Portfolio Update

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

                              % of Total Assets

Sberbank                             7.02

PZU                                  6.28

Lukoil                               5.77

Turkiye Halk Bankasi                 5.73

Novatek                              5.57

Gazprom                              4.72

OTP Bank                             4.13

Magnit                               4.05

Haci Omer Sabanci                    3.36

PKO                                  3.08


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

                                      %

Russia                              53.20

Turkey                              17.80

Poland                              12.10

Greece                               4.43

Hungary                              4.13

Kazakhstan                           2.54

Romania                              1.80

Ukraine                              1.57

Cash & Equivalents                   2.43