Portfolio Update

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

                          % of Total Assets

Gazprom                         10.82

Lukoil Holdings                  9.35

Sberbank                         6.01

CEZ                              5.34

Evraz Group                      4.54

Mobile Telesystems               4.38

Vimpelcom                        3.16

Powszechna Kasa                  3.03

Rosneft                          2.93

Eurasian Natural Res.            2.84


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

                                  %

Russia                          63.02

Poland                          10.57

Czech Rep                        7.92

Turkey                           6.78

Kazakhstan                       3.46

Ukraine                          1.42

Romania                          0.69

Other                            4.88

Cash and Equivalents             1.26

                               100.00