Portfolio Update

Baring Emerging Europe PLC
2 February 2005

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

Bank Pekao
CEZ
Komercni Banka
Lukoil Holdings
Magyar Olaj & Gas
Mobile Telesystems
OTP Bank
Polski Kon Naft
Telekomun Polska
Unified Energy



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