Portfolio Update

Baring Emerging Europe PLC announces that at close of business 28 February 2014
its ten largest investments were as follows:

                             % of Total Assets

Sberbank                           10.62
Gazprom                             8.54
Lukoil                              7.71
PKO                                 5.83
Mobile Telesys                      4.80
MMC Norilsk                         4.68
Sistema                             4.37
Turkiye Halk Bankasi                3.74
Haci Omer Sabanci                   3.55
Mail RU Group                       3.24



The geographic breakdown at close of business 28 February 2014 was as follows:

                                     %

Russia                             66.05
Turkey                             16.87
Poland                              7.07
Greece                              1.21
Ukraine                             2.36
Hungary                             2.87
Cash & Equivalents                  3.57