Portfolio Update

Baring Emerging Europe PLC announces that as at 30 September 2010 its ten
largest investments were as follows :

                          % of Total Assets

Sberbank                       10.40
Gazprom                         7.26
Rosneft                         6.50
Turkiye Garanti Bankasi         6.24
Powszechna Kasa                 5.50
JSC MMC Norilsk                 5.42
Mobile Telesystems              4.80
OTP                             4.59
Turkiye Halk Bankasi            4.39
Lukoil Holdings                 4.25

The geographic breakdown as at 30 September 2010 was as follows:

                                 %

Russia                         57.20
Turkey                         18.56
Poland                          9.79
Hungary                         4.59
Czech Rep                       3.66
Kazakhstan                      2.24
Ukraine                         0.30
Other                           1.27
Cash & Equivalents              2.39