Announcement of Tender Price

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

23 February 2012

                  Baring Emerging Europe PLC (the "Company")                   

                         Announcement of Tender Price                          

On January 18 2012, the Company announced the publication of a circular (the "
Circular") in respect of a tender offer for up to 20 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 (22 February 2012)
was 810.53p pence per Share. Accordingly, the Tender Price is 786.2141p per
Share, being 97 per cent. of the NAV as at the Calculation Date.

It is currently expected that the Tender Offer will become unconditional on 24
February 2012, 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 6,485,567
Shares, representing approximately 19.99 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:

                                                                           2012
                                                                               
Trade Date for Shares submitted for Tender in                       24 February
the Tender Offer
                                                               
                                                                               
Settlement of proceeds through CREST in respect                     27 February
of Tender Offer shares to uncertificated                                       
Shareholders                                                                   
            
                                                                   
Despatch of settlement proceeds by cheque in                     by 29 February
respect of Tender Offer shares to certificated                                 
Shareholders                                                                   
               
                                                                
Despatch of settlement proceeds by cheque in                         by 5 March
respect of Tender Offer shares to Scheme                                       
Participants   
                                                                

All references to time in this announcement are to London time.

Enquiries:

Steven Bates

Baring Emerging Europe PLC - 0207 982 1260

William Simmonds

J.P. Morgan Cazenove - 0207 588 2828

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