Half-yearly Report
Baring Emerging Europe PLC
Half Year Report
for the six months ended 31 March 2012
Contents
Investment Objective 2
Financial Highlights 2
Performance 2
The Investment Manager 2
Chairman's Statement 3
Report of the Investment Manager 4-6
Twenty Largest Equity Holdings 7
Income Statement 8-9
Balance Sheet 10
Reconciliation of Movement in Shareholders' Funds 11
Cashflow Statement 12
Notes to Half Year Report 13-14
Interim Management Report 15
Directors and Officers 16
ISA and Savings Scheme 17
Share Price 17
Investment objective
The investment objective is to achieve long-term capital growth, principally
through investment in securities listed on or traded on an Emerging European
securities market or in securities of companies listed or traded elsewhere,
whose revenues and/or profits are, or are expected to be, derived from
activities in Emerging Europe.
Financial highlights
31 March 31 March 30 September
2012 2011 2011
Shareholders' funds (£000) 205,955 359,570 231,320
Net asset value ("NAV") per share 796.04p 1,043.86p 701.50p
Share price 738.50p 944.00p 638.00p
Discount of share price to NAV 7.2% 9.6% 9.1%
Six months Six months Year ended
to 31 March to 31 March 30 September
2012 2011 2011
Total return per share 108.89p 134.12p (203.42)p
Dividend per share* - - 10.00p
*See note 2 on page 13.
Performance (total return basis)
Six months Six months Year ended
to 31 March to 31 March 30 September
2012 2011 2011
Net asset value per share +15.1%* +14.7%* -23.9%â€
Benchmark# +16.2% +16.6% -17.4%
Share price†+17.4% +14.9% -21.8%
#The benchmark is the MSCI EM Europe 10/40 Index.
†Source: AIC using Morningstar.
*Source: Barings.
The Investment Manager
The Investment Manager is Baring Asset Management Limited which is authorised
and regulated by the Financial Services Authority.
Chairman's statement
Dear Shareholder,
Performance
The Net Asset Value per share of your Company rose by 15.1% on a total return
basis during the first half of the fiscal year. During the same period, the
Company's benchmark rose by 16.2%. This represents a substantial return in an
absolute sense but is disappointing in that it lags the benchmark marginally.
The principal reason for the shortfall can be laid at the feet of stock
selection in Russia but the raw number does not capture what your Board sees as
the wisdom of the fund manager in taking a long term approach to this task, an
approach which favours companies less exposed to the influence of the State.
The return for the six month period also hides the fact that this was a game of
two halves: the first of poor markets where the dominant factor was the
sovereign debt crisis in Euroland; the second a strong market driven by the
official response to that crisis. The manager addresses this in more detail in
what follows.
In a competitive sense, BEE remains successful in both the long and the short
term. In the Morningstar Emerging Europe Index, the Company ranks 12 out of 48
on a five year view and 26 out of 58 on a six month view.
Tender Offer & Discount Management
From a corporate perspective, the major event of the last half year was the
tender offer which was made to all shareholders to sell shares for cancellation
at 786.2141p per share, a discount of 3% to NAV. As a result of the tender
offer 6,485,567 shares were bought back for cancellation which represented
approximately 20% of the issued share capital at the date of the tender. There
was an increase of approximately 3.4p per share in net asset value as a result
of the exercise. In conjunction with the tender, the Board also tightened the
parameters of the discount control mechanism with the aim of keeping the
discount below 10% over time, compared with a target beforehand of 12.0%. In
practice, the discount has averaged 8.6% over the half year, and 8.5% since the
tender offer was completed on 24 February 2012. During the half year the
Company also repurchased 617,000 shares in addition to the shares acquired in
the tender offer which includes 70,000 shares repurchased after the completion
of the tender offer. The Board remains committed to a strong discount
management policy and the rewards of this can be seen in low discount
volatility.
Annual Dividend
The Board declared an interim dividend of 10.00p per share in respect of the
year ended 30 September 2011 which was paid on 1 February 2012 to members on
the register at close of business on 6 January 2012.
Outlook
We remain in choppy waters. The developed world as a whole still needs to
reduce the excessive debt built up over three decades as a result of financial
innovation and government profligacy. While the markets of Emerging Europe were
a twinkle in the investor's eye while most of this trouble was brewing, it is
unrealistic to expect that there will be no fallout from the crisis. Matthias
Siller, in his manager's report, touches on the reasons why this fallout and
the resulting volatility present him with some excellent opportunities on a
stock by stock basis. I would highlight the fact that valuations remain very
low in this region while balance sheets are strong. It is an unusually
attractive combination, even if it comes with a dose of volatility.
