Baring Emerging Europe PLC announces that at close of business 31 December 2017

its ten largest investments were as follows:                                

                                                                        % of  Total Assets

Sberbank 11.04
Lukoil 8.88
OTP Bank 5.09
Garanti Bank 3.97
Novatek                                           3.54
Tatneft Pao 3.50
Koc 3.43
Mail.ru 2.96
CCC 2.90
National Bank of Greece 2.90

The geographic breakdown at close of business 31 December 2017 was as follows:

Russia 59.35
Poland 14.13
Turkey 12.30
Hungary 5.76
Romania 4.06
Greece 3.17
Czech rep 3.06
Other European 2.28
Cash & Equivalents -4.11