Portfolio Update

Baring Emerging Europe PLC announces that at close of business 31 January 2014
its ten largest investments were as follows:

                             % of Total Assets

Sberbank                                 11.29

Gazprom                                   9.19

Lukoil                                    7.99

PKO                                       5.18

Mobile Telesys                            5.06

Sistema                                   4.07

Magnit                                    3.91

MMC Norilsk                               3.41

Turkiye Halk Bankasi                      3.09

Turkiye Vakiflar Bankasi                  3.03

The geographic breakdown at close of business 31 January 2014 was as follows:

                                             %

Russia                                   70.10

Turkey                                   15.41

Poland                                    6.52

Czech Rep                                 0.38

Greece                                    1.34

Ukraine                                   2.43

Hungary                                   2.97

Slovenia                                  0.02

Cash & Equivalents                        0.84