Portfolio Update

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

% of Total Assets

Lukoil 10.87

Sberbank 7.57

Gazprom 6.80

Turkiye Halk Bankasi 4.51

Sistema 4.08

PKO 4.04

Mobile Telesys 3.76

MMC Norilsk 3.49

OTP Bank 3.35

Haci Omer Sabanci 3.31

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

%

Russia 57.63

Turkey 20.65

Poland 10.75

Greece 4.69

Hungary 3.35

Ukraine 1.98

Romania 0.43

Cash & Equivalents 0.52