Portfolio Update

Baring Emerging Europe PLC announces that at close of business 31 May 2012 its
ten largest investments were as follows:

% of Total Assets

Sberbank 10.19

Lukoil 9.97

Gazprom 9.48

Novatek GDR 5.69

KGHM Polska Miedz 4.15

VTB Bank GDR 3.95

Turkiye Halk Bankasi 3.88

Rosneft Oil GDR 3.58

Mobile Telesys 3.17

Powszechna Kasa Oszczed 2.64

The geographic breakdown at close of business 31 May 2012 was as follows:

%

Russia 62.95

Turkey 12.89

Poland 11.71

Kazakhstan 0.61

Czech Rep 0.74

Ukraine 0.72

Hungary 5.02

Slovenia 0.18

Cash & Equivalents 5.18