NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES,
    CANADA, NEW ZEALAND, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO
    SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

    25 January 2017

    BARING EMERGING EUROPE PLC

    Announcement of Tender Price

    On 15 December 2016, the Company announced the publication of a circular (the "
    Circular") in respect of a tender offer for up to 10 per cent. of the issued
    share capital of the Company (excluding any Shares held in treasury) (the "
    Tender Offer"). Terms used in this announcement and not otherwise defined shall
    have the same meaning as in the Circular.

    The Board announces that the NAV as at the Calculation Date (24 January 2017)
    was 806.28 pence per Share. Accordingly, the Tender Price is 784.18 pence per
    Share, being 97.5 per cent. of the NAV (after accounting for the costs of the
    Tender Offer) as at the Calculation Date.

    It is currently expected that the Tender Offer will become unconditional on 27
    January 2017, which will also be the Trade Date for Shares which have been
    accepted for repurchase under the Tender Offer.

    Subject to the Tender Offer becoming unconditional, a total of 1,585,858
    Shares, representing approximately 10.00 per cent. of the Company's issued
    share capital (excluding any Shares held in treasury), will be acquired by J.P.
    Morgan Cazenove and will subsequently be repurchased by the Company for
    cancellation.

    The expected timetable for the completion of the Tender Offer is as follows:

    Trade Date for Shares submitted for Tender Offer                  27 January 2017
                                                                                     
    Settlement of proceeds through CREST in respect                   31 January 2017
    of Tender Offer shares to uncertificated                                         
    shareholders                                                                     
                                                                                     
    Despatch of settlement proceeds by cheque in                   by 3 February 2017
    respect of Tender Offer shares to certificated                                   
    shareholders                                                                     

    Unless otherwise stated, all references to time in this document are to London
    time.

    Enquiries:

    Steven Bates
    Chairman, Baring Emerging Europe PLC
    Tel: 020 7982 1263

    William Simmonds
    J.P. Morgan Cazenove
    Tel: 020 7742 4000

    Martin Salmon / Graham Venables
    Northern Trust
    Tel: 020 7982 2000