Portfolio Update

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

% of Total Assets

Sberbank 10.95

Lukoil 10.42

Gazprom 7.52

Powszechny Zakl'd 4.87

KGHM Polska Miedz 4.53

Novatek GDR 4.22

Turkiye Pertrol Rafinerie 3.80

Turkiye Halk Bankasi 3.77

VTB Bank GDR 3.23

Rosneft Oil GDR 3.02

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

%

Russia 65.02

Turkey 17.38

Georgia 0.52

Poland 7.57

Czech Rep 0.90

Ukraine 0.72

Hungary 2.90

Slovenia 0.08

Cash & Equivalents 4.91