ESTS Blackrock Sub

7 November 2012

Tender offer

The Board of The Eastern European Trust PLC (the `Company') is mindful of the share price discount to NAV at which the Company's shares trade. During 2010 the Board introduced a package of measures aimed at reducing the Company's discount.

The estimated current discount is 9.4% (based on the Company's diluted ex-income NAV as at close of business 6 November 2012), therefore the Board will be exercising its discretion and offering a periodic tender for up to 7.5% of the Company's shares in issue (excluding treasury shares) as at the close of business on 21 December 2012 (the record date for participation in the tender offer) at a discount of 1% to Formula Asset Value (diluted NAV less the costs of the tender offer). The calculation date for the tender offer will be the close of business on 21 January 2013.

The Board intends to post a circular to shareholders during December 2012 containing details of the tender offer and the procedure for tendering shares.

Shareholders should place no expectation or reliance on the Board exercising its discretion to operate a periodic tender offer on any one occasion in the future.

Enquiries:

Jonathan Ruck Keene - BlackRock Investment Management (UK) Limited Telephone Number: 020 7743 2178

Jane Lewis - Winterflood Investment Trusts
Telephone Number: 020 3100 0295