Steven Bates
Chairman
3 May 2012
Report of the Investment Manager
for the half year ended 31 March 2012
Performance
Against the backdrop of very volatile markets, your Company posted an increase
of 15.1% in the NAV in Sterling terms, while its benchmark rose by 16.2%. On
stock selection, Russia detracted from, while selection in Turkey and Poland
added to, relative performance.
The six month period was characterised by the European sovereign debt crisis,
and the actions of the European Central Bank and other supranational bodies to
alleviate the distressed funding situation of countries of the European
periphery and hence the entire European financial sector. Concerns about the
potential for failure in the European banking sector, which could lead to a
funding crisis in Emerging Europe, pushed stock markets lower in the last
quarter of 2011. Bold action by European Central Bank chief Mario Draghi to
provide the European banking sector with long term funding by permitting a
wider range of assets to be used as collateral eventually turned the situation
around, and led to the best first quarter performance in EMEA stock markets
since 1997.
In addition, geopolitical risks (mainly related to the situation in Iran) and
potential issues around supply, kept oil prices at very elevated levels.
Russia, the economy with most to benefit from this windfall gain, faced another
sort of concern, as street protests erupted in the aftermath of the
parliamentary elections in early December. This increased the perceived
political risk in the eyes of many investors, especially given the precedent of
the "Arab Spring" protests earlier in 2011.
Sovereign Bond markets - the current epicentre of risk perception - guided the
way for equities. Long term interest rates for the main economies of the
European periphery decreased significantly over the period, while sovereign
Eurobonds from Russia and Turkey were also in high demand and saw the
additional yield they attract over German government bonds - a key measure of
perceived risk by investors - come down to just 200 basis points.
One important exception to this development was Hungary, the only major
sovereign market in Emerging Europe where perceived risk has not moved lower
over the last six months. The country's worrying short term sovereign debt
profile, relatively high state debt and a belligerent prime minister have
resulted in a very high level of volatility in the country's financial market,
making it highly dependent on speculative flows. At the same time, Hungary's
domestic consumption is still far from recovered, and the country relies on
support from the International Monetary Fund (IMF) to keep short-term rates at
an acceptable level.
A stubborn attitude with regards to foreign policy and negotiations with the
IMF combined with an obvious lack of appetite to tackle the long overdue
domestic pension reforms made the decision easy for international investors,
and Hungarian assets were sold across the board in the fourth quarter of last
year. Only when the country stood at the brink of insolvency did it appear that
the Hungarian government, supported by a constitutional majority in government,
finally understood the severity of the situation and signalled compliance.
The Turkish stock market underperformed other markets in the region over the
six month period as a whole, but delivered outstanding performance during the
first three months of 2012. This, better than any other example, describes how
the last six months have been a tale of two completely different quarters.
Energy is the main component of Turkey's imports, and the combination of
stubbornly high oil prices and strong domestic consumption resulted in a
significant widening of Turkey's external deficit. Given that loans issued by
Turkish banks have grown by more than 30% over the last year, investors started
to express concern that the economy was both at risk of overheating and
potentially exposed if the financing conditions in Europe continued to
deteriorate. In the second half of the period, however, a significant
improvement of liquidity in the European banking sector and signs of a healthy
slowdown in credit creation in Turkey finally convinced investors that the
financial situation was more stable than was originally assumed.
The Russian market remained in the grip of oil prices and political development
over the course of the last six months. The economy currently enjoys a
"Goldilocks" scenario of booming export revenues courtesy of high energy
prices, well contained inflationary pressures, and rapid growth in domestic
demand. Not surprisingly, the stockmarket returned 22% over the period,
propelled by a robust 48% performance from index heavyweight Sberbank. Still,
markets grew concerned over developments on the political front in the run-up
to the presidential election in March. Capital outflows, while far from unusual
in a Russian context, accelerated over the course of the last six months and
serve as a good indicator that a number of investors have expressed concern
about political risk in Russia.
