Portfolio Update

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

                              % of Total Assets

Sberbank                           11.01
Gazprom                            10.32
Rosneft                             7.70
Lukoil Holdings                     6.73
Turkiye Garanti Bankasi             6.23
CEZ                                 5.34
Powszechna Kasa                     5.01
JSC MMC Norilsk                     4.99
Mobile Telesystems                  4.75
Vimpel Comms                        3.65

The geographic breakdown as at 31 January 2010 were as follows:

                                     %

Russia                             59.94
Turkey                             16.73
Poland                              9.64
Czech Rep                           5.34
Hungary                             4.49
Kazakhstan                          1.63
Other                               0.66
Cash & Equivalents                  1.57