Portfolio Update

Baring Emerging Europe PLC announces that at close of business 30 September
2014 its ten largest investments were as follows:

                    % of Total Assets

Lukoil                10.89

Sberbank               7.48

PZU                    6.04

Novatek                5.80

Turkiye Halk Bankasi   5.06

Gazprom                4.93

OTP Bank               4.17

Magnit                 3.43

Mobile Telesystems     3.38

PKO                    3.26

The geographic breakdown at close of business 30 September 2014 was as follows:

                        %

Russia                56.61

Turkey                15.10

Poland                11.93

Greece                 5.12

Hungary                4.17

Kazakhstan             2.75

Ukraine                1.85

Romania                1.81

Cash & Equivalents     0.66