Portfolio Update

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

             % of Total Assets

Lukoil                   9.19

PZU                      7.04

Sberbank                 6.66

Novatek                  5.12

Gazprom                  4.17

Turkiye Halk Bankasi     3.95

Norilsk Nickel           3.86

Haci Omer Sabanci        3.50

PKO                      3.47

Magnit                   3.46

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

                            %

Russia                  51.25

Turkey                  23.31

Poland                  13.52

Greece                   4.34

Kazakhstan               2.46

Romania                  2.11

Georgia                  0.58

Ukraine                  0.71

Cash & Equivalents       1.72