Portfolio Update

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

                          % of Total Assets

Gazprom                        10.75

Lukoil Holdings                 9.38

Sberbank                        6.19

CEZ                             6.15

Mobile Telesystems              5.37

Rosneft                         4.51

Powszechna Kasa                 4.20

Vimpelcom                       3.89

Turkiye Garanti Bankasi         2.93

Bank Pekao                      2.81


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

                                 %

Russia                         55.46

Turkey                         13.06

Poland                         11.79

Czech Rep                       9.37

Hungary                         2.28

Kazakhstan                      0.40

Ukraine                         0.39

Other                           5.44

Cash & Equivalents              1.81