Portfolio Update

Baring Emerging Europe PLC announces that as at 29 February 2008 its ten
largest investments were as follows :

                               % of Total Assets

Gazprom                               9.82

Lukoil Holdings                       6.88

Sberbank                              6.79

JSC MMC Norilsk                       4.97

Mobile Telesystems                    4.86

CEZ                                   4.41

Vimpelcom                             3.85

Evraz Group                           3.81

Eurasian Natural Res                  3.63

RAO Unified Energy                    3.02

The geographic breakdown as at 29 February 2008 was as follows:

                                       %

Russia                               61.22

Turkey                               12.10

Poland                                8.91

Czech Rep                             5.62

Kazakhstan                            4.27

Hungary                               1.79

Romania                               0.78

Other                                 4.01

Cash and Equivalents                  1.30

                                    100.00