Portfolio Update

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

                                      % of Total Assets

Sberbank                              8.28

Turkiye Halk Bankasi                  6.50

PZU                                   6.42

Lukoil                                5.82

Novatek                               5.22

Gazprom                               4.43

Haci Omer Sabanci                     3.74

Magnit                                3.72

PKO                                   3.28

Turkiye Vakiflar Bankasi              3.16

The geographic breakdown at close of business 28 November 2014 was as follows:

                                      %

Russia                                52.53

Turkey                                24.78

Poland                                12.45

Greece                                 4.79

Kazakhstan                             2.16

Romania                                1.86

Ukraine                                0.74

Cash & Equivalents                     0.69