Portfolio Update

Baring Emerging Europe PLC
2 November 2004


In accordance with listing Rule 21.20 (L)(ii)Baring Emerging Europe plc
announces that as at 31 October 2004 the following companies have a value
greater man 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

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