Portfolio Update

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

its ten largest investments were as follows:

% of  Total Assets

Sberbank	10.84
Gazprom	9.77
Novatek	9.63
Lukoil	9.09
PZU	4.94
X5 Retail Group	4.53
KGHM Polska Miedz	3.68
Mail Ru Group	2.93
Komercni Banka	2.82
Santander Bank Polska SA	2.72

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

Russia	64.60
Poland	18.24
Turkey	10.25
Hungary	3.92
Romania	1.96
Greece	3.15
Czech	2.82
Kuwait	0.90
Other European	0.22
Cash & Equivalents	-6.06