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                             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):                                                        

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           31 January 2012    
threshold is crossed                                                           
or reached if different)                                                       
                                                                               
6. Date on which issuer notified:                           02 February 2012   
                                                                               
7. Threshold(s) that is/are crossed or reached:                   27%          

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 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
                                                                               
 GB0032273343  8,727,936 8,727,936    N/A            8,765,642          27.03% 
                                                                               

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                     
                                                                               
8,765,642                               27.03%                                 

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

All voting rights on all 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           Based on voting rights to 32,428,110 as published by  
information:             the fund.                                             
                                                                               
14. Contact name:        Jay McKenna or Chris Weaver                           
                                                                               
15. Contact telephone    [e-mail] - 001-610-380-0121 OR          
number :                                                                       
                         [e-mail] - 0207 860 8329