Portfolio Update

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

% of Total Assets

Sberbank 11.04

Gazprom 10.33

Lukoil 9.23

Mobile Telesys 4.46

VTB Bank GDR 4.36

KGHM Polska Miedz 4.23

Turkiye Garanti Bankasi 3.76

Turkiye Halk Bankasi 3.63

Rosneft Oil GDR 3.44

Novatek GDR 3.33

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

%

Russia 64.17

Turkey 15.50

Poland 11.15

Kazakhstan 0.69

Czech Rep 0.68

Ukraine 0.93

Hungary 5.46

Slovenia 0.21

Cash & Equivalents 1.21