Portfolio Update

Baring Emerging Europe PLC announces that at close of business 30 November 2013
its ten largest investments were as follows:

                             % of Total Assets

Sberbank                                 11.43

Lukoil                                    9.33

Gazprom                                   7.50

Mobile Telesys                            5.28

PKO                                       4.60

VTB Bank                                  4.13

Turkiye Halk Bankasi                      4.02

Sistema                                   3.60

Turkiye Vakiflar Bankasi                  3.53

Novatek                                   2.99

The geographic breakdown at close of business 30 November 2013 was as follows:

                                             %

Russia                                   68.79

Turkey                                   13.74

Georgia                                   1.22

Poland                                    6.27

Czech Rep                                 0.34

Greece                                    0.44

Ukraine                                   2.14

Hungary                                   2.15

Slovenia                                  0.02

Cash & Equivalents                        4.89