Holding(s) in Company

6 Jul 2007 17:04

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 An event changing the breakdown of voting rights Other (please specify): Correction Notice

3. Full name of person(s) subject to the notification Carrousel Capital Ltd obligation (iii):

4. Full name of shareholder(s) (if different from 3.) The Carrousel Fund (iv): Ltd The Carrousel Fund II Ltd 5. Date of the transaction (and date on which the 05/07/07 threshold is crossed or reached if different) (v): 6. Date on which issuer notified: 06/07/07 7. Threshold(s) that is/are crossed or reached: 3.00% 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)

GB0032273343 1,162,127 1,162,127 1,662,127 1,662,127 3.95%

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 1,662,127 3.95%

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

Proxy Voting:10. Name of the proxy holder: 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: 15. Contact telephone 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) Carrousel Capital Ltd

Contact address (registered office for legal entities) Hammond House,117

Piccadilly,London W1J 7JU Phone number 020-7493-6518

Other useful information (at least legal representative for Legal advisors : legal persons)

Dechert London B: Identity of the notifier, if applicable (xvii) Full name Jasmine Yennek/ Bruno Sangle-Ferriere Contact address Hammond House,117 Piccadilly,London W1J 7JU Phone number 020-7529 5986/ 5981 Other useful information (e.g. functional relationship with the person or legal entity subject to the notification obligation)

C: Additional information