Portfolio Update

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

	% of  Total Assets
Sberbank	10.38
Lukoil	9.22
Akbank	7.73
PZU	6.50
Turkiye Halk Bankasi	6.46
Magnit	6.20
Novatek	4.43
Tatneft	3.76
Phosagro	3.60
Turkiye Petrol Rafinerie	3.44

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

Russia	54.94
Turkey	27.73
Poland	14.18
Romania	3.47
Greece	2.82
Hungary	2.22
Czech Rep	2.12
Georgia	1.64
South Africa	0.71
Kazakhstan	0.70
Cash & Equivalents	-10.53