ESTS Blackrock Sub

BLACKROCK EMERGING EUROPE PLC

23 July 2013

Results of Tender and Tender Price

The Board today announces that the Net Asset Value as at the Calculation Date
for the Tender Offer was 294.15 pence per Ordinary Share. Accordingly, the
Tender Price, which has been calculated in accordance with paragraph 3 of Part
V of the Circular to Shareholders dated 24 May 2013, is 283.3200 pence per
Ordinary Share.

The Tender Offer was over-subscribed with 59.7% of the Company's issued share
capital being tendered. Following scaling back, 2,938,349 Ordinary Shares will
be repurchased by the Company at the Tender Price and held in treasury; this
equates to 7.5% of the Company's ordinary shares in issue at the Record Date.
Shareholders who tendered in excess of their basic entitlement will have their
excess tenders satisfied to the extent of an additional approximately 2.4%.
It is expected that cheques will be despatched and CREST payments made as soon
as practicable after 24 July 2013.

The Company announces that 3,338,349 Ordinary Shares which were held in
Treasury were today cancelled. There are 2,461,651 Ordinary Shares currently
held by the Company in Treasury. Following the implementation of the Tender
Offer, the Company will have 36,242,928 Ordinary Shares in issue (excluding
5,400,000 Ordinary Shares held in treasury).

Enquiries

Simon White/Barbara Powley                          020 7743 3000
BlackRock Investment Management (UK) Limited

Alex Blake                                          020 3100 0297
Winterflood Investment Trusts