Portfolio Update

In accordance with listing Rule 21.20 (L) (ii),Baring Emerging Europe PLC
announces that as at 30 September 2007 its ten largest investments were as follows :

                           % of Total Assets

Sberbank                          9.85

Gazprom                           8.22

Lukoil Holdings                   8.17

Mobile Telesystems                4.90

RAO Unified Energy                4.80

CEZ                               4.42

JSC MMC Norilsk                   4.42

Vimpelcom                         4.04

OTP Bank                          3.70

Evraz Group                       2.68


The geographic breakdown as at 30 September 2007 was as follows:

                                   %

Russia                           58.43
Turkey                           12.63
Poland                            8.87
Hungary                           5.61
Czech Rep                         5.34
Austria                           1.59
Kazakhstan                        1.13
Other                             3.53
Cash and Equivalents              2.87

                                100.00