Portfolio Update

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

                          % of Total Assets

Sberbank                        9.67
Gazprom                         9.66
Rosneft                         8.16
JSC MMC Norilsk                 5.91
Turkiye Garanti Bankasi         5.54
Powszechna Kasa                 5.09
Mobile Telesystems              4.94
Lukoil Holdings                 4.15
CEZ                             3.97
Vimpelcom                       3.89


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

                                 %

Russia                         61.31
Turkey                         15.95
Poland                          9.94
Hungary                         4.14
Czech Rep                       3.97
Kazakhstan                      2.03
Other                           0.66
Cash & Equivalents              2.00