Portfolio Update

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

                                % of Total Assets

Sberbank                              10.78
Gazprom                                9.30
Rosneft                                7.12
Turkiye Garanti Bankasi                5.64
JSC MMC Norilsk                        5.47
Mobile Telesystems                     5.12
Powszechna Kasa                        4.63
Lukoil Holdings                        4.60
Turkiye Halk Bankasi                   4.36
Vimpelcom                              4.21


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

                                        %

Russia                                61.06
Turkey                                15.71
Poland                                 9.18
Czech Rep                              3.94
Hungary                                3.88
Kazakhstan                             1.84
Other                                  0.72
Cash & Equivalents                     3.67