Baring Emerging Europe PLC announces that at close of business 30 December 2016
    its ten largest investments were as follows:                           

                                                                          % of
                                                                         Total
                                                                        Assets
                                                                              
    Sberbank                                                             11.45
                                                                              
    Lukoil                                                                9.25
                                                                              
    PZU                                                                   6.94
                                                                              
    Novatek                                                               4.53
                                                                              
    Magnit                                                                4.45
                                                                              
    Turkiye Halk Bankasi                                                  3.91
                                                                              
    Tatneft Pao                                                           3.56
                                                                              
    Gazprom                                                               3.51
                                                                              
    LSR                                                                   3.17
                                                                              
    Alrosa                                                                3.12

    The geographic breakdown at close of business 30 December 2016 was as follows:

    Russia Total                                                         63.67
                                                                              
    Turkey Total                                                         12.72
                                                                              
    Poland Total                                                         11.85
                                                                              
    Romania Total                                                         3.51
                                                                              
    Other European Total                                                  4.75
                                                                              
    Czech rep Total                                                       2.77
                                                                              
    Greece Total                                                          2.10
                                                                              
    Hungary Total                                                         2.10
                                                                              
    Cash & Equivalents                                                   -3.47