Portfolio Update

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

                             % of Total Assets

Gazprom                            9.83
Sberbank                           9.60
Lukoil Holdings                    7.08
JSC MMC Norilsk                    5.48
Mobile Telesystems                 5.22
CEZ                                4.77
Vimpelcom                          3.59
RAO Unified Energy                 3.13
Evraz Group                        2.85
Turkiye Garanti Bankasi            2.78

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

                                    %

Russia                            58.20
Turkey                            15.75
Poland                             8.66
Czech Rep                          5.90
Hungary                            5.17
Kazakhstan                         0.45
Other                              5.11
Cash and Equivalents               0.76

                                 100.00