Half-yearly Report
Baring Emerging Europe PLC
Half Year Report
for the six months ended 31 March 2015
Contents
Investment Objective 1
Financial Highlights 1
Performance 1
The Alternative Investment Fund Manager 1
Chairman's Statement 2-3
Report of the Alternative Investment Fund 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
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 2015 31 March 2014 30
September
2014
Shareholders' funds (£000) 111,260 139,834 131,556
Net asset value ("NAV") per share 606.04p 717.17p 695.92p
Share price 543.00p 639.00p 614.50p
Discount of share price to NAV 10.4% 10.9% 11.7%
Six months to Six months to Year ended 30
31 March 31 March September 2014
2015 2014
Total return per share (74.04)p (111.40)p (134.76)p
Dividend per share* - - 19.00p
*See note 2 on page 13.
Performance (total return basis)
Six months to Six months to Year ended
31 March 31 March 30 September
2015 2014 2014
Net asset value per share -9.9%* -13.3%* -15.9%â€
Benchmark# -11.0% -10.3% -13.3%
Share price†-8.2% -12.1% -15.4%
# The benchmark is the MSCI EM Europe 10/40 Index.
†Source: AIC using Morningstar.
* Source: Barings.
The Alternative Investment Fund Manager
The Alternative Investment Fund Manager is Baring Fund Managers Limited which
is authorised and regulated by the Financial Conduct Authority.
Chairman's statement
Dear Shareholder,
In the first half of our financial year, the crisis in Russia has again
dominated returns, this time compounded by an unexpected collapse in the price
of oil. It seems otiose to talk of regional returns when these two factors have
dominated all else. Matthias Siller gives his views on all this in the
manager's report which follows, but the overall movement in markets has been so
dramatic since the onset of the crisis that even when things are not obviously
improving, there seem to be some significant investment opportunities.
Performance
The Net Asset Value of your Company fell by 9.9% over the six month period to
31st March 2015, while the benchmark dropped by 11%. It was a half year of two
halves, so to speak, with a particularly sharp fall in the first three month
period followed by a fairly sharp rise in the second. The pattern follows the
oil price and is of course dominated by what happened in Russia. In these
circumstances, the signal is overwhelmed by the noise, and the relative
performance of the portfolio is something of a random outcome. Nevertheless, as
a Board we monitor performance against both peers and benchmark and in the six
month period, your Company ranked 19th out of 51 peers. In the longer term,
over 5 years, the Company ranked 16th out of 44 peers and over 10 years 4th out
of 35.
During the six month period whilst the absolute return has been disappointing,
your Board is confident that in Matthias we have a skilled helmsman who has
held his course in some of the most turbulent markets ever seen.
Discount Management
The Emerging European sector has been out of favour with investors. This is
hardly surprising. One factor which illustrates this is that volumes in your
Company's shares are running at around half the levels of three or four years
ago. There has been constant gentle downward pressure on the discount, which
has averaged 12.9% over the period, although it ended March at a level of
10.4%. I would remind shareholders that if the average discount exceeds 12% for
the year as a whole, a tender will be triggered for up to 15% of the shares
outstanding at 95% of NAV. In order to try and manage the discount effectively,
we have operated for many years a share buyback programme and in the current
period we repurchased 545,500 shares at an average discount of 12.1% for an
outlay of £2.95 million. This added approximately 2 pence per share to the NAV
in the period.
With the market capitalization of the Company now around £105 million, and with
trading volumes shrinking as explained, the Company needs to work hard to
remain relevant for shareholders. The Board takes the view that the prospects
in our markets are attractive enough that the area will come back on to
investor radar screens at some point, but that in the meantime we need to
continue to strike a balance between discount control and market
capitalization.
Income Account
At this stage of the year, we normally show a deficit on the income account.
Unusually, for 2015 we have a surplus so far of £561,000. This reflects changes
to the timing of some important dividend payments. As in previous years your
Board intends to distribute by way of dividend most of the net earnings
available for this purpose. Whilst it is difficult to predict the dividend flow
it is noteworthy that despite the difficulties in Russia, dividends are still
being paid and we have also received some repayments from the Russian
authorities of tax previously charged incorrectly. This evidence that the
wheels of commerce continue to turn is a bright spot in a murky world.
