Net Asset Value(s)

Baring Emerging Europe PLC                           

At the close of business on 29 June 2015, the unaudited net asset value per
ordinary share, valued on a bid price basis:

Capital only net asset value     583.08p

Net asset value including income 592.77p

At 29 June 2015 the Company had exposure to two Greek securities, The National
Bank of Greece and OPAP SA, totalling 2.8% 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. The impact on the valuation from fair
valuing the two holdings was a decline of 74 basis points.


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