Portfolio Update

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

its ten largest investments were as follows:                                

                                         % of  Total Assets

Lukoil	11.76
Sberbank	8.78
Novatek	8.40
Gazprom	6.39
PZU	4.37
Turkcell Lletisim Hizmetleri	4.34
X5 Retail Group	4.00
OTP Bank	3.72
Powszechna Kasa Oszczednosci Bank	3.70
Mail.ru	3.62

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

Russia	65.83
Poland	18.08
Turkey	11.13
Hungary	3.72
Romania	3.19
Greece	1.68
Kuwait	0.87
Other European	0.65
Cash & Equivalents	-5.15