Portfolio Update

Baring Emerging Europe PLC announces that at close of business 30 September
2012 its ten largest investments were as follows:

% of Total Assets

Sberbank 10.78

Lukoil 10.39

Gazprom 9.52

Novatek GDR 6.23

Powszechny Zakl'd 5.07

KGHM Polska Miedz 4.17

VTB Bank GDR 3.53

Turkiye Pertrol Rafinerie 3.47

Turkiye Halk Bankasi 3.23

Powszechna Kasa 3.05

The geographic breakdown at close of business 30 September 2012 was as follows:

%

Russia 63.69

Turkey 15.96

Poland 14.06

Czech Rep 0.89

Ukraine 0.65

Hungary 2.62

Slovenia 0.08

Cash & Equivalents 2.07