Portfolio Update

Baring Emerging Europe PLC announces that at close of business 31 March 2014
its ten largest investments were as follows:

                       % of Total Assets

Lukoil                      10.98

Sberbank                     7.63

Gazprom                      6.78

PKO 5.68

Turkiye Halk Bankasi         4.55

MMC Norilsk                  3.86

Haci Omer Sabanci            3.85

Mobile Telesys               3.81

Sistema                      3.45

OTP Bank                     3.14

The geographic breakdown at close of business 31 March 2014 was as follows:

                              %

Russia                      57.49

Turkey                      21.76

Poland                      10.36

Greece                       2.52

Ukraine                      2.32

Hungary                      3.14

Cash & Equivalents           2.41