Portfolio Update

Baring Emerging Europe PLC announces that as at 31 July 2009 its ten largest
investments were as follows :

                           % of Total Assets

Gazprom                          9.15
Lukoil Holdings                  8.93
Rosneft                          7.66
CEZ                              7.38
Turkiye Garanti Bankasi          6.98
Vimpel Comms                     6.75
Sberbank                         6.17
Mobile Telesystems               5.23
Powszechna Kasa                  3.95
OTP Bank                         3.56


The geographic breakdown as at 31 July 2009 was as follows:

                                  %

Russia                          54.36
Turkey                          16.38
Czech Rep                       11.30
Poland                           9.60
Hungary                          5.11
Kazakhstan                       1.50
Other                            1.07
Cash & Equivalents               0.68