Portfolio Update

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

                                  % of Total Assets

Lukoil                                  11.42
Sberbank                                11.24
Gazprom                                  7.78
Mobile Telesys                           4.68
PKO                                      4.37
Turkiye Halk Bankasi                     4.07
VTB Bank                                 3.92
Turkiye Vakiflar Bankasi                 3.58
Sistema                                  3.30
Rosneft                                  3.12


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

                                          %

Russia                                  70.29
Turkey                                  14.61
Georgia                                  1.34
Poland                                   6.10
Czech Rep                                0.35
Ukraine                                  2.02
Hungary                                  2.09
Slovenia                                 0.03
Cash & Equivalents                       3.17