Portfolio Update

In accordance with listing Rule 21.20 (L) (ii),Baring Emerging Europe PLC
announces that as at 31 May 2007 the following companies have a value greater
that 5% of the Company's portfolio or are its ten largest investments :

CEZ

Gazprom

JSC MMC Norilsk

Lukoil Holdings

Magyar Olaj & Gas

Mobile Telesystems

OTP Bank

Sberbank

RAO Unified Energy

Vimpelcom