29.5 +28.91997 +24.9 +24.21996 +21.9 +21.6

Fund B'markStandard Deviation +15.9 +15.6Alpha +2.2 -Beta +0.9 -Sharpe Ratio +1.1 +1.1

500

1000

1500

2000

2500

3000

Dec-1994 Dec-1995 Dec-1996 Dec-1997 Dec-1998 Dec-1999

Cash Value of

US$1,000

Baring IUF EuropaMpal OS EQ EuropeMSCI Europe

F European markets continued to surge in December, with technology, media and telecom issues again leading the way. Since the rally started in October, European markets have risen by 12% in dollar terms, despite renewed weakness in the Euro.

F The performance of the fund has outpaced the index during the rally, with significant contributions from Ericsson, ASM Lithography and our high weighting in the Media sector. In addition the cyclical area has renewed its rally in recent weeks as investors have gained confidence in the growth prospects for the year 2000 and product markets continue to tighten.

F The early weeks of the New Year are likely to see a continuation of the current rally, as investors continue to reposition their portfolios in response to the surge in Technology area. However, investors will become concerned about the degree to which interest rates need to rise if there is no evidence of a slowdown in the global economy.

FP Rating

A

Fund Size (Mn) US$310.6Euro 301.6

Current Offer Price US$49.44Euro 48.24

Yield 0.00%Charges Initial 5%

Annual 1.25%TER 1.76% (29/10/1999)

Inception Date 21.04.1987Unit Type DistributionMin Investment US$5,000Umbrella InternationalBenchmark MSCI Europe


31st December 1999



TOP 10 HOLDINGS (%)


FUND BREAKDOWN (%)

CALENDAR YEAR


to 31.12.99



Baring North America Fund

The objective of the Fund is to achieve long-term capital growth in the value of assets. The policy of the Managers is to hold a diversified portfolio of quoted or traded equity investments in companies incorporated in North America or quoted or traded on any North American stock exchange or over-the-counter market or in companies that have a significant proportion of their assets or other interests in North America. Within North America, the portfolio will be balanced according to the Managers' assessment of investment prospects.

Standard & Poor’s Micropal Star RankingTM


AA

Standard & Poor’s Micropal Offshore Fund

Awards 1998

1stOver 3 Years

North America Equity Sector

Microsoft 5.3Cisco Systems 5.0General Electric 5.0MCI Worldcom 4.3Lucent Technology 4.3Citigroup 3.6Sun Microsystems 3.4Wells Fargo 3.3America Online 3.0Wal-Mart Stores 2.8



Fund B'mark1999 +23.8 +20.81998 +36.5 +28.61997 +33.3 +33.41996 +25.7 +22.9

Fund B'markStandard Deviation +15.4 +16.7Alpha +8.1 -Beta +0.8 -Sharpe Ratio +1.6 +1.3

500

1000

1500

2000

2500

3000

3500

4000


Cash Value of

US$1,000 Baring IUF North AmericaMpal OS EQ North AmericaS&P 500 (Composite)


FP RatingAAA

F Contrary to many forecasts, the market rallied strongly in the final month leading up to the Millennium, driven by a broad rally in the technology sector. The Fund out-performed the S&P500 index for 1999 as a whole; increasing by 23.8% versus 20.8% for the index in US dollar terms. This out-performance was primarily driven by our overweight position in the Technology sector.

F The economic and market outlook remains positive. Our portfolio strategy is based upon our expectation of low inflationary, technology driven, global productivity growth. Continued productivity gains driven by technology capital spending, coupled with the improving economies in Asia and Europe, should lead to greater than consensus earnings growth, especially for large US multinational companies.

F We continue to favour the technology sector. Our exposure is focused on the exploding wireless, internet and personal computer markets. In the consumer sector, the Fund remains modestly overweight, although we have recently sold traditional retailers, GAP and Dollar General, and put the proceeds to work in advertising companies such as Omnicom and new addition Interpublic Group.

F New positions were recently established in Xilinx, which makes semiconductors, and JDS Uniphase, a company that makes components for fiber optic communications systems and Yahoo, the leading Internet portal. We remain confident that technology spending will remain strong now that the Y2K remediation period has passed.




