Portfolio Update

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

                           % of Total Assets

Gazprom                         10.43

Lukoil Holdings                  9.79

Sberbank                         6.32

Mobile Telesystems               4.62

CEZ                              4.61

JSC MMC Norilsk                  4.58

Evraz Group                      4.24

Vimpelcom                        3.49

Powszechna Kasa                  3.02

Eurasian Natural Res.            2.87



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

                                  %

Russia                          64.21

Poland                           9.83

Turkey                           7.63

Czech Rep                        5.68

Kazakhstan                       3.39

Ukraine                          1.28

Romania                          0.72

Other                            4.66

Cash and Equivalents             2.60

                               100.00