Holding(s) in Company

TR-1 (i) NOTIFICATION OF MAJOR INTERESTS IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which
voting rights are attached (ii):

Baring Emerging Europe PLC

2. Reason for the notification                                        State    
                                                                     Yes/No    
                                                                               
An acquisition or disposal of voting rights                             X      
                                                                               
An acquisition or disposal of financial instruments which may                  
result in the                                                                  
acquisition of shares already issued to which voting rights are                
attached                                                                       
                                                                               
An event changing the breakdown of voting rights                               
                                                                               
Other (please specify):                                                        
                                                                               
Correction Notice                                                              

3. Full name of person(s) subject to the notification     Carrousel Capital Ltd
obligation (iii):                                                              
                                                          Investment Manager   
                                                                               
4. Full name of shareholder(s) (if different from 3.)     The Carrousel Fund   
(iv):                                                     Ltd                  
                                                                               
                                                          The Carrousel Fund II
                                                          Ltd                  
                                                                               
5. Date of the transaction (and date on which the             13 July 2007     
threshold is crossed                                                           
or reached if different) (v):                                                  
                                                                               
6. Date on which issuer notified:                             16 July 2007     
                                                                               
7. Threshold(s) that is/are crossed or reached:                   4.07%        
                                                                               
8. Notified details:                                                           

A: Voting rights attached to shares

Class/type of  Situation previous    Resulting situation after the triggering  
    shares             to                       transaction (vii)              
 if possible     the Triggering                                                
using the ISIN  transaction (vi)                                               
     CODE                                                                      
                                                                               
                Number    Number    Number    Number of voting    % of voting  
                  of        of        of        rights (ix)         rights     
                Shares    Voting    shares                                     
                          Rights                                               
                          (viii)                                               
                                                                               
                                    Direct    Direct   Indirect Direct Indirect
                                                (x)      (xi)                  
                                                                               
   Ordinary    1,662,127 1,662,127 1,712,127 1,712,127          4.07%          
 GB0032273343                                                                  
                                                                               

B: Financial Instruments

Resulting situation after the triggering transaction (xii)

   Type of     Expiration       Exercise/        Number of voting       % of   
  financial    date (xiii)      Conversion      rights that may be     voting  
 instrument                 Period/ Date (xiv)    acquired if the      rights  
                                                    instrument                 
                                                   is exercised/               
                                                     converted                 
                                                                               

Total (A+B)                                                                    
                                                                               
Number of voting rights                 % of voting rights                     
                                                                               
1,712,127                               4.07%                                  

9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are
effectively held, if applicable (xv):

Carrousel Capital Ltd prime brokers hold the shares, on behalf of The Carrousel
Fund Ltd and The Carrousel Fund II Ltd, in the following nominees accounts     
(with it s prime brokers):                                                     
                                                                               
  * Bear Stearns (Vidacos Nominees a/c Bear) and                               
                                                                               
  * Citigroup (Vidacos Noms Ltd)                                               
                                                                               

Proxy Voting:


10. Name of the proxy holder:                                                  
                                                                               
11. Number of voting rights proxy holder will cease to hold:                   
                                                                               
12. Date on which proxy holder will cease to hold voting                       
rights:                                                                        

13. Additional                                                                 
information:                                                                   
                                                                               
14. Contact name:        Jasmine Yennek or Bruno Sangle-Ferriere               
                                                                               
15. Contact telephone    [phone] or 020 7529 5981                        
number :                                                                       
                                                                               

Annex Notification Of Major Interests In Shares (xvi)


A: Identity of the person or legal entity subject to the                       
notification obligation                                                        
                                                                               
Full name (including legal form for legal entities)           Carrousel Capital
                                                              Ltd              
                                                                               
Contact address (registered office for legal entities)        Hammond House,117
                                                              Piccadilly,London
                                                              W1J 7JU          
                                                                               
Phone number                                                  00 44 20         
                                                              7493-6518        
                                                                               
Other useful information (at least legal representative for   Legal advisors : 
legal persons)                                                Dechert London   
                                                                               
B: Identity of the notifier, if applicable (xvii)                              
                                                                               
Full name                                                     Jasmine Yennek/  
                                                              Bruno            
                                                              Sangle-Ferriere  
                                                                               
Contact address                                               Carrousel Capital
                                                              Ltd,Hammond      
                                                              House,117        
                                                              Piccadilly,London
                                                              W1J 7JU          
                                                                               
Phone number                                                  020-7529 5986/   
                                                              0207 529 5981    
                                                                               
Other useful information (e.g. functional relationship with                    
the person                                                                     
or legal entity subject to the notification obligation)                        

C: Additional information