Portfolio Update

Baring Emerging Europe PLC announces that at close of business 31 January 2016 its ten largest investments were as follows:                        

                                                                 % of  Total Assets

Sberbank	10.09
Lukoil	9.62
Akbank	8.61
Turkiye Halk Bankasi	6.58
Magnit	6.34
PZU	6.28
Novatek	4.89
Turkiye Petrol Rafinerie	3.84
Phosagro	3.51
Turk Traktor Ve Ziraat	3.30

The geographic breakdown at close of business 31 January 2016 was as follows:

Russia	53.28
Turkey	27.68
Poland	13.75
Romania	3.46
Hungary	2.36
Greece	2.18
Czech Rep	2.13
Georgia	1.54
Kazakhstan	0.61
Cash & Equivalents	-6.99