Portfolio Update

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

                           % of Total Assets

Sberbank                          9.37
Gazprom                           8.66
Lukoil Holdings                   7.30
CEZ                               4.78
JSC MMC Norilsk                   4.65
Mobile Telesystems                4.60
RAO Unified Energy                4.42
Vimpelcom                         3.71
OTP Bank                          3.40
Evraz Group                       2.84


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

                                   %

Russia                           55.59
Turkey                           13.75
Poland                            9.39
Czech Rep                         5.92
Hungary                           5.48
Austria                           2.52
Kazakhstan                        0.68
Other                             4.72
Cash and Equivalents              1.95

                                100.00