Portfolio Update

Baring Emerging Europe PLC announces that at close of business 30 June 2017 its ten largest investments were as follows:                                

                                                                                                                % of  Total Assets

Sberbank	8.98
Lukoil	7.89
PZU	5.20
Garanti Bank	4.76
Magnit	3.77
Novatek	3.73
Tatneft Pao	3.55
OTP Bank	3.28
Mail.ru	3.06
Alrosa	2.69

The geographic breakdown at close of business 30 June 2017 was as follows:

Russia	60.37
Poland	12.96
Turkey	14.11
Romania	4.59
Hungary	4.31
Czech rep	3.46
Greece	3.52
Other European	3.12
Cash & Equivalents	-6.44