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.

    27 January 2017

    BARING EMERGING EUROPE PLC

    Shares in Issue

    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 as a result of the Tender Offer a total of 1,585,858
    Shares have been repurchased by the Company for cancellation. Following the
    cancellation of the Shares, there are 14,273,506 Shares in issue (excluding
    3,318,207 Shares held in treasury by the Company).

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

    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