REG-Baring Emerging Eur: Net Asset Value(s)

At the close of business on 29 June 2009, the unaudited net asset value per
ordinary share, valued on a bid price basis:

1. Excluding undistributed current year revenue 548.75p

2. Including undistributed current year revenue 557.08p

The above Net Asset Values include the impact of the recovery of £959,698 of
VAT on management fees invoiced since 31 March 2005. This recovery has to date
not been recognised as an asset by the Company due to the uncertainty of the
recovery. This has resulted in an uplift of 2.59 pence to the net asset value.
In addition HMRC will pay interest on the recovery. The amount of interest and
timing of receipt remain uncertain and credit for the interest will be taken at
a later date once it has been agreed. The VAT recovery will be credited to the
Company's revenue and capital accounts in accordance with the Board's policy
for allocation of management fees and finance costs.

In addition a further reclaim of VAT for the period from the Company's
inception in December 2002 up until 31 March 2005 has been submitted to HMRC .
Credit for this will be taken at a later date once the amount of the reclaim
and the timing of the receipt has been agreed.

END