Portfolio Update

Baring Emerging Europe PLC announces that at close of business 30 June 2013 its
ten largest investments were as follows:

                                 % of Total Assets

Lukoil                                10.88
Sberbank                              10.86
Novatek                                5.36
Gazprom                                4.98
VTB Bank                               4.36
Magnit GDR                             4.28
Mobile Telesys OJSC                    4.16
Turkiye Halk Bankasi                   3.94
Powszechny Zakl'd                      3.19
Rosneft                                3.17



The geographic breakdown at close of business 30 June 2013 was as follows:

                                        %

Russia                                68.02
Turkey                                15.62
Georgia                                1.16
Poland                                 8.45
Czech Rep                              0.54
Ukraine                                1.03
Hungary                                2.29
Slovenia                               0.04
Cash & Equivalents                     2.85