Portfolio Update

Baring Emerging Europe PLC announces that as at 29 October 2010 its ten largest
investments were as follows :

                            % of Total Assets

Sberbank                         11.65
Gazprom                           7.25
Lukoil Holdings                   6.81
JSC MMC Norilsk                   6.11
Powszechna Kasa                   5.46
OTP                               4.95
Turkiye Garanti Bankasi           4.78
Mobile Telesystems                4.66
Turkiye Halk Bankasi              4.57
Rosneft                           3.50

The geographic breakdown as at 29 October 2010 was as follows:

                                   %

Russia                           58.24
Turkey                           17.77
Poland                            9.72
Hungary                           4.95
Czech Rep                         3.42
Kazakhstan                        1.72
Ukraine                           0.59
Cash & Equivalents                3.59