Portfolio Update

Baring Emerging Europe PLC announces that as at 31 July 2008 its ten largest
investments were as follows :

                        % of Total Assets

Gazprom                       9.88

Lukoil Holdings               8.69

Sberbank                      6.17

CEZ                           5.53

Mobile Telesystems            4.51

Evraz Group                   4.13

Powszechna Kasa               3.92

Rosneft                       3.49

Vimpelcom                     3.20

T Garanti Bankasi             2.73


The geographic breakdown as at 31 July 2008 was as follows:

                               %

Russia                       56.74

Turkey                       11.90

Poland                       11.61

Czech Rep                     8.58

Kazakhstan                    3.03

Ukraine                       1.14

Hungary                       1.13

Romania                       0.71

Other / Cash & Equivalents    5.16

                            100.00