Portfolio Update

In accordance with listing Rule 21.20 (L) (ii), Baring Emerging Europe PLC
announces that as at 31 August 2007 its ten largest investments were as follows
:

                              % of Total Assets

Sberbank                            9.89

Lukoil Holdings                     8.09

Gazprom                             7.51

RAO Unified Energy                  5.47

Mobile Telesystems                  5.39

OTP Bank                            4.54

CEZ                                 4.20

Vimpelcom                           4.02

JSC MMC Norilsk                     3.21

Evraz Group                         2.88


The geographic breakdown as at 31 August 2007 was as follows:

                                     %

Russia                             59.19
Turkey                             10.86
Poland                              9.37
Hungary                             6.34
Czech                               5.22
Austria                             1.91
Kazakhstan                          1.34
Other                               2.08
Cash and Equivalents                3.69

                                  100.00