Portfolio Update

Baring Emerging Europe PLC announces that at close of business 31 January 2013
its ten largest investments were as follows:

                                % of Total Assets

Sberbank                               12.24

Lukoil                                 10.80

Gazprom                                 6.74

Mobile Telesystems                      4.90

Turkiye Petrol Rafinerie                4.11

Turkiye Halk Bankasi                    4.06

Novatek                                 3.95

VTB Bank GDR                            3.59

MMC Norilisk Nickel ADR                 3.46

Rosneft                                 3.44

The geographic breakdown at close of business 31 January 2013 was as follows:

                                         %

Russia                                 67.60

Turkey                                 18.12

Georgia                                 0.52

Poland                                  7.66

Czech Rep                               0.66

Ukraine                                 1.31

Hungary                                 3.23

Slovenia                                0.08

Cash & Equivalents                      0.82