Portfolio Update

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

                            % of Total Assets

Gazprom                           9.30

Lukoil Holdings                   8.97

CEZ                               5.83

Sberbank                          5.64

Mobile Telesystems                4.96

Powszechna Kasa                   3.89

Evraz Group                       3.74

Vimpelcom                         3.53

Rosneft                           3.25

JSC Norilsk Nickel                2.83


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

                                    %

Russia                            55.16

Turkey                            11.87

Poland                            11.70

Czech Rep                          8.74

Kazakhstan                         2.12

Hungary                            1.25

Ukraine                            1.08

Romania                            0.58

Other                              5.63

Cash & Equivalents                 1.87