Portfolio Update

Baring Emerging Europe PLC announces that at close of business 31 March 2020

its ten largest investments were as follows: 

  % of  Total Assets

Gazprom	9.35%
Sberbank	8.61%
Lukoil	7.99%
Norilsk Nickel	5.67%
AO Tatneft	5.49%
X5 Retail Group	4.42%
PZU	4.37%
PKO Bank Polski	3.73%
Novatek	3.66%
Mobile Telesystems	3.37%

The geographic breakdown at close of business 31 March 2020 was as follows:

Russia	67.31%
Poland	11.82%
Turkey	10.80%
Greece	2.35%
Romania	2.87%
Hungary	0.39%
Kuwait	0.87%
Other European	0.12%
Cash & Equivalents	3.47%