Portfolio Update

Baring Emerging Europe PLC announces that as at 28 April 2011 its ten largest
investments were as follows :

                          % of Total Assets

Sberbank                       11.11
Gazprom                        10.90
Lukoil Holdings                 8.17
Mobile Telesystems              6.09
OTP                             5.26
Powszechna Kasa                 5.20
Rosneft                         4.37
Turkiye Garanti Bankasi         3.73
Turkiye Halk Bankasi            3.38
VTB Bank                        3.02

The geographic breakdown as at 28 April 2011 was as follows:

                                 %

Russia                         58.29
Turkey                         17.63
Poland                         12.01
Hungary                         5.26
Kazakhstan                      3.16
Ukraine                         1.68
Czech Rep                       0.34
Cash & Equivalents              1.63