Portfolio Update

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

                          % of Total Assets

Gazprom                         10.02

Sberbank                         9.16

Lukoil Holdings                  6.40

Mobile Telesystems               5.31

JSC MMC Norilsk                  4.40

CEZ                              4.29

Vimpelcom                        4.11

Evraz Group                      3.17

Eurasian Natural Res             2.94

RAO Unified Energy               2.79

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

                                   %

Russia                          59.69

Turkey                          13.84

Poland                           8.73

Czech Rep                        5.48

Kazakhstan                       3.45

Hungary                          2.50

Other                            4.47

Cash and Equivalents             1.84

Total                          100.00