Portfolio Update

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

                                 % of Total Assets

Sberbank                              11.49
Gazprom                                8.62
JSC MMC Norilsk                        8.21
Lukoil Holdings                        6.70
Powszechna Kasa                        4.99
Mobile Telesystems                     4.39
Turkiye Garanti Bankasi                3.99
OTP                                    3.92
Turkiye Halk Bankasi                   3.71
Rosneft                                3.49

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

                                        %

Russia                                61.83
Turkey                                16.67
Poland                                11.90
Hungary                                3.92
Kazakhstan                             2.00
Czech Rep                              1.85
Ukraine                                0.85
Cash & Equivalents                     0.98