Correction : Portfolio Update

Correction to the Portfolio Update announced on the 1 November 2012.

The Geographic breakdown at close of business 31 October 2012 should show
Poland at 12.44% and Cash & equivalents at 0.04% of Total Assets and not as
previously stated Poland 7.47% and Cash & equivalents 4.91% of Total Assets.
All of the other information remains the same as previously announced.



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

                                % of Total Assets

Sberbank                             10.95

Lukoil                               10.42

Gazprom                               7.52

Powszechny Zakl'd                     4.87

KGHM Polska Miedz                     4.53

Novatek GDR                           4.22

Turkiye Pertrol Rafinerie             3.80

Turkiye Halk Bankasi                  3.77

VTB Bank GDR                          3.23

Rosneft Oil GDR                       3.02

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

                                       %

Russia                               65.02

Turkey                               17.38

Georgia                               0.52

Poland                               12.44

Czech Rep                             0.90

Ukraine                               0.72

Hungary                               2.90

Slovenia                              0.08

Cash & Equivalents                    0.04