Portfolio Update

Baring Emerging Europe PLC
2 March 2004

In accordance with listing Rule 21.20 (L) (ii),Baring Emerging Europe plc
announces that as at 29 February 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
Lukoil Holdings
Matav
Mobile Telesystems
OTP Bank
Telekomun Polska
Vimpel Comms
Yulcos Oil





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