Portfolio Update

Baring Emerging Europe PLC
3 August 2004


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

Bank Pekao
CEZ
JSC MMC Norilsk
Lukoil Holdings
Magyar Olaj & Gas
Matav
OTP Bank
Richter Gedeon
Surgutneftegaz
Telekomun Polska



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