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