Portfolio Update

Baring Emerging Europe PLC announces that at close of business 31 December 2019 its ten largest investments were as follows:        

	% of  Total Assets
Sberbank	10.84
Gazprom	10.63
Lukoil	8.71
AO Tatneft	5.82
X5 Retail Group	4.37
Novatek	4.20
PZU	4.20
PKO Bank Polski	3.27
Yandex	2.84
KGHM Polska	2.77

The geographic breakdown at close of business 31 December 2019 was as follows:

Russia	68.13
Poland	15.37
Turkey	11.19
Greece	4.45
Romania	2.56
Hungary	1.64
Czech	1.11
Kuwait	0.71
Other European	0.11
Cash & Equivalents	-5.27