Portfolio Update

Baring Emerging Europe PLC announces that at close of business 31 December 2013
its ten largest investments were as follows:

% of Total Assets

Sberbank                 11.60
Lukoil                    9.16
Gazprom                   7.67
Mobile Telesys            5.61
PKO                       4.61
VTB Bank                  4.56
Sistema                   4.34
MMC Norilisk              3.29
Novatek                   3.22
Turkiye Halk Bankasi      3.15


The geographic breakdown at close of business 31 December 2013 was as follows:

%

Russia                   72.44
Turkey                   11.45
Georgia                   1.34
Poland                    6.27
Czech Rep                 0.34
Greece                    1.17
Ukraine                   2.28
Hungary                   2.08
Slovenia                  0.02
Cash & Equivalents        2.61