BLACKROCK EMERGING EUROPE PLC

All information is at 31 December 2014 and unaudited
Performance at month end with net income reinvested

                             One   Three     One   Three    Five    *Since
                           Month  Months    Year   Years   Years  30.04.09
Sterling:
Share price                -9.8%  -14.1%  -25.4%  -13.0%  -13.0%     36.0%
Net asset value           -10.9%  -11.3%  -22.1%   -7.5%  -12.4%     39.1%
MSCI EM Europe 10/40 (NR) -15.2%  -16.8%  -25.1%  -14.4%  -20.7%     20.9%

US Dollars:
Share price               -10.2%  -17.4%  -29.8%  -12.7%  -16.0%     43.2%
Net asset value           -11.3%  -14.7%  -26.6%   -7.1%  -15.3%     46.5%
MSCI EM Europe 1040 (NR)  -15.5%  -19.9%  -29.5%  -14.1%  -23.5%     27.2%

Sources: BlackRock, Standard & Poor's Micropal
*BlackRock took over the investment management of the Company with effect from
1 May 2009

Annual Performance to the Last Quarter End (Sterling)
                        31/12/13  31/12/12  31/12/11  31/12/10  31/12/09
                        31/12/14  31/12/13  31/12/12  31/12/11  31/12/10
NAV Performance          -22.07%     1.30%    17.24%   -28.20%    31.87%
Share Price Performance  -25.45%     4.34%    11.80%   -28.25%    39.38%

At month end
Net asset value - capital only:           223.87p
Net asset value*** - cum income:          228.50p
Share price:                              198.00p
Total assets^:                             £89.0m
Discount (share price to cum income NAV):   13.3%
Gross market exposure^^^:                  102.8%
Gearing at month end:                        0.0%
Gearing range as a % of Net assets:         0-20%
Net Yield:                                  1.1%*
Issued Capital - Ordinary Shares^^     36,242,928
Ongoing charges**                            1.3%

*Based on a dividend of 3.50 cents (2.08407 pence) per share for the year ended
31 January 2014
** calculated in accordance with AIC guidelines
***Includes year to date net revenue equal to 4.63 pence per share.
^Total assets include current year revenue.
^^ Excluding 5,400,000 shares held in treasury.
^^^ Long positions plus short positions as a percentage of net asset value.

Sector                 % Net      Country           % Net
Analysis               Assets     Analysis          Assets
Financials             42.7       Russia            38.2
Energy                 28.6       Turkey            29.3
Telecommunications      6.2       Poland             9.2
Consumer Staples        6.0       Turkmenistan       8.0
Information Technology  5.1       Romania            4.6
Materials               4.7       Ukraine            3.4
Industrials             3.9       Hungary            3.0
Consumer Discretionary  1.9       Greece             2.4
Health Care             0.9       Lithuania          1.9
                      -----                        -----
                      100.0                        100.0
                      =====                        =====

Short positions       (2.8)                         (2.8)

Fifteen Largest Investments
(in % order of Total Market Value as at 31.12.14 )

                                                        Total Market
Company                            Region of Risk        Value %
Lukoil                             Russia                9.3
Halk Bank                          Turkey                8.5
Dragon Oil                         Turkmenistan          8.0
PKO Bank Polski                    Poland                7.2
Turkiye Sinai Kalkinma             Turkey                6.4
Garanti Bank                       Turkey                5.2
Sberbank                           Russia                4.9
Turkcell                           Turkey                4.6
BRD Groupe Société Generale - CFD  Romania               4.6
Luxoft                             Russia                3.6
MHP                                Ukraine               3.4
Surgutneftegas                     Russia                3.3
Gazprom                            Russia                3.2
MOL Hungarian Oil & Gas            Hungary               3.0
Uralkali                           Russia                2.7

Commenting on the markets, Sam Vecht and David Reid, representing the
Investment Manager noted;

Market overview

In December, the MSCI Emerging Europe index returned -15.2% in an extremely
volatile end to the calendar year.

The main driver behind the return was Russia and the impact of the precipitous
decline in the oil price. The sell-off from the peak of $115 per barrel showed
little sign of abating, finishing the month below $60 per barrel. The impact
has been to slow economic activity and place pressure on the ruble, which had
already weakened due to sanctions. The combination of these factors, as well as
ongoing tensions with Ukraine, was negative for risk assets.

Turkey also fell in absolute terms during December. The Turkish market has enjoyed
a strong year overall, benefiting from a more favourable monetary environment and
current account pressures easing. However, in the final month of the year, the
market pulled back as investors realized some profits.

Focus on: The oil price

The movement in the oil price has been attracting many investment headlines in
recent months.

Our view of the commodity complex 12 months ago was that volatility was set to rise.
Our analysis suggested that the most likely direction was down given the supply
growth from US shale oil and non-OPEC producers like Iraq. In particular, oil demonstrated
the lowest realised volatility for 10 years. That said we were surprised by the speed
and scale of the change. We reduced the Trust’s exposure to Russia significantly over
the course of the calendar year which contributed to strong relative performance versus
the benchmark.

As ever, the question for us when considering any investment is ‘what is already reflected
in the price?’ While we do not think the picture is particularly bright for Russia,
increasingly, much of the bad news has been reflected. The market has fallen by 50%,
forward oil contracts imply higher prices in the future and the impact of current
sanctions is well understood. As a result we are considering reducing the large underweight
exposure.

Activity

We exited the position in Hungarian financial, OTP Bank. Despite a very strong core franchise,
the bank has exposure to Ukraine and Russia and we believe that the impact of that has yet to
be reflected in the share price.

20 January 2015

ENDS

Latest information is available by typing www.blackrock.co.uk/beep on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal). Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.