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.

    24 January 2017

    BARING EMERGING EUROPE PLC

    Results of AGM and General Meeting and Tender Take up

    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.

    Results of AGM and General Meeting

    At the Annual General Meeting of the Company held on 24 January 2017 all the
    resolutions that were proposed were duly approved.  The resolutions approved
    included resolutions to authorise the Company to issue shares, including shares
    held in treasury, and to purchase its own shares.

    In addition, at the General Meeting of the Company held on 24 January 2017 the
    special resolutions to approve the repurchase of shares by the Company in
    connection with the Tender Offer, and to change the Company's investment policy
    as described in the circular to Shareholders dated 15 December 2016, were duly
    approved.

    A copy of the resolutions passed at the Annual General Meeting, other than the
    resolutions relating to the ordinary business of the Annual General Meeting,
    and a copy of the special resolutions passed at the General Meeting have been
    submitted to the National Storage Mechanism located at http://www.hemscott.com/
    nsm.do.

    Tender Take up

    Following the deadline for receipt of tenders on 20 January 2017, a total of
    7,571,053 Shares (representing approximately 47.74 per cent. of the issued
    share capital of the Company, excluding any Shares held in treasury) had been
    validly tendered by Shareholders under the Tender Offer.

    As certain Shareholders have not tendered Shares or have tendered less than
    their Basic Entitlement, Shareholders who tendered in excess of the Basic
    Entitlement will have approximately 7.29 per cent. of their excess tenders
    satisfied. In accordance with the terms and conditions set out in Part V of the
    Circular and after any fractional entitlements under the Tender Offer have been
    rounded down, subject to the Tender Offer becoming unconditional, J.P. Morgan
    Cazenove will therefore acquire 1,585,858 Shares, representing approximately
    10.00 per cent. of the issued share capital of the Company (excluding any
    Shares held in treasury).

    The Tender Offer remains conditional upon:

    (i) J.P. Morgan Cazenove being satisfied that the Company has paid the
    aggregate amount payable under the Tender Offer into an account by 4.00 p.m. on
    26 January 2017 (or such later date and time as the parties may agree) in
    accordance with the terms of the Repurchase Agreement;

    (ii) the Tender Offer not having been terminated in accordance with paragraph 8
    of Part V of the Circular prior to the fulfilment of the conditions referred to
    in sub-paragraphs 2.1(i) to (iii) (inclusive) of that Part V; and

     (iii) J.P. Morgan Cazenove being satisfied, acting in good faith, that the
    Company has complied with its obligations, and is not in breach of any of the
    warranties and undertakings given by it, under the Repurchase agreement.

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

    Calculation Date for Tender Price                  close of business on
                                                            24 January 2017
                                                                           
    Announcement of Tender Price                    by close of business on
                                                            25 January 2017
                                                                           
    Trade Date for Shares submitted for Tender              27 January 2017
    Offer                                                                  
                                                                           
    Settlement of proceeds through CREST in                 31 January 2017
    respect of Tender Offer shares to                                      
    uncertificated Shareholders                                            
                                                                           
    Despatch of settlement proceeds by cheque            by 3 February 2017
    in 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