Portfolio Update

Baring Emerging Europe PLC announces that at close of business 31 December 2018 its ten largest investments were as follows:                                

	% of  Total Assets
Lukoil	11.10
Novatek	8.67
Sberbank	8.38
Gazprom	7.12
PZU	4.61
Turkcell Lletisim Hizmetleri	4.51
X5 Retail Group	4.36
Powszechna Kasa Oszczednosci Bank	4.03
KGHM Polska Miedz	3.81
Mail.Ru	3.22

The geographic breakdown at close of business 31 December 2018 was as follows:

Russia	61.75
Poland	20.13
Turkey	14.56
Hungary	4.40
Romania	2.03
Greece	1.25
Czech	0.50
Kuwait	0.95
Other European	1.65
Cash & Equivalents	-7.22