Portfolio Update

Baring Emerging Europe PLC announces that as at 30 June 2011 its ten largest
investments were as follows :

                             % of Total Assets

Sberbank                           11.86
Gazprom                             9.52
Lukoil Holdings                     6.59
Powszechna Kasa                     5.26
Rosneft                             4.61
Mechel                              4.59
VTB Bank                            4.37
Turkiye Garanti Bankasi             4.22
Turkiye IS Bankasi                  3.35
Turkiye Halk Bankasi                3.29


The geographic breakdown as at 30 June 2011 was as follows:

                                     %

Russia                             58.70
Turkey                             17.99
Poland                             12.69
Kazakhstan                          3.13
Hungary                             3.09
Ukraine                             1.56
Slovenia                            0.32
Czech Rep                           0.27
Cash & Equivalents                  2.25