Portfolio Update

Baring Emerging Europe PLC
2 June 2004


In accordance with listing Rule 21.20 (L)(ii), Baring Emerging Europe plc 
announces that as at 31 May 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


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