RNS Number:3423J
Schroder Emerging Countries Fd PLC
28 March 2003


28 March 2003


                    Substantial Share Interest Notification

We are writing to advise you that the Company was notified on 28 March 2003,
that following a purchase of 500,000 shares on 27 March 2003, Charlemagne
Capital Limited has a total interest in 2,900,000 ordinary shares representing
3.07% of the shares in issue, on behalf of Undervalued Assets Fund - Series One.

Enquiries:

John Spedding

Schroder Investment Management Limited

Tel: 020 7658 3206

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