Annual 1.25%TER 1.75% (29/10/1999)

Inception Date 06.11.1957Unit Type DistributionMin Investment US$5,000Umbrella InternationalBenchmark S&P 500

Composite

Technology 38.7Financials 16.5Consumer Cyclicals 10.9Comm. Services 8.2Health Care 8.0Capital Goods 7.9Consumer Staples 3.5Energy 2.9Transportation 0.4Cash 3.0


31st December 1999



TOP 10 HOLDINGS (%)


FUND BREAKDOWN (%)

CALENDAR YEAR


to 31.12.99




Baring Global Emerging Markets Fund

The investment objective of the Fund is to seek long-term capital growth primarily through investment in a diversified portfolio of developing country equity securities. Developing country equity securities for this purpose consist of (i) equity securities of companies incorporated in a developing country; (ii) equity securities of companies, a substantial proportion of whose assets are, or are expected to be, located in one or more developing country, (iii) equity securities of, or interests in, investment companies or similar funds, the investment objective of which is to invest in any one or more developing country; and (iv) equity securities not falling within (i), (ii) or (iii) above but which are listed or traded principally on a stockmarket which is considered by the Managers to be small, immature or relatively inefficient.

There is a sterling version of this fund available

Standard & Poor’s Fund Research

Rating

A

Fund B'markKorea 15.1 13.8Taiw an* 13.5 11.0Mexico 11.9 11.6Brazil 10.7 9.9South Africa 10.4 10.8India 9.5 8.4Turkey 5.5 4.1Israel 4.9 4.2Hungary 2.9 1.2Others 14.0 25.0Cash 1.6 0.0



Fund B'mark1999 +68.0 +66.4

1998 -26.7 -25.41997 +7.5 -11.61996 +8.5 +6.0

250

500

750

1000

1250

1500


Cash Value of

US$1,000 Baring EMUF Global Emerg Mkts

Mpal OS EQ Global Em Mkt

MSCI Emerging Mkts Fund B'markStandard Deviation +31.9 +32.6Alpha +6.5 -Beta +0.9 -Sharpe Ratio +0.1 -0.1

Samsung Electric 4.6Telefonos Mexico 3.4Taiw an Semiconduct 3.3Infosystems Technology 2.0Korea Electric Pow er 2.0Grupo Televisa 1.8SK Telecom 1.8Hon Hai Precision 1.7Kookmin Bank 1.7Embratel 1.7

*Weighted 50% in FREE indices


FP RatingAA

F Within Emerging Europe, positive news for Turkey regarding EU membership and the announcement by the central bank regarding its new exchange rate policy, propelled the market sharply higher. Russia continued to advance this month, supported by the release of strong trade data and the strong showing by centrist parties in the Duma elections, which has reduced the communist’s influence in parliament. The surprise decision by President Yeltsin to stand down has increased the likelihood that PM Putin will succeed him in the forthcoming Presidential elections.

F In spite of the Moody’s upgrade to Korea’s external debt rating, Korea and the other North Asian markets of Taiwan and China, succumbed to profit-taking following their strong performance over the last couple of months.

F Latin American markets rose substantially this month. The release of good economic numbers in Mexico has allowed domestic interest rates to fall whilst the news of an upgrade in Brazil’s local currency debt rating by Moody’s added support to that market. In Argentina, the Lower House gave preliminary approval to the government’s 2000 budget, which should lay the foundations for a moderate economic recovery.

F Over the month, we have opened positions in the Philippines and Malaysia as both these markets have yet to re-rate despite their much improved external balances. We have also increased our underweight position in Chile, as we expect interest rates to rise as the domestic economy beings to recover.




Annual 1.5%TER 2.09% (29/10/1999)

Inception Date 24.02.1992Unit Type DistributionMin Investment US$5,000Umbrella Emerging MarketsBenchmark MSCI Emerging

Markets Free


31st December 1999



TOP 10 HOLDINGS (%)


FUND BREAKDOWN (%)

CALENDAR YEAR


to 31.12.99



Baring Eastern Europe Fund

The investment objective of the Fund is to achieve long-term capital appreciation through investment in a diversified portfolio of securities of issuers located in or with a significant exposure to the emerging markets of Europe.


