Portfolio Update

In accordance with listing Rule 21.20 (L) (ii),Baring Emerging Europe PLC
announces that as at 31 July 2007 its ten largest investments were as follows :

                            % of Total Assets

Sberbank                          10.56

Lukoil Holdings                    7.47

Gazprom                            6.87

OTP Bank                           5.78

RAO Unified Energy                 5.62

Mobile Telesystems                 4.39

CEZ                                3.91

JSC MMC Norilsk                    3.83

Magyar Olaj & Gas                  3.08

Vimpelcom                          3.03


The geographic breakdown as at 31 July 2007 was as follows:

                                    %  
                              
Russia                            58.94

Turkey                            11.65

Poland                             9.41

Hungary                            8.85

Czech                              3.94

Kazakhstan                         1.92

Austria                            1.64

Other                              0.36

Cash and Equivalents               3.29

TOTAL                            100.00