In Central Europe, the Polish economy continued to surprise positively over the
last six months, driven by buoyant domestic demand and a healthy export
performance. The country continues to benefit from inflows from the EU cohesion
fund as it invests heavily into transport infrastructure and finalises its
efforts as the co-host of the 2012 European Football Championship. One of the
effects of the government's huge investment activity has been a comprehensive
overhaul of public spending, encompassing severe budget cuts and higher revenue
generation. The subsequent announcement of significantly higher royalties for
mining companies in Poland, as part of the government's revenue generation
initiative, dampened the mood of investors and decreased the dividend potential
of KGHM Polska, one of the largest global copper miners, while large scale
privatisation efforts depressed share price valuations, as investors
anticipated increased supply of shares to the market. Consequently, the Polish
stock market underperformed over the last six months.
Activity
With a keen eye on share price valuations, we took advantage of the sharp
sell-off in the metals and mining sector during the period to invest in
selected names - companies with a proven track record, experienced management,
tangible growth options and a history of paying dividends. Your Company reduced
the metals and mining sector to an underweight position relative to the
benchmark index 1 year ago. Since then, most Emerging European miners have seen
significant declines of 50% or more, which have brought share price valuations
down to very attractive levels which now present an opportunity, in our view.
Gold miners have been the exception to this trend as the holding in the Russian
gold and silver miner Polymetal was sold when our price target was reached.
Likewise the significant outperformance in Turkish and Polish banking stocks
was used to reduce exposure as valuation targets were reached.
We increased exposure to Energy stocks - reducing the extent of your Company's
underweight position - by adding to Russian oil and gas companies with
potential to benefit from more favourable tax treatment for oil producers. We
remain underweight the refining sector.
Exposure to Russian domestic demand growth is now mainly achieved through
investments in the banking sector and health care. We have reduced your
Company's exposure to the retail sector on significant outperformance as price
targets were reached and also decreased the number of holdings in this sector.
As highlighted in our last report, the successful free cash flow generation of
Russian telecoms companies has started to become more tangible in the form of
dividend payments. We continue to find Russian mobile telecoms companies
attractive and have increased our exposure to this area of the market, while
remaining cautious towards Turkish and Central European telecoms companies on
valuation concerns. In the utility space we added to Rushydro as we believe
that the prospects for this electricity generation company are brighter than
generally believed in the market. We remain somewhat cautious towards the
broader sector however.
Outlook
While Emerging European equity markets found themselves heavily affected by the
nervous mood regarding the developments in the Eurozone, their respective
economies fared impressively well in an environment of slowing global growth.
This positive development can be traced back to healthy domestic demand,
particularly in Poland, Turkey and Russia, the region's three biggest
economies. In addition, the small open economies of Central Europe (Hungary,
Slovakia and Czech Republic) continue to benefit from the close integration of
their export sector into the German industrial value-chain. Last but not least
- and in sharp contrast to much of southern developed Europe - the Emerging
European economies operate under a sustainable debt environment. We believe
these factors will prove to be a major advantage in generating growth and
maintaining robust domestic demand dynamics in the future.
On the political front, the necessity of structural reforms in Russia is
generally accepted if the government is to address the development of free
market policies, improved transparency and the fight against corruption. We
believe that President elect Putin will embark on a policy of structural
reforms that will help to unleash the high potential growth inherent in the
Russian economy and underscore the Russian equity market's attractiveness on a
regional and global scale.
In Central Europe, the common theme of fiscal austerity provides a good dose of
realpolitik and is likely to keep a lid on the growth potential in the region,
the effect of which should be most pronounced in Poland, where 2011 saw real
household spending rise by more than 10%.
Overall, we believe that Emerging European stock markets stand out thanks to
attractive share price valuations, a stable macroeconomic backdrop and superior
growth potential: a combination of factors which should bode well for future
performance.
