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                                    
                                                                               
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                        X      
                                                                               
Other (please specify):                                                        

3. Full name of person(s) subject to the notification    Lazard Asset          
obligation                                               Management LLC        
                                                                               
4. Full name of shareholder(s) (if different from 3.)    Bank One,             
                                                                               
                                                         Bank of New York, Inc 
                                                                               
                                                         Mellon Trust,         
                                                                               
                                                         Northern Trust Co,    
                                                                               
                                                         Morgan Stanley Prime  
                                                         Brokerage,            
                                                                               
                                                         State Street Bank     
                                                                               
5. Date of the transaction (and date on which the        1 December 2011       
threshold is crossed                                                           
or reached if different)                                                       
                                                                               
6. Date on which issuer notified :                       23 December 2011      
                                                                               
7. Threshold(s) that is/are crossed or reached:                    6%          

8. Notified details:

A: Voting rights attached to shares

Class/type of      Situation        Resulting situation after the triggering   
    shares        previous to                     transaction                  
 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  Indirect   Direct  Indirect
                                                                               
 GB0032273343          1,946,068                    1,946,068           6.001% 
                                                                               

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 
                                                                               

Total (A+B+C)                                                                  
                                                                               
Number of voting rights                 % of voting rights                     
                                                                               
1,946,068                               6.001%                                 

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

Lazard Asset Management LLC controls all the voting rights held of this issuer.
                                                                               

Proxy Voting:


10. Name of the proxy holder:                                 N/A              
                                                                               
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           Percentage of voting rights for ordinary shares (A) is
information:             based on a denominator of 32,428,110 per announcement 
                         published 1 December 2011.                            
                                                                               
14. Contact name:        Legal & Compliance Department                         
                                                                               
15. Contact telephone    [phone]                                         
number :