Portfolio Update

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

                                 % of Total Assets

Sberbank                              10.97
Lukoil                                10.83
Gazprom                                5.72
Turkiye Halk Bankasi                   4.56
Turkiye Petrol Rafinerie               4.32
Novatek                                4.11
Mobile Telesys OJSC                    4.10
Turkiye Vakiflar Bankasi               3.61
VTB Bank GDR                           3.51
Magnit GDR                             3.44


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

                                        %

Russia                                63.77
Turkey                                19.17
Georgia                                1.03
Poland                                10.34
Czech Rep                              0.54
Ukraine                                1.23
Hungary                                2.05
Slovenia                               0.05
Cash & Equivalents                     1.82