Portfolio Update

Baring Emerging Europe PLC announces that at close of business 30 November 2011
its ten largest investments were as follows :

                         % of Total Assets

Sberbank                        11.73

Gazprom                          8.82

Rosneft                          8.78

Lukoil                           8.51

Turkiye Garanti Bankasi          4.39

Novatek                          4.33

VTB Bank                         4.02

Turkiye Halk Bankasi             3.20

Powszechna                       3.14

Uralkal iy                       2.66

The geographic breakdown at close of business 30 November 2011 was as follows:

                                    %

Russia                          63.66

Turkey                          16.32

Poland                          12.04

Kazakhstan                       2.44

Czech Rep                        1.46

Ukraine                          1.30

Hungary                          1.15

Slovenia                         0.17

Cash & Equivalents               1.46