Portfolio Update

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

                            % of Total Assets

Gazprom                           8.82
Lukoil Holdings                   8.36
Rosneft                           7.63
Vimpel Comms                      7.06
Turkiye Garanti Bankasi           6.99
CEZ                               6.83
Sberbank                          6.38
Mobile Telesystems                5.09
OTP Bank                          4.08
Powszechna Kasa                   4.04


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

                                   %

Russia                           55.94
Turkey                           15.90
Poland                            9.67
Czech Rep                         9.48
Hungary                           5.59
Kazakhstan                        1.61
Other                             1.00
Cash & Equivalents                0.81