Portfolio Update

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

                              % of Total Assets

Gazprom                             8.92
Lukoil Holdings                     8.37
Sberbank                            8.19
Rosneft                             8.14
CEZ                                 6.37
Turkiye Garanti Bankasi             6.02
Mobile Telesystems                  5.21
JSC MMC Norilsk                     4.21
Vimpel Comms                        4.12
Powszechna Kasa                     3.97

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

                                     %

Russia                             57.01
Turkey                             15.43
Poland                              8.86
Czech Rep                           8.28
Hungary                             5.34
Kazakhstan                          1.57
Other                               0.96
Cash & Equivalents                  2.55