Portfolio Update

Baring Emerging Europe PLC announces that at close of business 30 April 2014
its ten largest investments were as follows:

                          % of Total Assets

Lukoil                        11.08

Sberbank                       6.71

Gazprom                        6.53

PKO                            5.68

Haci Omer Sabanci              4.30

MMC Norilsk                    4.30

Turkiye Halk Bankasi           4.25

Sistema                        3.75

Mobile Telesys                 3.74

OTP Bank                       3.23


The geographic breakdown at close of business 30 April 2014 was as follows:

                                 %

Russia                        56.98

Turkey                        21.13

Poland                        12.45

Hungary                        3.23

Greece                         3.22

Ukraine                        2.27

Romania                        0.50

Cash & Equivalents             0.22