AAA

Lukoil 8.7OTP Bank 8.2Richter Gedeon 7.6Unif ied Energy 6.9Matav 6.7Surgutneftegaz 6.4Telekomun 4.4Akbank 3.7KGHM Polska Miedz 3.3Tiszai Vegyi Komb 2.8

250

750

1250

1750

2250

2750

Sep-1996 Oct-1997 Nov-1998 Dec-1999

Cash Value of

US$1,000Baring GUF Eastern EuropeMpal OS EQ Europe Cent&EBEMI Greater Eastern Europe

Fund B'markStandard Deviation +40.6 +45.6Alpha +44.7 -Beta +0.8 -Sharpe Ratio +0.6 -0.2


F The fund outperformed strongly during December due to its overweight positions in Russia and Turkey.F Yeltsin's resignation and Putin’s success in the Duma elections are very good news for Russia. Turkey signed a

deal with the IMF in December bringing interest rates down sharply.F We remain positive on Russian oil stocks and retail banks throughout the region.F We have increased our weighting in UES, Russia’s largest power generator, due to its high beta and low

valuation.

FP RatingAAA




Annual 1.5%TER 2.12% (29/10/1999)

Inception Date 30.09.1996Unit Type DistributionMin Investment US$5,000Umbrella GlobalBenchmark BEMI Greater

Eastern Europe


YTD 99 +50.2 +6.3 +55.1 +11.01 Year +50.2 +24.7 +55.1 +28.73 Years +129.6 -16.7 +143.8 -11.6Since inception +141.8 -15.1 +134.6 -17.63 Years p.a. +31.9 -5.9 +34.6 -4.0Since inception p.a. +31.2 -4.9 +30.0 -5.8

Fund B'mark1999 +50.2 +24.71998 +0.8 -47.11997 +51.7 +6.11996 n/a n/a

Hungary 29.6Russia 25.1Turkey 18.8Poland 15.2Czech Republic 4.9Estonia 2.1Croatia 1.4Slovenia 0.2Cash 2.7


Standard & Poor’s Micropal Star RankingTM Baring High Yield Bond Fund

The objective of the Fund is to achieve a high yield, both in terms of total return and current yield, by investing in a prudently diversified portfolio of emerging markets (developing country) and US corporate bonds. The vast majority of such bonds do not carry investment grade ratings and investors are therefore warned that investment in the Fund carries a higher risk than that associated with traditional bond funds.

*Yield is defined as current income or coupon yield net of management and administration costs.


FUND DETAILS PERFORMANCE - As at 31.12.99 PERFORMANCECHARACTERISTICSfor the 3 year period

to 31.12.99

TOP 10 HOLDINGS (%)COMPOSITION OF PORTFOLIO (%)

CALENDAR YEAR

All performance source: Standard & Poor’s Micropal# as at 31.12.99 Offer to offer, with gross income reinvested.All Performance Characteristics are source Baring Asset Management and are calculated using three year




Brazil 14.50% 15.10.09 4.9Brazil 'C' 15.04.14 4.3Argentina FRB 31.03.05 3.4Venezuela 13.625% 15.08.18 3.1Mexico 10.375% 17.02.09 3.0Mexico DISC 31.12.19 2.9Bulgaria FLIRB 28.07.12 2.5Argentina DISC FRN 31.03.23 2.5Argentina 11.375% 30.01.17 2.5Peru PDI VRB 07.03.17 2.3

Fund1999 +13.31998 -10.61997 +12.21996 +27.0

500

1000

1500

2000


Cash Value of

US$1,000Baring GUF High Yield Bond

Mpal OS FI Global

Emerging Market Bonds 60.0US Corporates 39.0Cash, Receivables & Payables 1.0


31st December 1999

% Change US$ £Fund Fund

YTD 99 +13.3 +17.01 Year +13.3 +17.03 Years +13.6 +20.65 Years +68.9 +63.93 Years p.a. +4.3 +6.55 Years p.a. +11.0 +10.4

There is no direct index against which to compare this Fund.

F Emerging markets bonds continued to rally strongly in the fourth quarter of 1999. The key factor behind the rally is the increasing confidence of investors about global growth prospects in 2000 and the positive impact this will have on developing countries.

