Portfolio Update

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

                            % of Total Assets

Sberbank                          11.80
Gazprom                            7.59
JSC MMC Norilsk                    7.27
Lukoil Holdings                    6.95
Powszechna Kasa                    4.97
Mobile Telesystems                 4.67
Turkiye Garanti Bankasi            4.43
Turkiye Halk Bankasi               4.36
OTP                                3.91
Vimpelcom                          3.68

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

                                    %

Russia                            60.97
Turkey                            17.64
Poland                            11.92
Hungary                            3.91
Czech Rep                          1.84
Kazakhstan                         1.80
Ukraine                            0.75
Cash & Equivalents                 1.17