Portfolio Update

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

                          % of Total Assets

Lukoil Holdings                 9.89

Sberbank                        9.85

Gazprom                         8.16

Turkiye Garanti Bankasi         5.33

Rosneft                         4.73

Turkiye Halk Bankasi            4.68

Powszechna Kasa                 4.59

VTB Bank                        4.32

Turkiye IS Bankasi              4.17

Novatek                         2.87

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

                                 %

Russia                         55.62

Turkey                         23.34

Poland                         13.15

Kazakhstan                      2.46

Czech Rep                       1.51

Ukraine                         1.22

Hungary                         1.10

Slovenia                        0.23

Cash & Equivalents              1.37


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