Portfolio Update

Baring Emerging Europe PLC announces that as at 30 April 2008 its ten largest
investments were as follows :

                               % of Total Assets

Gazprom                              10.20

Lukoil Holdings                       8.81

Sberbank                              6.39

JSC MMC Norilsk                       5.68

Mobile Telesystems                    4.56

CEZ                                   4.35

Evraz Group                           4.17

Vimpelcom                             3.31

Powszechna Kasa                       2.96

KGHM Polska Miedz                     2.68


The geographic breakdown as at 30 April 2008 was as follows:

                                       %

Russia                               63.02

Poland                               10.31

Turkey                               10.23

Czech Rep                             5.52

Kazakhstan                            3.18

Ukraine                               1.31

Romania                               0.73

Other                                 4.73

Cash and Equivalents                  0.97

                                    100.00