Portfolio Update

Baring Emerging Europe PLC announces that at close of business 29 May 2015 its
ten largest investments were as follows:

                 % of Total Assets

Sberbank                9.46

Lukoil                  7.33

Magnit                  5.90

Emlak Konut Gayrimenkul 5.48

Norilsk Nickel          4.48

Mobile Telesystems      4.40

Akbank                  4.13

Novatek                 3.99

Luxoft                  3.71

Tatneft                 3.50

The geographic breakdown at close of business 29 May 2015 was as follows:

                           %

Russia                 62.89

Turkey                 22.90

Poland                 12.12

Greece                  3.37

Kazakhstan              1.19

Romania                 1.78

Georgia                 1.22

Ukraine                 0.96

Hungary                 0.50

Cash & Equivalents     -6.93