Portfolio Update

Baring Emerging Europe PLC announces that at close of business 31 August 2011
its ten largest investments were as follows :

                                 % of Total Assets

Sberbank                              10.88
Gazprom                                9.79
Lukoil Holdings                        9.61
Rosneft                                5.23
Powszechna Kasa                        4.72
VTB Bank                               4.46
Turkiye Garanti Bankasi                4.11
Mechel                                 3.92
Turkiye IS Bankasi                     3.41
Turkiye Halk Bankasi                   3.35


The geographic breakdown at close of business 31 August 2011 was as follows:

                                        %

Russia                                60.07
Turkey                                18.16
Poland                                13.33
Kazakhstan                             2.58
Hungary                                2.11
Ukraine                                1.48
Czech Rep                              1.21
Slovenia                               0.29
Cash & Equivalents                     0.77