Announcement of Tender Take-Up

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.

15 February 2012

                  Baring Emerging Europe PLC (the "Company")                   

                        Announcement of Tender Take-Up                         

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.

Following the deadline for receipt of tenders on 14 February 2012, a total of
16,098,244 Shares (representing approximately 49.64 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 21.39 per cent. of their excess tenders
satisfied. In accordance with the terms and conditions set out in Part IV 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 6,485,567 Shares, representing
approximately 19.99 per cent. of the issued share capital of the Company
(excluding any Shares held in treasury).

The Tender Offer remains conditional upon:

(i) the resolution contained in the notice of the General Meeting at the end of
the Circular being passed as a special resolution by no later than 31 March
2012;

(ii) 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
23 February 2012 (or such later date and time as the parties may agree) in
accordance with the terms of the Repurchase Agreement; and

(iii) the Tender Offer not having been terminated in accordance with paragraph
8 of Part IV of the Circular prior to the other conditions to the Tender Offer
having been fulfilled.

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

                                                                           2012
                                                                              
General Meeting                                       11:45 a.m. on 16 February
                                                  (or as soon thereafter as the
                                                  Annual General Meeting of the
                                                        Company is concluded or
                                                                     adjourned)
                                                                               
Announcement of results of General Meeting           by close of business on 16
                                                                       February
                                                                               
Calculation Date for Tender Price                       close of business on 22
                                                                       February
                                                                               
Announcement of Tender Price                         by close of business on 23
                                                                       February
                                                                               
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