Portfolio Update

Baring Emerging Europe PLC
02 August 2005

In accordance with listing Rule 21.20(L)(ii) Baring Emerging Europe PLC
announces that as at 31 July 2005 the following companies have a value greater
than 5% of the Company's portfolio or are its ten largest investments:

Bank Pekao 

CEZ

Lukoil Holdings 

Magyar Olaj & Gas 

Mobile Telesystems 

OTP Bank 

Polski Kon Naft 

Richter Gideon 

Sberbank Russia 

Telekomun Polska

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