Portfolio Update

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

                               % of Total Assets

Lukoil Holdings                     11.07

Gazprom                             10.77

Rosneft                              9.25

Mobile Telesystems                   8.39

CEZ                                  7.99

Turkiye Garanti Bankasi              4.58

Sberbank                             3.56

JSC MMC Norilsk                      3.51

Powszechna Kasa                      3.43

Turkiye Petrol Rafinerileri          3.17


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

                                      %

Russia                              55.41

Turkey                              15.70

Poland                              12.68

Czech Rep                           10.70

Hungary                              0.96

Kazakhstan                           0.69

Other                                2.98

Cash & Equivalents                   0.88