F The JP Morgan Emerging Bond Market Plus Index returned +5.05% in December. The average spread of emerging markets bonds, as represented by the index over comparable maturity US Treasuries, tightened from 944 to 824 basis points. The top performing countries in December were Russia (+13.82%) and Brazil (+8.95%). We remain positive regarding the outlook for emerging markets debt in the New Year as evidence grows that investors are preparing to put more capital to work.

F The U.S. High Yield bond market returned 0.53% for the month of December. Spreads tightened to 453 during the month. This strong performance was due primarily to tremendous CBO driven buying and an extremely light new issue calendar. Investors continue to remain cautious on further interest rate increases and the possibility of inflation.

F Middle and upper tier credits outperformed in December as the lower tier names were avoided. Investors also continued to look for relative value which led to single B credits outperforming BB’s slightly for the month. Investors also favoured the more liquid “on the run” names which outperformed smaller issues.

F Solid economic fundamentals and strong technical factors continue to propel the market. Coupled with the factor that Y2K appears to be a non-event in terms of earnings related impact, the high yield market should be well positioned to show strong performance in the year ahead.

F We are neutrally weighted in emerging markets debt and US high yield bonds relative to our benchmark (60%: 40% respectively). We continue to look positively on the outlook for both asset classes.



Yield* 8.42%Charges Initial 5%

Annual 1%TER 1.56% (29/10/1999)

Inception Date 19.07.1993Unit Type DistributionMin Investment US$5,000Umbrella Global

FundStandard Deviation n/aAlpha n/aBeta n/aSharpe Ratio n/a


31st December 1999



TOP 10 HOLDINGS (%)


FUND BREAKDOWN (%)

CALENDAR YEAR


to 31.12.99



Standard & Poor’s Micropal Star RankingTM Baring Korea Feeder Fund

The Baring Korea Feeder Fund is a feeder fund for the Baring Korea Trust, a UK authorised unit trust. The investment objective of the Fund since November 1992 has been to achieve long-term growth in the value of assets by investing in units of the Baring Korea Trust, an authorised unit trust constituted in the United Kingdom.

*no income available

This relates to the Baring Korea Trust

*Baring Fund Managers Ltd (regulated by IMRO and the PIA and a Member of AUTIF) will waive the full amount of any preliminary charge on the Baring Korea Trust, however, the BKT management fee of 1.25% will apply.

This relates to the Baring Korea Trust

Samsung Electric 9.5Korea Telecom 8.1SK Telecom 6.0Pohang Iron & Steel 5.2Korea Electric Pow er 4.5Korea Telecom 3.7H & CB 3.7SK Telecom 3.7Hyundai Electric 3.0

LG Chemical 3.0

Electronic & Elec. Equipment 21.7Telephone Netw orks 10.9Steel 9.0Telecommunications 9.0Banks 8.3Chemicals 7.2Utilities 5.7Transport 4.0Insurance 2.9

Others 18.2

Cash 3.1

% Change US$ £Fund B'mark* Fund B'mark*

YTD 99 +92.9 +94.0 +99.1 +100.31 Year +92.9 +94.0 +99.1 +100.33 Years +56.2 +17.8 +65.9 +25.15 Years -5.9 -30.3 -8.6 -32.43 Years p.a. +16.0 +5.6 +18.4 +7.85 Years p.a. -1.2 -7.0 -1.8 -7.5

Fund B'mark*1999 +92.9 +94.01998 +107.6 +110.71997 -61.0 -71.21996 -31.9 -32.3

Fund B'mark*Standard Deviation +53.1 +66.7Alpha +10.4 -Beta +0.7 -Sharpe Ratio +0.2 +0.0

0

250

500

750

1000

1250

1500


Cash Value of

US$1,000 Baring Korea Feeder FundMpal OS EQ Korea

Korea SE Composite

FP Rating

A

F The Korean market appeared somewhat schizophrenic in December. Spectacular gains were made in the telecommunication related sectors, whereas the other sectors were largely flat or down. The extent of the narrowness of the Korean market was greater than at anytime in this investor’s memory.

F The earnings momentum and outlook for the portfolio is strongly positive. Upgrades have recently been made to many of the Fund’s largest positions including POSCO, KEPCO, Samsung Electronics, Samsung Fire & Marine, Keumkang and Cheil Jaedang. However, currently investors have chosen to ignore earnings and are preferring to play concepts - this will reverse in due course.

