Portfolio Update

Baring Emerging Europe PLC announces that at close of business 31 July 2019

its ten largest investments were as follows:                                

% of  Total Assets
Sberbank 10.37
Gazprom 10.13
Novatek                                           8.14
Lukoil 7.89
X5 Retail Group 4.77
PZU 4.62
KGHM Polska 3.39
Mail.ru 3.05
Mobile Telesystems 2.83
Komercni Banka 2.71

The geographic breakdown at close of business 31 July 2019 was as follows:

Russia 64.53
Poland 16.77
Turkey 11.01
Greece 3.18
Czech 2.71
Romania 2.51
Hungary 2.49
Kuwait 0.82
Other European 0.18
Cash & Equivalents -4.20
UK 100

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