Portfolio Update

Baring Emerging Europe PLC announces that at close of business 30 April 2015
its ten largest investments were as follows:

                   % of Total Assets

Sberbank                 9.72
Lukoil                   7.58
Norilsk Nickel           4.63
Akbank                   3.93
Magnit                   3.79
Novatek                  3.73
Gazprom                  3.63
Luxoft                   3.49
Tatneft                  3.48
Mail.ru                  3.15


The geographic breakdown at close of business 30 April 2015 was as follows:

                           %

Russia                  60.54
Turkey                  20.42
Poland                   8.43
Greece                   3.48
Kazakhstan               1.99
Romania                  1.74
Georgia                  1.14
Ukraine                  0.88
Hungary                  0.54

Cash & Equivalents       0.84