Portfolio Update

In accordance with listing Rule 21.20 (L) (ii), Baring Emerging Europe PLC announces that as at 31 October 2006 the following companies have a value greater that 5% of the Company's portfolio or are its ten largest investments: Bank Pekao CEZ Gazprom JSC MMC Norilsk Lukoil Holdings Magyar Olaj & Gas OTP Bank RAO Unified Energy Sberbank Surgutneftegaz
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