Portfolio Update

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

                                             % of Total Assets

Lukoil                                             11.38

Sberbank                                            7.02

PZU                                                 5.57

Gazprom                                             5.38

Turkiye Halk Bankasi                                4.98

Novatek                                             4.64

OTP Bank                                            3.86

Mobile Telesystems                                  3.73

Sistema                                             3.48

Magnit                                              3.16

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

                                                      %

Russia                                             56.98

Turkey                                             14.20

Poland                                             10.70

Greece                                              5.49

Hungary                                             3.86

Ukraine                                             1.97

Romania                                             1.60

Kazakhstan                                          1.13

Cash & Equivalents                                  4.07