Portfolio Update

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

                         % of Total Assets

Gazprom                        9.45

Lukoil Holdings                9.37

CEZ                            7.90

Turkiye Garanti Bankasi        5.71

Powszechna Kasa                5.50

Mobile Telesystems             5.36

Rosneft                        5.30

Bank Pekao                     4.45

Sberbank                       3.46

Turkiye Petrol Rafinerileri    3.39


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

                                %

Russia                        42.89

Turkey                        21.67

Poland                        17.78

Czech Rep                     13.03

Kazakhstan                     0.13

Other                          2.51

Cash & Equivalents             1.99