Portfolio Update

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

                            % of Total Assets

Sberbank                        11.36

Lukoil                          10.89

Gazprom                          7.48

Turkiye Pertrol Rafinerie        4.39

Turkiye Halk Bankasi             4.16

Novatek GDR                      4.11

Rosneft Oil GDR                  3.57

VTB Bank GDR                     3.48

Powszechny Zakl'd                3.30

MMC Norilisk Nickel ADR          3.29

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

                                  %

Russia                           64.61

Turkey                           20.75

Georgia                           0.45

Poland                            8.46

Czech Rep                         0.88

Ukraine                           1.33

Hungary                           2.41

Slovenia                          0.08

Cash & Equivalents                1.03