43GG Ang.w.s.f. 24

RNS No 7501w
BARING CHRYSALIS FUND LIMITED
20 September 1999


    Preliminary Statement of Half-Yearly Results in respect of the Company's
        Interim Accounting Period from 1st January 1999 to 30th June 1999

General

The  Company  is  registered under the laws of the  Cayman  Islands  and  is  an
open-ended  investment company. The investment objective of the  Company  is  to
seek  long-term  capital growth primarily through investment  in  a  diversified
portfolio of developing country equity securities.

Unaudited Half-Yearly Results
For the period from 1st January 1999 to 30th June 1999

                                                       1999             1998
                                                        US$              US$

Net Assets attributable to Ordinary shares  US$ 101,428,521  US$ 137,682,879

Number of shares in issue at 30 June             10,709,284       15,947,754

Net Asset Value per Ordinary share          US$        9.47  US$        8,63

                                                       1999             1998
                                                        US$              US$
Investment income                                 1,256,794        1,681,606
Bank interest                                        72,336           72,749
Total income                                      1,329,130        1,754,355
Expenditure                                        (911,761)      (1,513,897)
Net income for the period                   US$     417,369  US$     240,458
Earning per share                           USc        3.76  USc        1.44

There were no extraordinary items, taxation or minority interests.


Performance

The  Fund's  NAV  per  Ordinary share increased by US$ 2.26 from US$ 7.21 to US$
9.47, a  rise  of  31.3%,  during  the  six  months  to 30th June 1999. The Fund
underperformed  its  benchmark,  the  MSCI  Emerging Markets Free Index, by 4.4%
during the period.

This  relative underperformance is due principally to the write-off of a  number
of  unquoted investments in Latin America, Russia and Indonesia. These  resulted
in  a loss of approximately 2.2% in the Fund's net asset value. Asset allocation
was  a  slight  positive, but was offset by poor stock selection  in  Indonesia,
Brazil and Thailand.


Earnings per Ordinary Share

The  earnings per Ordinary Share has been calculated on a weighted average basis
and  is  arrived at by dividing the net income for the period, US$417,369 (1998:
US$240,458),  by  the  weighted average number of  Ordinary  Shares  in  issue,
11,107,309 (1998: 16,647,245).


END

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