Portfolio Update

Baring Emerging Europe PLC announces that at close of business 28 February
2015 its ten largest investments were as follows:

                              % of Total Assets

Lukoil                                    11.66

Sberbank                                   8.60

Novatek                                    4.79

Norilsk Nickel                             4.77

Emlak Konut Gayrimenkul Yati               4.31

Turkiye Halk Bankasi                       3.81

Luxoft                                     3.73

Haci Omer Sabanci                          3.64

Magnit                                     3.50

Tatneft                                    3.43



The geographic breakdown at close of business 28 February 2015 was as follows:

                                              %

Russia                                    61.02

Turkey                                    24.70

Poland                                     7.14

Romania                                    1.96

Kazakhstan                                 1.94

Greece                                     1.14

Ukraine                                    0.84

Georgia                                    0.46

Cash & Equivalents                         0.80