Portfolio Update

Baring Emerging Europe PLC announces that at close of business 30 September 2016 its ten largest investments were as follows:

% of  Total Assets

Sberbank	11.29
Lukoil	10.37
PZU	5.83
Magnit	5.12
Novatek	5.06
Turkiye Halk Bankasi	4.70
Grupa Kety	3.39
Phosagro	3.10
Dogus Otomotiv	3.03
Tatneft Pao	2.80

The geographic breakdown at close of business 30 September 2016 was as follows:

Russia	59.40
Turkey	18.49
Poland	14.41
Romania	3.91
Czech rep	3.44
Greece	1.68
Hungary	0.00
Other European	3.33
Kazakhstan	0.53
Cash & Equivalents	-5.19