Portfolio Update

Baring Emerging Europe PLC announces that at close of business 31 May 2017 its ten largest investments were as follows:                                

	% of  Total Assets
Sberbank	9.82
Lukoil	7.64
PZU	6.94
Garanti Bank	4.58
Magnit	3.90
Tatneft Pao	3.80
Novatek	3.70
Mail.ru	3.06
OTP Bank	3.01
Alrosa	2.85

The geographic breakdown at close of business 31 May 2017 was as follows:

Russia	61.58
Poland	13.93
Turkey	13.38
Romania	4.95
Hungary	3.78
Czech rep	3.33
Greece	3.27
Other European	2.69
Cash & Equivalents	-6.91