Tender Offer Conditions

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

Tender Offer Conditions

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 each of the conditions to the Tender Offer listed in paragraph 2.1 of Part V of the Circular has now been satisfied and that accordingly the Tender Offer has now been declared 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 therefore be acquired by J.P. Morgan Cazenove today 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 of Tender Offer shares to uncertificated shareholders	31 January 2017
Despatch of settlement proceeds by cheque in respect of Tender Offer shares to certificated shareholders	by 3 February 2017

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

Enquiries:

Steven Bates
Chairman, Baring Emerging Europe PLC
Tel: [phone]

William Simmonds
J.P. Morgan Cazenove
Tel: [phone]

Martin Salmon / Graham Venables
Northern Trust
Tel: [phone]