Portfolio Update

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

                     % of Total Assets

Sberbank                  11.78
Gazprom                    8.92
JSC MMC Norilsk            8.67
Lukoil Holdings            7.92
Powszechna Kasa            4.77
OTP                        4.47
Rosneft                    4.11
Mobile Telesystems         3.99
Turkiye Garanti Bankasi    3.55
Turkiye Halk Bankasi       3.40


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

                            %

Russia                    62.83
Turkey                    15.25
Poland                    12.41
Hungary                    4.47
Kazakhstan                 1.89
Czech Rep                  1.54
Ukraine                    0.87
Cash & Equivalents         0.74