Portfolio Update

Baring Emerging Europe PLC
1 September 2004


In accordance with listing Rule 21.20(L)(ii), Baring Emerging Europe plc
announces that as at 31 August 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

Magyar Olaj & Gas

Matav

Mobile Telesystems

OTP Bank

Surgutneftegaz

Telekomun Polska

                      This information is provided by RNS
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