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                            Yes     
                                                                               
An acquisition or disposal of financial instruments which may                  
result in the acquisition of shares already issued to                                                                 
which voting rights are attached                                       No
                                                                       
                                                                               
An event changing the breakdown of voting rights                       No                
                                                                               
Other (please specify):                                                No        
                                                                               
Existing positions requiring disclosure under the new Disclosure               
and Transparency Rules                                                         

3. Full name of person(s) subject to the notification     City of London       
obligation (iii):                                         Investment Management
                                                          Company Limited      
                                                                               
4. Full name of shareholder(s) (if different from 3.)     N/A                  
(iv):                                                                          
                                                                               
5. Date of the transaction (and date on which the             5 March 2007     
threshold is crossed                                                           
or reached if different) (v):                                                  
                                                                               
6. Date on which issuer notified:                              09/03/2007      
                                                                               
7. Threshold(s) that is/are crossed or reached:                    7%          
                                                                               
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    2,975,906  6.88%                      3,045,906          7.04%  
    Shares                                                                     
 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                     
                                                                               
3,045,906                               7.04%                                  

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

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

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           Held through City of London Investment Management     
information:             Company Limited                                       
                                                                               
14. Contact name:        Clayton Gillece                                       
                                                                               
15. Contact telephone    [phone]                                        
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)                            
                                                                               
Contact address (registered office for legal entities)                         
                                                                               
Phone number                                                                   
                                                                               
Other useful information (at least legal representative for                    
legal persons)                                                                 
                                                                               
B: Identity of the notifier, if applicable (xvii)                              
                                                                               
Full name                                                     City of London   
                                                              Investment       
                                                              Management       
                                                              Company Limited  
                                                                               
Contact address                                               10 Eastcheap,    
                                                              London EC3M 1LX  
                                                                               
Phone number                                                  020 7860 8332    
                                                                               
Other useful information (e.g. functional relationship with                    
the person                                                                     
or legal entity subject to the notification obligation)                        

C: Additional information