Portfolio Update

Baring Emerging Europe PLC announces that at close of business 30 June 2019 its ten largest investments were as follows:                           

	% of  Total Assets
Sberbank	10.58
Gazprom	10.05
Novatek	9.18
Lukoil	8.80
PZU	4.95
X5 Retail Group	4.88
KGHM Polska Miedz	3.82
Mail Ru Group	3.04
Komercni Banka	2.76
Santander Bank Polska SA	2.63

The geographic breakdown at close of business 30 June 2019 was as follows:

Russia	64.26
Poland	18.39
Turkey	9.88
Hungary	3.24
Greece	3.04
Czech	2.76
Romania	2.45
Kuwait	0.79
Other European	0.19
Cash & Equivalents	-5.00