Portfolio Update

Baring Emerging Europe PLC announces that at close of business 31 October 2019

its ten largest investments were as follows:

% of  Total Assets

Gazprom	11.13
Sberbank	10.37
Lukoil	9.69
Novatek	5.29
AO Tatneft	4.94
X5 Retail Group	4.55
PZU	4.15
KGHM Polska	3.06
PKO Bank Polski	2.74
National Bank of Greece	2.65

The geographic breakdown at close of business 31 October 2019 was as follows:

Russia	67.85
Poland	16.96
Turkey	10.75
Greece	4.46
Romania	2.60
Hungary	1.57
Czech	1.10
Kuwait	0.78
Other European	0.15
Cash & Equivalents	-6.22