Portfolio Update

Baring Emerging Europe PLC announces that as at 28 November 2008 its ten
largest investments were as follows :

                                % of Total Assets

Gazprom                               11.35

Lukoil Holdings                        8.88

CEZ                                    7.54

Mobile Telesystems                     5.84

Rosneft                                5.67

Powszechna Kasa                        4.84

Turkiye Garanti Bankasi                4.83

Vimpelcom                              3.89

Bank Pekao                             3.82

Sberbank                               3.71


The geographic breakdown as at 28 November 2008 was as follows:

                                        %

Russia                                46.72

Turkey                                17.52

Poland                                15.69

Czech Rep                             12.51

Kazakhstan                             0.35

Other                                  5.34

Cash & Equivalents                     1.87