Portfolio Update

Baring Emerging Europe PLC announces that at close of business 31 January 2017

its ten largest investments were as follows:

% of  Total Assets

Sberbank	11.17
Lukoil	9.31
PZU	5.56
Turkiye Halk Bankasi	4.86
Novatek	4.33
Magnit	4.13
Tatneft Pao	3.91
LSR	3.50
Gazprom	3.37
Alrosa	3.32

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

Russia Total	64.46
Turkey Total	13.68
Poland Total	11.56
Romania Total	4.08
Other European Total	4.07
Czech rep Total	3.30
Hungary Total	2.49
Greece Total	2.43
Cash & Equivalents	-6.07