Baring Asset Management Limited
11 April 2012
Twenty largest equity holdings
Equity portfolio
The Company's twenty largest equity holdings at 31 March 2012, is set out in
the following table:
Holding Primary country of listing or Market value % of equity
investment £000 portfolio
1 Sberbank Russia 22,475 11.0
2 Gazprom Russia 22,053 10.8
3 Lukoil Russia 18,291 9.0
Holdings
4 VTB Bank Russia 9,485 4.7
5 KGHM Polska Poland 8,896 4.4
6 Garanti Bank Turkey 8,152 4.0
7 Halk Bank Turkey 7,505 3.7
8 Mobile Russia 7,381 3.6
Telesystems
9 Novatek Russia 7,176 3.5
10 Rosneft Russia 6,883 3.3
11 MOL Hungary 5,467 2.7
12 OTP Bank Hungary 4,924 2.4
13 Uralkali Russia 4,690 2.3
14 PZU Poland 4,586 2.3
15 Tüpraş Turkey 4,531 2.2
16 Eurocash Poland 4,352 2.1
17 Surgutneftegas Russia 4,131 2.0
18 Norilsk Nickel Russia 3,400 1.7
19 PKO BP Poland 3,287 1.6
20 Novolipetsk Russia 2,635 1.3
Steel
160,300 78.6
Other holdings 43,383 21.4
Total 203,683 100.0
investments
Income statement
(incorporating the Revenue Account*) for the six months to 31 March 2012
(Unaudited) (Unaudited) (Audited)
Six months to 31 March Six months to 31 March Year ended 30 September
2012 2011 2011
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Notes £000 £000 £000 £000 £000 £000 £000 £000 £000
Gains/ - 35,228 35,228 - 47,130 47,130 - (72,963) (72,963)
(losses) on
investments
held at fair
value
through
profit or
loss
Income 199 - 199 1,162 - 1,162 8,496 - 8,496
Investment (894) - (894) (1,346) - (1,346) (2,593) - (2,593)
management
fee
VAT - - - - - - 275 53 328
recovered
from HMRC on
management
fees
Other (427) - (427) (591) - (591) (1,256) - (1,256)
expenses
Net return (1,122) 35,228 34,106 (775) 47,130 46,355 4,922 (72,910) (67,988)
before
finance
costs and
taxation
Finance (7) - (7) (6) - (6) (13) - (13)
costs
Return on (1,129) 35,228 34,099 (781) 47,130 46,349 4,909 (72,910) (68,001)
ordinary
activities
before
taxation
Taxation (28) - (28) (138) - (138) (1,172) - (1,172)
Return (1,157) 35,228 34,071 (919) 47,130 46,211 3,737 (72,910) (69,173)
attributable
to ordinary
shareholders
Return per 7 108.89p 134.12p (203.42)p
ordinary
share
*The total column of this statement is the profit and loss account of the
Company.
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued during the period.
The supplementary revenue and capital columns are both prepared under guidance
published by the Association of Investment Companies.
A Statement of Total Recognised Gains and Losses is not required as all gains
and losses of the Company have been reflected in the above statement.
Balance sheet
as at 31 March 2012
(Unaudited) (Unaudited) (Audited)
At At At
31 March 31 March 30
September
2012 2011 2011
£000 £000 £000
Non current assets
Investments at fair value through profit or 203,683 352,626 228,153
loss
Current assets
Debtors 54 236 621
Cash at bank and in hand 2,622 7,542 2,980
2,676 7,778 3,601
Current liabilities
Creditors: amounts falling due within one (404) (834) (434)
year
Net current assets 2,272 6,944 3,167
Total net assets 205,955 359,570 231,320
Capital and reserves
Called-up share capital 2,920 3,777 3,630
Share premium account 1,411 1,411 1,411
Special reserve - 14,118 1,252
Capital reserve 198,492 338,245 218,205
Redemption reserve 1,868 1,011 1,158
Revenue reserve 1,264 1,008 5,664
Total equity shareholders' funds 205,955 359,570 231,320
Net asset value per share 796.04p 1,043.86p 701.50p
Reconciliation of movement in shareholders' funds
Called-up Share
share premium Special Capital Redemption Revenue
(Unaudited) capital account reserve reserve reserve reserve Total
For the six £000 £000 £000 £000 £000 £000 £000
months ended 31
March 2012
At 30 September 3,630 1,411 1,252 218,205 1,158 5,664 231,320
2011
Return for the - - - 35,228 - (1,157) 34,071
six months to 31
March 2012
Buyback of own - - (1,252) (54,241) - - (55,493)
shares for
cancellation
Transfer to (710) - - - 710 - -
capital
redemption
reserve
Tender Offer - - - (700) - - (700)
costs
Dividends paid - - - - - (3,243) (3,243)
Balance at 31 2,920 1,411 - 198,492 1,868 1,264 205,955
March 2012
Called-up Share
share premium Special Capital Redemption Revenue
(Unaudited) capital account reserve reserve reserve reserve Total
