Portfolio Update

Baring Emerging Europe PLC announces that at close of business 31 December 2017

its ten largest investments were as follows:                                

                                                                        % of  Total Assets

Sberbank	11.04
Lukoil	8.88
OTP Bank	5.09
Garanti Bank	3.97
Novatek	3.54
Tatneft Pao	3.50
Koc	3.43
Mail.ru	2.96
CCC	2.90
National Bank of Greece	2.90

The geographic breakdown at close of business 31 December 2017 was as follows:

Russia	59.35
Poland	14.13
Turkey	12.30
Hungary	5.76
Romania	4.06
Greece	3.17
Czech rep	3.06
Other European	2.28
Cash & Equivalents	-4.11