Portfolio Update

Baring Emerging Europe PLC announces that at close of business 30 November 2017

its ten largest investments were as follows:                                

                                                                        % of  Total Assets

Sberbank	11.67
Lukoil	8.95
OTP Bank	4.91
Garanti Bank	3.58
Tatneft Pao	3.48
Novatek	3.47
Mail.ru	3.12
Koc	3.08
PZU	2.78
Gazprom	2.73

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

Russia	61.99
Poland	13.88
Turkey	11.32
Hungary	6.26
Romania	4.14
Greece	3.41
Czech rep	3.04
Other European	2.23
Cash & Equivalents	-6.27