Portfolio Update

Baring Emerging Europe PLC announces that as at 31 December 2009 its ten
largest investments were as follows :

                          % of Total Assets

Sberbank                       11.04
Gazprom                        10.54
Rosneft                         8.37
Lukoil Holdings                 7.88
Turkiye Garanti Bankasi         6.12
CEZ                             5.04
Powszechna Kasa                 4.82
Mobile Telesystems              4.78
JSC MMC Norilsk                 4.49
Turkiye Halk Bankasi            3.96

The geographic breakdown as at 31 December 2009 was as follows:

                                 %

Russia                         61.12
Turkey                         16.71
Poland                          9.62
Czech Rep                       5.04
Hungary                         5.04
Kazakhstan                      1.77
Other                           0.70
Cash & Equivalents              0.00