Portfolio Update

Baring Emerging Europe PLC announces that at close of business 31 August 2018 its ten largest investments were as follows:

% of  Total Assets

Lukoil	11.91
Novatek	8.69
Sberbank	8.10
Tatneft Pao	5.64
PZU	5.13
Powszechna Kasa Oszczednosci Bank	4.01
KGHM Polska Miedz	3.84
OTP Bank	3.50
X5 Retail Group	3.38
Gazprom	3.28

The geographic breakdown at close of business 31 August 2018 was as follows:

Russia	62.33
Poland	21.85
Turkey	4.84
Hungary	3.50
Romania	3.33
Greece	2.72
Other European	1.42
Czech rep	1.14
Kuwait	0.99
Cash & Equivalents	-2.12