Portfolio Update

Baring Emerging Europe PLC announces that at close of business 30 March 2012
its ten largest investments were as follows:

% of Total Assets

Sberbank 10.91

Gazprom 10.71

Lukoil 8.88

VTB Bank 4.61

KGHM Polska Miedz 4.32

Turkiye Garanti Bankasi 3.96

Turkiye Halk Bankasi 3.64

Mobile Telesys 3.58

Novatek 3.48

Rosneft Oil GDR 3.34

The geographic breakdown at close of business 30 March 2012 was as follows:

%

Russia 62.83

Turkey 16.17

Poland 12.01

Kazakhstan 0.70

Czech Rep 0.99

Ukraine 0.94

Hungary 5.05

Slovenia 0.21

Cash & Equivalents 1.10