Portfolio Update

Baring Emerging Europe PLC announces that at close of business 30 September 2019 its ten largest investments were as follows:                                

	% of  Total Assets
Sberbank	10.41
Gazprom	10.04
Lukoil	8.12
Novatek	5.75
X5 Retail Group	5.27
PZU	4.17
Polyus	2.98
Mobile Telesystems	2.95
KGHM Polska	2.91
Turkiye Vakiflar Bankasi	2.90

The geographic breakdown at close of business 30 September 2019 was as follows:

Russia	65.05
Poland	17.36
Turkey	12.27
Greece	3.35
Romania	2.70
Hungary	2.27
Czech	1.41
Kuwait	0.83
Other European	0.19
Cash & Equivalents	-5.43