Portfolio Update

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

                             % of Total Assets

Sberbank                                  7.85

Lukoil                                    7.66

Norilsk Nickel                            4.90

Novatek                                   4.48

Akbank                                    4.44

Magnit                                    3.90

Luxoft                                    3.88

Haci Omer Sabanci                         3.49

Tatneft                                   3.37

Turkiye Halk Bankasi                      3.33


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

                                             %

Russia                                   58.16

Turkey                                   23.31

Poland                                    7.70

Romania                                   1.94

Kazakhstan                                2.30

Greece                                    3.46

Ukraine                                   0.99

Georgia                                   1.19

Cash & Equivalents                        0.95