Portfolio Update

Baring Emerging Europe PLC announces that as at 30 October 2009 its ten largest
investments were as follows :

                             % of Total Assets

Gazprom                            10.54
Sberbank                            8.93
Lukoil Holdings                     8.72
Rosneft                             8.10
CEZ                                 5.86
Turkiye Garanti Bankasi             5.74
Mobile Telesystems                  4.82
Powszechna Kasa                     4.77
JSC MMC Norilsk                     4.60
Vimpel Comms                        3.86


The geographic breakdown as at 30 October 2009 was as follows:

                                     %

Russia                             59.43
Turkey                             15.24
Poland                              9.77
Czech Rep                           6.73
Hungary                             5.30
Kazakhstan                          1.60
Other                               1.04
Cash & Equivalents                  0.89