Portfolio Update

Baring Emerging Europe PLC announces that as at 30 April 2010 its ten largest
investments were as follows :

                           % of Total Assets

Gazprom                          9.45
Sberbank                         9.27
Rosneft                          7.78
JSC MMC Norilsk                  6.03
Turkiye Garanti Bankasi          5.45
Powszechna Kasa                  5.17
Mobile Telesystems               4.91
Lukoil Holdings                  4.21
OTP                              3.90
Turkiye Halk Bankasi             3.87


The geographic breakdown as at 30 April 2010 was as follows:

                                  %

Russia                          60.27
Turkey                          16.32
Poland                           9.55
Hungary                          4.78
Czech Rep                        3.87
Kazakhstan                       2.21
Other                            0.65
Cash & Equivalents               2.35