Portfolio Update

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

                               % of Total Assets

Lukoil                            11.06

Sberbank                          10.89

Gazprom                            6.93

VTB                                4.28

Magnit                             4.27

Mobile Telesys                     4.24

Turkiye Halk Bankasi               3.93

PZU                                3.65

Novatek                            3.36

Rosneft                            3.23

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

                                    %

Russia                            68.10

Turkey                            15.44

Georgia                            1.22

Poland                             8.56

Czech Rep                          0.29

Ukraine                            1.25

Hungary                            2.17

Slovenia                           0.03

Cash & Equivalents                 2.94