Holding(s) in Company

Baring Emerging Europe PLC
2 July 2004


In accordance with listing Rule 21.20 (L)(ii)Baring Emerging Europe plc
announces that as at 30 June 2004 the following companies have a value greater
than 5% of the Company's portfolio or are its ten largest investments:


Bank Pekao 
JSC MMC Norilsk 
Komercni Banka 
Lukoil Holdings 
Magyar Olaj & Gas 
Matav
OTP Bank
Surgutneftegaz  
Telekomun Polska 
Yukos Oil



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