Portfolio Update

Baring Emerging Europe PLC announces that at close of business 31 October 2011
its ten largest investments were as follows :

% of Total Assets

Sberbank                10.8

Gazprom                 8.75

Lukoil Holdings         8.42

Rosneft                 5.11

VTB Bank                4.48

Turkiye Garanti Bankasi 4.31

Powszechna Kasa         4.21

Novatek                 3.79

Turkiye Halk Bankasi    3.15

Uralkal                 2.73

The geographic breakdown at close of business 31 October 2011 was as follows:

%

Russia            62.02

Turkey            16.28

Poland            13.46

Kazakhstan         2.59

Czech Rep          1.66

Ukraine            1.37

Hungary            1.07

Slovenia           0.13
 
Cash & Equivalents 1.42