Portfolio Update

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

% of Total Assets

Sberbank 10.73

Lukoil 9.92

Gazprom 9.16

Novatek GDR 6.21

Powszechna Zakl'd 4.98

Turkiye Halk Bankasi 4.94

KGHM Polska Miedz 4.03

VTB Bank GDR 3.76

Mobile telesys OJSC 3.30

Rosneft 3.20

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

%

Russia 62.17

Turkey 15.10

Poland 13.49

Kazakhstan 0.59

Czech Rep 0.63

Ukraine 0.60

Hungary 5.20

Slovenia 0.11

Cash & Equivalents 2.11