Portfolio Update

Baring Emerging Europe PLC announces that at close of business 31 March 2016 its ten largest investments were as follows:                        

                                                                        % of  Total Assets

Sberbank	11.01
Lukoil	8.60
Turkiye Halk Bankasi	6.05
Akbank	5.55
Magnit	5.51
Novatek	4.34
Dogus Otomotiv	4.24
PZU	3.64
Turkiye Petrol Rafinerie	3.64
Phosagro	3.56

The geographic breakdown at close of business 31 March 2016 was as follows:

Russia	53.49
Turkey	29.38
Poland	10.88
Romania	3.86
Hungary	1.97
Greece	1.95
Czech Rep	1.78
Georgia	1.53
Kazakhstan	0.57
Cash & Equivalents	-5.39