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

Baring Emerging Europe PLC

2. Reason for the notification                                        State    
                                                                     Yes/No    
                                                                               
An acquisition or disposal of voting rights                            Yes     
                                                                               
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):                                                        

3. Full name of person(s) subject to the notification     Advance Developing   
obligation                                                Markets Fund Ltd     
                                                                               
4. Full name of shareholder(s) (if different from 3.)     Nortrust Nominees    
                                                          Limited              
                                                                               
5. Date of the transaction (and date on which the            08 January 2010   
threshold is crossed                                                           
or reached if different)                                                       
                                                                               
6. Date on which issuer notified:                            11 January 2010   
                                                                               
7. Threshold(s) that is/are crossed or reached:                    4%          

8. Notified details:

A: Voting rights attached to shares

Class/type of Situation previous    Resulting situation after the triggering   
   shares             to                           transaction                 
 if possible    the triggering                                                 
  using the       transaction                                                  
  ISIN CODE                                                                    
                                                                               
               Number    Number    Number    Number of voting   Percentage of  
                 of        of        of           rights            voting     
               Shares    Voting    shares                           rights     
                         Rights                                                
                                                                               
                                             Direct   Indirect Direct  Indirect
                                                                               
  Ordinary    1,414,894 1,414,894 1,664,894 1,664,894   n/a     4.61%    n/a   
   Shares                                                                      
GB0032273343                                                                   
                                                                               

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

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

C: Financial Instruments with similar economic effect to Qualifying Financial
Instruments

Resulting situation after the triggering transaction

  Type of    Exercise Expiration Exercise /  Number of voting    % of voting   
 financial    price      date    Conversion  rights instrument      rights     
 instrument                        period        refers to                     
                                                                               
                                                               Nominal   Delta 
                                                                             
    Nil                                                                        
                                                                               

Total (A+B+C)                                                                  
                                                                               
Number of voting rights                 % of voting rights                     
                                                                               
1,664,894                               4.61%                                  

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

n/a                                                                            
                                                                               

Proxy Voting:


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

13. Additional           Advance Emerging Capital Ltd is investment manager to 
information:             Advance Developing Markets Fund Ltd                   
                                                                               
14. Contact name:        John Luetchford                                       
                                                                               
15. Contact telephone    [phone]                                         
number :