Portfolio Update

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

                                  % of Total Assets

Lukoil                                 11.39
Sberbank                               10.91
Gazprom                                 7.54
Mobile Telesys                          4.68
Magnit                                  4.38
VTB Bank                                3.83
Turkiye Halk Bankasi                    3.76
Novatek                                 3.66
Turkiye Vakiflar Bankasi                3.48
PZU                                     3.35


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

                                     %

Russia                             71.72
Turkey                             14.66
Georgia                             1.36
Poland                              6.14
Czech Rep                           0.32
Ukraine                             1.27
Hungary                             2.07
Slovenia                            0.03
Cash & Equivalents                  2.43