Portfolio Update

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

                                    % of Total Assets

Sberbank                                 10.33
Gazprom                                   9.36
Rosneft                                   6.78
JSC MMC Norilsk                           5.93
Turkiye Garanti Bankasi                   5.70
Mobile Telesystems                        5.18
Powszechna Kasa                           4.83
Lukoil Holdings                           4.38
Turkiye Halk Bankasi                      4.20
OTP                                       4.05

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

                                           %

Russia                                   60.32
Turkey                                   15.67
Poland                                    9.45
Hungary                                   4.05
Czech Rep                                 3.75
Kazakhstan                                1.97
Ukraine                                   0.31
Other                                     0.67
Cash & Equivalents                        3.81