Portfolio Update

Baring Emerging Europe PLC
3 February 2004


In accordance with listing Rule 21.20 (L)(ii), Baring Emerging Europe plc 
announces that as at 31 January 2004 the following companies have a value 
greater than 5% of Hie Company's portfolio or are its ten largest investments:

Bank Pekao
JSC MMC Norilsk
Lukoil Holdings
Matav
Mobile Telesystems
OTP Bank
Telekomun Polska
Unified Energy
Vimpel Comms
Yukos Oil


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