Net Asset Value(s)

Baring Emerging Europe PLC

At the close of business on 16 July 2015, the unaudited net asset value per ordinary share, valued on a bid price basis:

Capital only net asset value                           595.71p

Net asset value including income                       613.21p

At 16 July 2015 the Company had exposure to two Greek securities, The National Bank of Greece and OPAP SA, totalling 3.1% of net assets. The value of the National Bank of Greece ADR has been used as a proxy to fair value the National Bank of Greece holding and the Global X FTSE Greece 20 ETF has been used as a proxy to fair value the OPAP SA holding.