Portfolio Update

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

                     % of Total Assets
Gazprom                    9.99
Sberbank                   9.79
Lukoil Holdings            8.53
Rosneft                    8.33
CEZ                        5.65
Powszechna Kasa            5.24
Turkiye Garanti Bankasi    5.19
Mobile Telesystems         5.18
JSC MMC Norilsk            4.66
Vimpel Comms               4.02


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

                            %
Russia                    61.12
Turkey                    14.33
Poland                    10.25
Czech Rep                  5.65
Hungary                    5.44
Kazakhstan                 1.77
Other                      1.05
Cash & Equivalents         0.39