Portfolio Update

Baring Emerging Europe PLC announces that at close of business 31 January 2015 its
ten largest investments were as follows:

                                     % of Total Assets

Lukoil                                           10.80

PZU                                               7.73

Sberbank                                          6.32

Novatek                                           4.89

Norilsk Nickel                                    4.83

Turkiye Halk Bankasi                              4.62

Turkiye Vakiflar Bankasi                          4.07

Emlak Konut Gayrimenkul Yati                      3.93

Turk Traktor Ve Ziraat                            3.57

Luxoft                                            3.18


The geographic breakdown at close of business 31 January 2015 was as follows:

                                                     %

Russia                                           54.47

Turkey                                           22.20

Poland                                           14.45

Romania                                           2.19

Kazakhstan                                        2.02

Greece                                            0.92

Ukraine                                           0.90

Georgia                                           0.58

Cash & Equivalents                                2.27