F Recent economic data released has been favourable. The December trade surplus totalled $2.9 bn, giving a total for the year of $24.5 bn - the very top end of analyst expectations. CPI for December fell 0.2% mm to 1.4%, this was lower than expected.

F The outlook for Korea remains good for the first half of the year. The Manager will continue to monitor the political situation (elections in April) and the investment trends closely in the coming months as these are both potential negatives.

Fund Size (Mn) US$86.1Current Offer Price US$9.49Yield 0.00%Charges Initial 5%

Annual 0.1%*TER 0.50% (31/05/1999)

Inception Date 17.10.1988Unit Type Roll-upMin Investment US$5,000

Benchmark Korea Composite

Explanatory Notes


The Standard & Poor’s Micropal Star RankingTM is calculated using a fund’s monthly performance relative to its sector average for each of the 36 months over the three years to date. The average and volatility of these 36 numbers is used to calculate a fund’s star ranking.

TOP 10%

TOP 11-30%

TOP 31-50%

NEXT 25%

BOTTOM 25%

STAR RANKINGS

The Standard & Poor’s Micropal Star Rankings shown are correct as at 3rd January 2000.

GLOSSARY OF STATISTICAL PERFORMANCE CHARACTERISTICSThe statistical risk statistics used in this report examine performance characteristics of the fund relative to both (1) the market benchmark, which represents the asset class in which the fund is invested and (2) the returns on cash in the base currency of the fund, the "risk free" rate of return. Risk statistics in this report are calculated by Baring Asset Management based on monthly Standard & Poor's Micropal returns for the relevant funds for the three year period ending on the day shown in the report. Standard Deviation - Measures the average deviation of a series of returns relative to their mean. When a benchmark or a fund has a wide range of returns it has a high standard deviation, indicating that there is a greater potential for volatility. If returns are normally distributed (i.e. have a bell shaped curve distribution) then approximately 2/3 of returns would occur within plus or minus one standard deviation from the mean.Alpha - Measures the performance of a fund adjusted for the fund's sensitivity to market risk (its beta). It is generally used as a measure of the manager's contribution to performance with reference to security selection. A positive Alpha indicates that the fund added value relative to the amount of market risk taken, i.e. outperformed the benchmark by more than the amount that is explained by the beta (market sensitivity) of the fund.Beta - Measures the sensitivity of fund returns to a 1% movement in the market benchmark. For example, if the beta of a fund is 1.3, a 1% increase or decrease in the benchmark return will, on average, result in a 1.3 % increase or decrease in the fund return. Funds with a beta below 1 will, on average, fall less than the benchmark in a falling market or rise less in a rising market.Sharpe Ratio - Measures the return of a benchmark or a fund adjusted per unit of absolute risk (volatility). It is calculated by subtracting the risk free return on cash from the fund return and dividing the resulting "excess return" by the fund's risk level (standard deviation). A positive Sharpe Ratio for a benchmark or a fund indicates the risk taken relative to investments in cash instruments have been positively rewarded.

Explanatory Notes (continued)


FORSYTH PARTNERS RATINGS

The FP Ratings are determined following in-depth qualitative and quantitative analysis which follow defined routines.

There are 3 key factors which lead us to the final FP Rating determination. These are:

- Risk adjusted performance - Investment Process - The skills of the individual manager

The FP “Triple-A” Rating is the highest rating awarded. It is given to funds which demonstrate very powerful investment processes and disciplines which are believed will translate into exceptional long term performance. It is an indication of excellence.

The FP “Double-A” Rating is determined using the same methodology as for the FP Triple-A rating. The FP Double-A rating is an indication of highly superior quality based on process and track record.

FP RatingAAA

FP Rating

AA

FP Rating

A

The FP “Single-A” Rating is again determined using the same methodology consistent with that applied for the FP Triple-A and FP Double-A ratings. This is a highly commendable rating.

