Portfolio Update

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

                               % of Total Assets

Gazprom                              10.81

Lukoil Holdings                       8.97

CEZ                                   6.82

Mobile Telesystems                    6.40

Rosneft                               5.40

Vimpelcom                             4.97

Sberbank                              4.21

Powszechna Kasa                       4.10

Bank Pekao                            3.85

Turkiye Garanti Bankasi               3.72


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

                                       %

Russia                               52.98

Turkey                               14.75

Poland                               13.43

Czech Rep                            10.85

Hungary                               0.61

Kazakhstan                            0.36

Other                                 5.23

Cash & Equivalents                    1.79