ESTS Blackrock Sub

BlackRock Emerging Europe PLC

Conversion of Subscription Shares

The Board of BlackRock Emerging Europe PLC announces that today it issued,
subject to listing, 3,279 ordinary shares following the exercise of
Subscription Share Rights by 13 holders of Subscription Shares. The Ordinary
Shares will rank pari passu with the existing Ordinary Shares.

The subscription shares are at present out of the money in share price terms. A
trustee will be appointed under the terms of the subscription shares. Unless
exercised by the trustee, the subscription share rights in respect of the
remaining 8,465,178 Subscription Shares will lapse on 15 July 2013. The
Company has requested that the listing of the Subscription Shares be cancelled
by the UK Listing Authority on 5 August 2013.

It is expected that admission to the Official List and commencement of dealings
in the Ordinary Shares on the London Stock Exchange will take place at 8.00
a.m. on 8 July 2013.

Following admission, there will be 39,181,277 Ordinary Shares (excluding
5,800,000 ordinary shares held in treasury).

2 July 2013

For further information, please contact:

A B Powley
BlackRock Investment Management (UK) Limited - Company Secretary
Telephone 0207 743 5610