For the six months £000 £000 £000 £000 £000 £000 £000
ended 31 March
2011
At 30 September 3,779 1,411 14,306 291,115 1,009 2,926 314,546
2010
Return for the six - - - 47,130 - (919) 46,211
months to 31 March
2011
Buyback of own - - (188) - - - (188)
shares for
cancellation
Transfer to (2) - - - 2 - -
capital redemption
reserve
Dividends paid - - - - - (999) (999)
Balance at 31 3,777 1,411 14,118 338,245 1,011 1,008 359,570
March 2011
Called-up Share
share premium Special Capital Redemption Revenue
(Audited) capital account reserve reserve reserve reserve Total
For the year £000 £000 £000 £000 £000 £000 £000
ended 30
September 2011
At 30 September 3,779 1,411 14,306 291,115 1,009 2,926 314,546
2010
Return for the - - - (72,910) - 3,737 (69,173)
year to 30
September 2011
Buyback of own - - (13,054) - - - (13,054)
shares for
cancellation
Transfer to (149) - - - 149 - -
capital
redemption
reserve
Dividends paid - - - - - (999) (999)
Balance at 30 3,630 1,411 1,252 218,205 1,158 5,664 231,320
September 2011
Cashflow statement
for the six months to 31 March 2012
(Unaudited) (Unaudited) (Audited)
Six months Six months Year
ended
to 31 March to 31 March 30
September
2012 2011 2011
Notes £000 £000 £000
Operating activities
Income received from investments 766 2,929 9,710
Investment management fees paid (894) (1,307) (2,565)
VAT recovered (including interest - - 328
thereon)
Other cash payments (457) (596) (1,262)
Net cash (outflow)/inflow from 6 (585) 1,026 6,211
operating activities
Servicing of finance
Interest paid (7) (6) (13)
Taxation
Overseas tax paid (28) (138) (1,172)
Financial investment
Purchases of investments (74,977) (112,608) (193,474)
Sales of investments 134,676 118,609 203,635
Net cash inflow from financial 59,699 6,001 10,161
investment
Equity dividends paid (3,243) (999) (999)
Net cash inflow before financing 55,836 5,884 14,188
Financing
Buyback of ordinary shares (56,194) (188) (13,054)
Net cash outflow from financing (56,194) (188) (13,054)
(Decrease)/increase in cash (358) 5,696 (1,134)
Notes to the half year report
1. Accounting policies
These financial statements have been prepared in accordance with applicable
United Kingdom Accounting Standards and with the Statement of Recommended
Practice "Financial Statements of Investment Trust Companies and Venture
Capital Trusts" (issued in January 2009). The accounting policies applied to
this half year report are consistent with those applied in the accounts for the
year ended 30 September 2011.
2. Dividend
No dividend is payable in respect of the six months to 31 March 2012.
Consideration will be given to an annual dividend in respect of the year ended
30 September 2012 at a Board meeting to be held in November 2012. An
announcement will be made shortly after that meeting.
3. Comparative information
The figures and financial information for the year ended 30 September 2011 are
an extract from the latest published accounts and do not constitute statutory
accounts. Full accounts for that period have been delivered to the Registrar of
Companies and included the report of the auditors which was unqualified and did
not contain a statement under Section 498 of the Companies Act 2006.
The half year report for the six months ended 31 March 2012 and for the six
months ended 31 March 2011 have been neither audited nor reviewed by the
auditors.
4. Shares in issue
As at 31 March 2012 there were 25,872,543 ordinary shares of 10p each in issue
(30 September 2011: 32,975,110 and 31 March 2011: 34,446,110) which excludes
3,318,207 ordinary shares held in treasury (30 September 2011: 3,318,207 and 31
March 2011: 3,318,207) and treated as not being in issue when calculating the
net asset value per share. Shares held in treasury are non-voting and not
eligible for receipt of dividends. During the period 7,102,567 ordinary shares
were bought back to be cancelled at a cost of £56,194,000. A further 120,000
ordinary shares were bought back to be cancelled at a cost of £843,200 since 31
March 2012 to the date of this report.
5. Taxation
The taxation charge of £28,000 (30 September 2011: £1,172,000; and 31 March
2011: £138,000) relates to irrecoverable overseas taxation.
