Portfolio Update

Baring Emerging Europe PLC announces that at close of business 29 February 2012
its ten largest investments were as follows:

% of Total Assets

Sberbank 11.78

Gazprom 10.11

Lukoil 9.07

VTB Bank 4.94

KGHM Polska Miedz 4.33

Rosneft Oil 4.27

Turkiye Garanti Bankasi 3.85

Novatek 3.57

Turkiye Halk Bankasi 3.38

Mobile Telesys 2.96

The geographic breakdown at close of business 29 February 2012 was as follows:

%

Russia 63.63

Turkey 14.31

Poland 12.70

Kazakhstan 0.82

Czech Rep 0.94

Ukraine 0.94

Hungary 3.28

Slovenia 0.20

Cash & Equivalents 3.18