Portfolio Update

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

% of Total Assets

Sberbank 11.18

Lukoil 10.06

Gazprom 9.64

Novatek GDR 6.60

Powszechny Zakl'd 4.92

Turkiye Halk Bankasi 3.94

VTB Bank GDR 3.77

Turkiye Pertrol Rafinerie 3.64

KGHM Polska Miedz 3.53

Powszechna Kasa 3.10

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

%

Russia 63.08

Turkey 15.97

Poland 12.91

Czech Rep 1.08

Ukraine 0.54

Hungary 2.39

Slovenia 0.07

Cash & Equivalents 3.97