Identification Codes


SEDOL ISIN Telekurs

Baring Europa (US$) 0-082-912 GB0000829126 558,788Baring Europe Select Feeder (£) 0-079-709 GB0000797091 495,335Baring French Growth (US$) 0-092-557 IE0000925796 335,089Baring North America (US$) 0-083-001 IE0000830017 558,794Baring Global Emerging Markets (US$) 0-083-830 GB0000832500 558,817Baring Global Emerging Markets (Euro) 0-485-050 IE0004850503Baring Eastern Europe (US$) 0-080-563 IE0000805634 521,977Baring Eastern Europe (Euro) 0-485-210 IE0004852103Baring Latin America (US$) 0-082-893 IE0000828938 070,208Baring Latin America (Euro) 0-485-102 IE0004851022Baring Emerging World (£) 0-092-212 GB0000804228 237,617 Baring Emerging World (Euro) 0-485-124 IE0004851246Baring Japan (US$) 0-082-967 GB0000829670 644,899 Baring Japan Smaller Companies (US$) 0-080-400 GB0000804772 426,180Baring Japan Smaller Companies (Euro) 0-485-191 IE0004851915 426,180Baring Australia (US$) 0-082-945 GB0000829456 558,759Baring Hong Kong China (US$) 0-082-923 GB0000829233 558,764Baring Pacific (US$) 0-083-023 GB0000830231 558,758Baring Octopus (US$) 0-083-012 GB0000830124 558,756Baring Korea Feeder (US$) 0-083-818 GB0000838184 783,651Baring Global Equity (US$) 0-690-315 IE0006903151Baring Global Equity (Euro) 0-690-326 IE0006903268Baring Global Resources (US$) 0-093-118 GB0000931187 328,524Baring Global Resources (Euro) 0-485-135 IE0004851352 328,524 Baring International Bond (US$) 0-082-956 GB0000829563 558,761Baring High Yield Bond (US$) 0-083-595 GB0000835958 100,387Baring High Yield Bond (Euro) 0-485-180 IE0004851808 100,387Baring World Bond (Euro) 0-083-506 IE0000835391 111,805Baring Sterling World Bond (£) 0-153-926 IE0001539265 ---Baring Sterling World Bond (Euro) 0-485-221 IE0004852210 ---Baring Managed (US$) 0-083-089 GB0000830892 371,998Baring United States Dollar (US$) 0-083-045 GB0000830454 371,927Baring Euro Bond (Euro) 0-770-411 IE0007704111 909,803

For Further Information Please Contact:


Head of European SalesMark Leader +44(0)171-762 8103CONTINENTAL EUROPEPeter Lindqvist +44(0)171-214 1236Matthew Sethard-Wright +44(0)171-214 1739Sarah Waud +44(0)171-214 1209Martin Weisinger +44(0)171-214 1999

PARIS Benoit du Mesnil du Buisson +331-5393 6000Marc Olivier +331-5393 6000Guylaine Romestand +331-5393 6000Stephane Battistella +331-5393 6000

HONG KONG Simon Powell +852-2973 3422Albert Sze +852-2973 3467Katherine Ko +852-2973 3420TAIWANLinda Lu +8862-2516 6100

FRANKFURTEkkehart von Knebel Doeberitz +49 69 7169 1888Axel Maier +49 69 7169 1888Susanne Godde +49 69 7169 1888Katrin Becker +49 69 7169 1888

SOUTH AMERICA,AFRICA,CARIBBEAN Edward Remington-Hobbs +44(0)171-214 1119MIDDLE EASTTim Jackson/Anita Jamall +973-53 3396

INVESTMENT SERVICES - EUROPEEleonora Fleming +44(0)171-214 1999Lorraine Finegan +44(0)171-214 1999

DEALINGHONG KONG - +852-2841 1411Gimmy Lau Jacqueline Chan Karen Chung

Head of UK Mutual Fund SalesAlastair Trainer +44(0)171-214 1040

LONDONKeith Wilson +44(0)171-214 1791

LONDON AND EAST ANGLIAJames Wallace +44(0)171-214 1825

LONDON AND SOUTH EASTIan Furtado +44(0)171-214 1025

MIDLANDS AND SOUTH WESTKevin Snell +44(0)171-214 1547

LIFE COMPANIES Laurie Jaques +44(0)171-214 1227

SCOTLANDAlastair Trainer +44(0)171-214 1040

N.ENGLAND, IRELAND, ISLE OF MANNick Jordan +44(0)161-449 7394

CHANNEL ISLANDS Keith Wilson +44(0)171-214 1791

INVESTMENT SERVICES - UKTricia O’Brien +44(0)171-214 1900Anna Mapes +44(0)171-214 1900

