Portfolio Update

Baring Emerging Europe PLC announces that at close of business 29 July 2011 its
ten largest investments were as follows :

                              % of Total Assets

Sberbank                           11.71
Gazprom                             9.56
Lukoil Holdings                     8.96
Powszechna Kasa                     5.16
Mechel                              4.86
Rosneft                             4.74
VTB Bank                            4.33
Turkiye Garanti Bankasi             4.20
Turkiye IS Bankasi                  3.22
Turkiye Halk Bankasi                3.16


The geographic breakdown at close of business 29 July 2011 was as follows:

                                     %

Russia                             59.96
Turkey                             17.71
Poland                             13.14
Kazakhstan                          2.87
Hungary                             2.82
Ukraine                             1.48
Slovenia                            0.28
Czech Rep                           0.26
Cash & Equivalents                  1.48