Portfolio Update

Baring Emerging Europe PLC
2 December 2004

In accordance with listing Rule 21.20 (L)(ii)Baring Emerging Europe plc
announces that as at 30 November 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

Komercni Banka

Lukoil Holdings

Magyar Olaj & Gas

OTP Bank

Polski Kon Naft

Surgutneftegaz

Telekomun Polska






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