Net Asset Value(s)

Baring Emerging Europe PLC

At the close of business on 1 July 2015, the unaudited net asset value per ordinary share, valued on a bid price basis:

Capital only net asset value                      593.08p 

Net asset value including income                  602.78p

At 1 July 2015 the Company had exposure to two Greek securities, The National Bank of Greece and OPAP SA, totalling 3.2% 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.