Portfolio Update

Baring Emerging Europe PLC announces that at close of business 30 April 2018

its ten largest investments were as follows:                                

                                                                        % of  Total Assets

Lukoil	10.59
Sberbank	8.05
Novatek	5.48
Tatneft Pao	4.79
OTP Bank	4.54
PZU	4.28
Garanti Bank	4.10
Powszechna Kasa Oszczednosci Bank	3.47
National Bank of Greece	3.29
Gazprom	2.85

The geographic breakdown at close of business 30 April 2018 was as follows:

Russia	56.81
Poland	18.42
Turkey	9.61
Hungary	4.54
Romania	4.91
Greece	3.30
Czech rep	3.06
Other European	2.47
Cash & Equivalents	-3.12