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          No      
result in the                                                                  
acquisition of shares already issued to which voting rights are                
attached                                                                       
                                                                               
An event changing the breakdown of voting rights                       No      
                                                                               
Other (please specify):                                                No      

3. Full name of person(s) subject to the notification     City of London       
obligation                                                Investment Management
                                                          Company Limited      
                                                                               
4. Full name of shareholder(s) (if different from 3.)                          
                                                                               
5. Date of the transaction (and date on which the              8 May 2009      
threshold is crossed                                                           
or reached if different)                                                       
                                                                               
6. Date on which issuer notified:                              12 May 2009     
                                                                               
7. Threshold(s) that is/are crossed or reached:                   >12%         
                                                                               
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                                                 
     CODE                                                                      
                                                                               
                Number    Number    Number   Number of voting   Percentage of  
                  of        of        of          rights            voting     
                Shares    Voting    shares                          rights     
                          Rights                                               
                                                                               
                                    Direct   Direct  Indirect  Direct  Indirect
                                                                               
   Ordinary    4,518,718 4,518,718 4,462,718         4,462,718          11.90% 
    Shares                                                                     
 GB0032273343                                                                  
                                                                               

B: Financial Instruments

Resulting situation after the triggering transaction (xii)

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

Total (A+B)                                                                    
                                                                               
Number of voting rights                 % of voting rights                     
                                                                               
4,462,718                               11.90%                                 

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

All voting rights on shares are controlled by City of London Investment        
Management Limited                                                             
                                                                               

Proxy Voting:


10. Name of the proxy holder:                                 City of London   
                                                              Investment       
                                                              Management       
                                                              Company Limited  
                                                                               
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:        Jay McKenna or Mike Sugrue                            
                                                                               
15. Contact telephone    [e-mail] - 001-610-380-0121 OR          
number :                                                                       
                         [e-mail] - 0207 860 8340