Portfolio Update

Baring Emerging Europe PLC announces that at close of business 31 January 2018

its ten largest investments were as follows:                           

	% of Total Assets
Sberbank	12.15
Lukoil	9.39
Novatek	5.67
OTP Bank	4.22
Garanti Bank	4.21
Tatneft Pao	3.94
PZU	3.68
Mail.ru	3.08
Bank Pekao	3.00
National Bank of Greece	2.95

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

Russia	63.21
Poland	16.19
Turkey	9.71
Hungary	4.22
Romania	4.11
Czech rep	2.98
Greece	2.95
Other European	2.30
Cash & Equivalents	-5.67