Portfolio Update

Baring Emerging Europe PLC announces that at close of business 28 February 2019 its ten largest investments were as follows:

% of  Total Assets

Lukoil	10.91
Sberbank	9.16
Novatek	8.14
Gazprom	7.06
X5 Retail Group	4.11
KGHM Polska Miedz	4.01
PZU	3.94
Powszechna Kasa Oszczednosci Bank	3.56
Turkiye Garanti B’Kasi	3.23
Mail Ru Group	3.06

The geographic breakdown at close of business 28 February 2019 was as follows:

Russia	60.09
Poland	19.90
Turkey	15.27
Hungary	4.08
Romania	1.77
Greece	2.14
Czech	2.10
Kuwait	0.76
Other European	1.65
Cash & Equivalents	-7.76