Portfolio Update

Baring Emerging Europe PLC announces that at close of business 30 June 2015 its ten largest investments were as follows:

                        % of  Total Assets

Sberbank                            9.18

Lukoil                              7.01

Magnit                              6.57

Emlak Konut Gayrimenkul             5.95

Norilsk Nickel                      4.48

Mobile Telesystems                  4.31

Akbank                              4.20

Novatek                             4.18

Luxoft                              4.09

Tatneft                             3.48

The geographic breakdown at close of business 30 June 2015 was as follows:

                                        %

Russia                             62.81

Turkey                             21.69

Poland                             13.81

Greece                              2.97

Kazakhstan                          1.23

Romania                             1.93

Georgia                             1.37

Ukraine                             0.99

Hungary                             0.51

Cash & Equivalents                 -7.31