Portfolio Update

Baring Emerging Europe PLC announces that as at 30 April 2009 its ten largest
investments were as follows :

                            % of Total Assets

Gazprom                           10.26

Lukoil Holdings                   10.26

Rosneft                            8.48

CEZ                                7.34

Mobile Telesystems                 6.48

Turkiye Garanti Bankasi            5.42

JSC MMC Norilsk                    3.83

Sberbank                           3.83

Powszechna Kasa                    3.60

Vimpel Comms                       3.38


The geographic breakdown as at 30 April 2009 was as follows:

                                    %

Russia                            53.48

Turkey                            17.43

Poland                            12.79

Czech Rep                         10.04

Kazakhstan                         1.08

Hungary                            0.91

Other                              1.22

Cash & Equivalents                 3.05