Portfolio Update

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

% of Total Assets

Sberbank 11.03

Gazprom 9.08

Lukoil 8.92

Rosneft 8.81

Turkiye Garanti Bankasi 4.24

Novatek 3.93

VTB Bank 3.68

Powszechna 3.26

Eurocash 2.98

Turkiye Halk Bankasi 2.87

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

%

Russia 63.11

Turkey 16.03

Poland 13.07

Kazakhstan 2.59

Czech Rep 1.67

Ukraine 1.29

Hungary 1.11

Slovenia 0.17

Cash & Equivalents 0.96