Portfolio Update

Baring Emerging Europe PLC announces that as at 28 February 2011 its ten
largest investments were as follows :

                        % of Total Assets

Sberbank                     11.50
Gazprom                      10.72
Lukoil Holdings               8.96
Rosneft                       6.66
Powszechna Kasa               4.76
OTP                           4.70
Mobile Telesystems            3.86
JSC MMC Norilsk               3.79
VTB Bank                      3.47
Turkiye Garanti Bankasi       3.46

The geographic breakdown as at 28 February 2011 was as follows:

                               %

Russia                       63.72
Turkey                       14.71
Poland                       12.24
Hungary                       4.70
Kazakhstan                    2.51
Czech Rep                     0.98
Ukraine                       0.86
Cash & Equivalents            0.28