NAV and Portfolio Update

Baring Emerging Europe PLC
5 January 2004


The Net Asset Value per share of Baring Emerging Europe plc on the 31st December 
2003 was 274.31p

In accordance with listing Rule 21.20 (L) (ii), Baring Emerging Europe plc 
announces that as at 31 December 2003 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 
Lukoil Holdings 
Mobile Telesystems 
OTP Bank 
Polski Kon Naft 
Telekomun Polska 
Unified Energy 
Vimpel Comms 
Yukos Oil


                      This information is provided by RNS
            The company news service from the London Stock Exchange