Portfolio Update

Baring Emerging Europe PLC announces that as at 27 February 2009 its ten
largest investments were as follows :

                                  % of Total Assets

Lukoil Holdings                         11.53

Gazprom                                 10.96

Rosneft                                  8.89

CEZ                                      7.99

Mobile Telesystems                       7.79

Turkiye Garanti Bankasi                  5.20

Turkiye Petrol Rafinerileri              3.73

Powszechna Kasa                          3.46

Enka Insaat                              3.45

JSC MMC Norilsk                          3.14


The geographic breakdown as at 27 February 2009 was as follows:

                                           %

Russia                                   53.33

Turkey                                   18.89

Poland                                   12.70

Czech Rep                                10.04

Kazakhstan                                0.56

Hungary                                   0.51

Other                                     2.72

Cash & Equivalents                        1.25