Portfolio Update

Baring Emerging Europe PLC announces that at close of business 31 July 2015 its
ten largest investments were as follows:

                               % of Total Assets

Lukoil                                     10.04

Sberbank                                    8.63

Magnit                                      6.67

Emlak Konut Gayrimenkul                     5.67

Novatek                                     4.29

Akbank                                      4.07

Mobile Telesystems                          3.77

Mail.ru                                     3.61

Tatneft                                     3.35

Gazprom                                     3.20

The geographic breakdown at close of business 31 July 2015 was as follows:

                                               %

Russia                                     60.24

Turkey                                     23.26

Poland                                     16.02

Greece                                      2.78

Romania                                     2.06

Georgia                                     1.45

Ukraine                                     1.19

Kazakhstan                                  1.03

Cash & Equivalents                         -8.03


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