Portfolio Update

Baring Emerging Europe PLC announces that as at 31 May 2011 its ten largest
investments were as follows :

                       % of Total Assets

Sberbank                     11.61
Gazprom                       9.41
Lukoil Holdings               8.34
Powszechna Kasa               5.32
OTP                           5.27
Mechel                        5.01
Rosneft                       4.64
VTB Bank                      4.31
Mobile Telesystems            3.24
Turkiye Halk Bankasi          3.15


The geographic breakdown as at 31 May 2011 was as follows:

                               %

Russia                       60.17
Turkey                       14.60
Poland                       12.57
Hungary                       5.27
Kazakhstan                    3.25
Ukraine                       1.67
Czech Rep                     0.62
Slovenia                      0.36
Cash & Equivalents            1.49