Net Asset Value(s)

Baring Emerging Europe PLC

At the close of business on 20 July 2015, the unaudited net asset value per ordinary share, valued on a bid price basis:

Capital only net asset value                     580.92p  

Net asset value including income                 598.38p

At 20 July 2015 the Company had exposure to two Greek securities, The National Bank of Greece and OPAP SA, totalling 2.7% 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.