Portfolio Update

Baring Emerging Europe PLC announces that at close of business 30 December 2016
its ten largest investments were as follows:                           

	% of  Total Assets
Sberbank	11.45
Lukoil	9.25
PZU	6.94
Novatek	4.53
Magnit	4.45
Turkiye Halk Bankasi	3.91
Tatneft Pao	3.56
Gazprom	3.51
LSR	3.17
Alrosa	3.12

The geographic breakdown at close of business 30 December 2016 was as follows:

Russia Total	63.67
Turkey Total	12.72
Poland Total	11.85
Romania Total	3.51
Other European Total	4.75
Czech rep Total	2.77
Greece Total	2.10
Hungary Total	2.10
Cash & Equivalents	-3.47