6. Reconciliation of total return on ordinary activities before finance costs
and taxation to net cash inflow/(outflow) from operating activities
(Unaudited) (Unaudited) (Audited)
Six months Six months Year
ended ended ended
31 March 31 March 30
September
2012 2011 2011
£000 £000 £000
Net revenue return before finance costs and 34,106 46,355 (67,988)
taxation
Net capital return before finance costs and (35,228) (47,130) 72,910
taxation
Decrease in accrued income 567 1,767 1,272
(Decrease)/increase in sundry creditors (30) 51 (36)
Increase in sundry debtors - (17) -
VAT recovered from HMRC capitalised - - 53
Net cash (outflow)/inflow from operating (585) 1,026 6,211
activities
7. Return per ordinary share
The total return per ordinary share is based on the return on ordinary
activities after taxation of £34,071,000 (six months ended 31 March 2011: £
46,211,000; and year ended 30 September 2011: £(69,173,000)) and on a weighted
average of 31,287,414 ordinary shares in issue during the six months ended 31
March 2012 (six months ended 31 March 2011: weighted average of 34,454,077
ordinary shares in issue; and year ended 30 September 2011: weighted average of
34,004,143 ordinary shares in issue).
Interim management report
The Company is required to make the following disclosures in its half year
report:
Principal risks and uncertainties
The Board believes that the principal risks and uncertainties faced by the
Company continue to fall under the following broad categories:
• Investment strategy.
• Accounting, legal and regulatory.
• Loss of investment team or investment manager.
• Discount.
• Corporate governance and shareholder relations.
• Operational.
• Financial.
• Future developments.
Information of each of these is given in the Report of the Directors in the
Annual Report for the year ended 30 September 2011.
Related party transactions
The Investment Manager is regarded as a related party and details of the
management fee payable during the six months ended 31 March 2012 is shown in
the Income Statement on pages 8 and 9. There have been no other related party
transactions during the six months ended 31 March 2012.
Directors' responsibility statement
The Directors are responsible for preparing the half-yearly financial report,
in accordance with applicable law and regulations. The Directors confirm that,
to the best of their knowledge:
• The condensed set of financial statements within the half-yearly financial
report has been prepared in accordance with the Accounting Standards Board's
statement "Half-Yearly Financial Reports"; and
• The Interim Management Report includes a fair review of the information
required by 4.2.7R (indication of important events during the first six months
of the year) and 4.2.8R (disclosure of related party transactions and changes
therein) of the FSA's Disclosure and Transparency Rules.
For and on behalf of the Board
Steven Bates
Chairman
3 May 2012
Directors and officers
Directors
Steven Bates, Chairman
Josephine Dixon
Saul Estrin
Jonathan Woollett
Ivo Coulson
Secretary
M. J. Nokes, F.C.A.
Registered office
155 Bishopsgate
London EC2M 3XY
Company number
4560726
Investment Manager
Baring Asset Management Limited
155 Bishopsgate
London EC2M 3XY
Telephone: 020 7628 6000
Facsimile: 020 7638 7928
Auditor
KPMG Audit Plc
15 Canada Square
London E14 5GL
Custodian
State Street Bank & Trust Company Limited
20 Churchill Place
Canary Wharf
London E14 5HJ
Administrator
Northern Trust Global Services Limited
50 Bank Street
Canary Wharf
London E14 5NT
Telephone: 0207 982 2000
Registrars and transfer office
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
Telephone: 0871 664 0300 (calls cost 10p per minute plus network extras)
Overseas: +44 208 639 3399
Email: ssd@capitaregistrars.com
Website
www.bee-plc.com
ISA & Savings Scheme
The Company's shares can be purchased through the Baring Emerging Europe ISA &
Savings Scheme which provides a simple and cost-effective method for investing
either lump sums or on a regular basis.
The Baring Emerging Europe ISA investment limits are:
Minimum Maximum
Investment Limits Investment Limits
Regular investment £250 £940
per month per month
Lump sum investment £3,000 £11,280
(Additional lump sum top-ups of £1,000) per annum
The Baring Emerging Europe Savings Scheme has a minimum regular investment of
£50 per month or a minimum lump sum investment of £250.
Further information
For further information on the ISA & Savings Scheme, please write to:
Baring Asset Management Limited c/o NTGS 50 Bank Street London E14 5NT
Telephone: 0845 082 2479
Alternatively information can be obtained from the Company's website:
www.bee-plc.com
Please remember that the value of an investment and the income from it can fall
as well as rise as a result of market and currency fluctuations and you may not
get back the amount originally invested. Past performance is not a guarantee of
future performance.
Baring Asset Management Limited, the Manager of the Baring Emerging Europe ISA
& Savings Scheme, is authorised and regulated by the Financial Services
Authority.
Share Price
The ordinary share price of the Company is quoted in the Financial Timesunder
the heading "Investment Companies" in the "London Share Service" section.
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