Portfolio Update

Baring Emerging Europe PLC announces that as at 31 March 2011 its ten largest
investments were as follows :

                             % of Total Assets

Sberbank                          11.73
Gazprom                           11.33
Lukoil Holdings                    8.69
Mobile Telesystems                 6.38
Rosneft                            6.19
Powszechna Kasa                    4.81
OTP                                4.46
Turkiye Garanti Bankasi            3.50
VTB Bank                           3.36
Turkiye Halk Bankasi               3.14


The geographic breakdown as at 31 March 2011 was as follows:

                                  %

Russia                          60.60
Turkey                          16.70
Poland                          11.15
Hungary                          4.46
Kazakhstan                       3.20
Czech Rep                        0.51
Ukraine                          1.44
Cash & Equivalents               1.94