Portfolio Update

Baring Emerging Europe PLC announces that as at 31 March 2010 its ten largest
investments were as follows :

                      % of Total Assets

Sberbank                   10.09
Gazprom                     9.50
Rosneft                     7.83
JSC MMC Norilsk             5.80
Lukoil Holdings             5.69
Turkiye Garanti Bankasi     5.19
Powszechna Kasa             5.00
Mobile Telesystems          4.95
Vimpel Comms                3.99
OTP                         3.84


The geographic breakdown as at 31 March 2010 was as follows:

                             %

Russia                     61.37
Turkey                     17.27
Poland                      9.30
Hungary                     4.73
Czech Rep                   3.81
Kazakhstan                  1.82
Other                       0.72
Cash & Equivalents          0.98