Portfolio Update

Baring Emerging Europe PLC announces that at close of business 30 November 2016

its ten largest investments were as follows:                                

% of  Total Assets

Sberbank	11.69
Lukoil	8.78
PZU	6.69
Novatek	4.49
Magnit	4.41
Turkiye Halk Bankasi	4.10
Gazprom	3.49
Tatneft Pao	3.43
Alrosa	3.09
LSR	3.01

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

Russia Total	62.63
Turkey Total	13.65
Poland Total	11.84
Romania Total	3.71
Other European Total	4.15
Czech rep Total	3.10
Greece Total	1.96
Kazakhstan Total	0.49
Hungary Total	2.16
Cash & Equivalents	-3.69