Portfolio Update

Baring Emerging Europe PLC announces that as at 30 January 2009 its ten largest
investments were as follows :

                                % of Total Assets

Lukoil Holdings                       11.27

Gazprom                               10.26

CEZ                                    8.47

Mobile Telesystems                     5.92

Turkiye Garanti Bankasi                5.45

Rosneft                                5.33

Powszechna Kasa                        4.35

Bank Pekao                             3.86

Turkiye Petrol Rafinerileri            3.62

Telefonica 02                          3.09


The geographic breakdown as at 30 January 2009 was as follows:

                                        %

Russia                                46.84

Turkey                                23.24

Poland                                14.49

Czech Rep                             12.84

Other                                  2.51

Cash & Equivalents                     0.08