Portfolio Update

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

                          % of Total Assets

Gazprom                         10.37
Lukoil Holdings                  9.10
Rosneft                          7.81
CEZ                              7.10
Vimpel Comms                     6.70
Sberbank                         6.60
Turkiye Garanti Bankasi          6.20
Mobile Telesystems               5.29
OTP Bank                         3.46
Turkiye Petrol Rafinerileri      3.28


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

                                  %

Russia                          55.73
Turkey                          15.53
Czech Rep                       10.84
Poland                           8.31
Hungary                          5.04
Kazakhstan                       1.25
Other                            1.08
Cash & Equivalents               2.22