Portfolio Update

Baring Emerging Europe PLC announces that as at 31 March 2008 its ten largest
investments were as follows :

                          % of Total Assets

Gazprom                         10.26

Lukoil Holdings                  8.73

Sberbank                         6.64

JSC MMC Norilsk                  5.15

CEZ                              4.73

Mobile Telesystems               4.71

Eurasian Natural Res             3.63

Evraz Group                      3.58

Vimpelcom                        3.44

RAO Unified Energy               2.82


The geographic breakdown as at 31 March 2008 was as follows:

                                  %

Russia                          63.00

Poland                          10.14

Turkey                           9.19

Czech Rep                        6.02

Kazakhstan                       4.19

Hungary                          1.53

Romania                          0.73

Other                            3.73

Cash and Equivalents             1.47

                               100.00