Portfolio Update

Baring Emerging Europe PLC
04 January 2006

In accordance with listing Rule 21.20 (L) (ii), Baring Emerging Europe PLC
announces that as at 31 December 2005 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 
OTP Bank 
Polski Kon Naft 
Sberbank Russia 
Surgutneftegaz 
Telekomun Polska



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