Portfolio Update

Baring Emerging Europe PLC announces that at close of business 28 February 2020

its ten largest investments were as follows: 

  % of  Total Assets

Sberbank	11.21
Lukoil	9.17
Gazprom	9.04
AO Tatneft	5.76
X5 Retail Group	4.83
PZU	4.29
PKO Bank Polski	4.04
Novatek	3.89
Norilsk Nickel	3.41
Mobile Telesystems	3.20

The geographic breakdown at close of business 28 February 2020 was as follows:

Russia	71.33%
Poland	14.41%
Turkey	12.21%
Greece	3.57%
Romania	2.79%
Hungary	1.70%
Czech	1.18%
Kuwait	0.92%
Other European	0.14%
Cash & Equivalents	-8.25%