DEALINGLONDON - +44(0)171-214 1004Karen Denny Elaine O’SullivanDonna Langrish Nicky Wall (Admin)Iain McAuslan Alan WoodJan Albers Gaby Reiter

PARIS - +331-5393 6000Olivier Le Rhun Soizick Revillon

LONDONBaring Global Fund Managers Limited, 155 Bishopsgate, London EC2M 3XY, England

Telephone +44(0)171-628-6000, Facsimile +44(0)171-214-1659, Telex 885888 BAMUK G E-mail: [email protected]

PARISBaring Asset Management France, 35 avenue Franklin Roosevelt, 75008 Paris, France

Telephone +331-5393-6000, Facsimile +331-4289-4161 E-mail: [email protected]

HONG KONGBaring International Fund Managers Limited & Baring Asset Management (Asia) Limited

19th Floor, Edinburgh Tower, 15 Queen's Road Central, Hong KongTelephone +852-2841-1411, Telex 60460 BIIHK HX, Facsimile +852-2526-7129 E-mail: [email protected]

BAHRAINBaring Asset Management Limited, Bahrain Representative Office, Suite 801, Bahrain Commercial Complex, P.O. Box 10937, Manama, Bahrain

Telephone +973-533-396, Facsimile +973-533-397 E-mail: [email protected]

FRANKFURTBaring Fonds Service GmbH, Friedrichstraβe 2-6, 60323 Frankfurt, Germany

Telephone +49 69 7169 1888, Facsimile +49 69 7169 1899

Internet: www.baring-asset.com

#Standard & Poor’s Micropal is a statistical organisation covering a wide range of collective investments worldwide.The Standard & Poor’s Micropal averages used in the performance charts are representative of the average fund in the stated sector.

RELEASED AND APPROVED BY THE MARKETING COMMUNICATIONS AND PRODUCT MANAGEMENT GROUP©1998 Baring Investment Services Ltd


Date Complied: 11th January 2000

Baring Global Fund Managers Limited is an appointed representative of Baring International Investment Management Limited (regulated by IMRO) which has approved the issue of this document. The contents of this document are based upon sources of information believed to be reliable, no guarantee, warranty or representation, express or implied, is given as to their accuracy or completeness. This is not an offer nor a solicitation to buy or sell any investment referred to in this document. Baring International Investment Management Limited and its affiliates and/or their officers, directors and employees may own or have positions in any investment mentioned herein or any investment related thereto and from time to time add to or dispose of any such investment.These Funds are not registered under the Securities Act 1933 of the United States of America ("USA") nor are they registered under the USA Investment Company Act of 1940. Consequently, the Funds may not be offered for sale or sold in the USA, its territories, possessions or protectorates under its jurisdiction, nor to nationals, citizens or residents in any of those areas. This booklet is not designed, intended, nor may it be used as an advertisement to any member of the public or Private Investor in the UK or any person in the US, its possessions or territories. In the UK, the Funds are available to professional or other Non-Private Investors. The Funds may be suitable for Private Investors, but only if so advised under a written agreement, by their own independent or professional advisers. Requests to deal received from intermediaries in the UK will only be accepted by the Managers and Baring International Investment Management Limited, on the warranty that the intermediary is an authorised person under the Act.Investors should refer to the prospectus of the Funds referred to herein. The current prospectus and periodically published accounts contain full details of the Funds and units will be sold, redeemed or switched solely on the basis of the information and representations contained in them. The distribution of the prospectus and other documents is restricted in certain jurisdictions and accordingly persons into whose possession such prospectuses come are required to inform themselves about and to observe such restrictions. The value of units and any income generated may go down as well as up and is not guaranteed. Past performance is not necessarily a guide to future performance. Changes in rate of exchange may have an adverse effect on the value, price or income of the investment. Investors should be aware of the additional risks associated with funds which invest in emerging and developing markets. Applicants should be aware of local laws governing investments in such funds. Applicants should seek independent financial advice regarding the suitability of any investments. This document may include forward-looking statements which are based upon our current opinions, expectations and projections. We undertake no obligation to update or revise any forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements.

Provided to Professional Advisers Only OFFSHORE FUNDS JANUARY 2000 Standard & Poor’s Micropal...

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