The Board
Jo Dixon retired as a director and as the Chair of the Audit Committee at the
AGM. I would like to reiterate our thanks to her for her contributions over the
years. She has been ably replaced by Frances Daley. As I have explained, the
Board is undergoing a general refreshment and over the next couple of years, it
is planned that there will be further retirements and appointments.
Gearing
For the past year, the Company has had a borrowing facility available, although
in the circumstances it was never drawn down. As you will see from Matthias's
positive outlook, the Board felt it would be prudent to renew the facility, and
this process has been completed on terms which we believe are attractive in the
circumstances. It is likely that this borrowing will be drawn upon in the
months ahead.
Outlook
It is easy to throw in the towel on an investment which has given its
supporters as torrid a time as has Emerging Europe. In our view that would be a
mistake. The dominant influence of geo-politics has obscured the fact that
while business conditions are not easy, a cadre of highly credible, well
managed companies exists throughout the region. At the bargain prices which
prevail today, it is these which will deliver exciting returns when the
influence of politics wanes and conditions return to something more like
normal.
Steven Bates
Chairman
7 May 2015
Report of the Alternative Investment Fund Manager
for the half year ended 31 March 2015
Performance
Against the backdrop of very volatile markets, your Company posted a return of
-9.9% in the NAV in Sterling terms against a benchmark performance of -11.0%.
The period was characterised by a sharp drop in oil prices and substantial US
dollar appreciation, hurting oil exporting economies and companies with highly
leveraged balance sheets. On the positive side, the successful implementation
of the Minsk II agreement in February between the leaders of the Ukraine,
Russia, France and Germany helped to prevent an all-out war in Eastern Ukraine,
ushered in a cease fire and largely stopped the bloodshed.
In an environment where global growth stayed sluggish outside the US, Emerging
European equities found themselves at very different stages in the economic
cycle.
The small, open economies of central Europe saw a continuation of economic
improvement, extending to domestic consumption, helped by job creation and
lower energy prices. Yet, EU-wide deflationary tendencies were also felt across
central Europe, where central banks didn't hesitate to come forward with
aggressive interest-rate cuts. This presented a particular challenge to the
banking sector, especially in Poland, as profit margins came under pressure.
In Greece, where tentative signs of a pick-up in economic activity contrasted
with record youth unemployment and a general feeling of disenfranchisement
amongst voters, the political far left, Syriza, won a landslide victory in
early elections in January. The subsequent confrontations between the Greek
government and the European Union, the main creditor of the heavily indebted
state, have undermined consumer and business confidence and risk a return to
full-blown economic crisis.
Turkey, a net energy importer, greatly benefited from lower oil prices. The
parliamentary elections, wars on Turkey's doorstep and President Erdogan's bid
to transform the secular Kemalist constitution into a Presidential-style
Republic, mean that the country now finds itself at a crucial juncture. It
faces a historic chance to use the opportunity presented by lower energy prices
to transform its consumer and construction-based economic model into one led by
investment and reforms, while achieving a sustainable drop in inflation
expectations. Substantial levels of US-dollar debt on corporate balance sheets
remain the biggest issue for Turkey, indicating how important are both the
anchoring of inflation expectations and the potential for lower long-term
interest rates.
Russia, one of the largest energy exporters globally, was already negatively
affected by economic sanctions from its involvement in the Ukraine conflict as
the steep fall in energy prices created a "perfect storm" for its economy.
While many market participants expected a re-run of crises past, including the
desperate defence of a fixed exchange rate, Russian Central Bank Governor
Elvira Nabiullina took the bold step to introduce a free float regime for the
Russian rouble earlier than expected, raised interest rates to 17%, and
supported the banking sector with liquidity and capital as Russian individuals
and corporates sold the rouble and bought US dollars.
The Russian rouble, having fallen by more than 50% in the space of a couple of
weeks, finally found equilibrium, which allowed the central bank to begin to
reduce rates again, taking them to 14% by March. While this inflicted
short-term pain on consumers, the banking sector and importers, the Russian
authorities managed to regain the initiative and now find themselves in a
situation where commodity exporters are enjoying rising US dollar receipts even
under a dramatically lower price regime, and the state runs a budget surplus.
By some measures the Russian rouble is now the most undervalued currency in the
world, while the forecast drop in inflation over the course of 2015 should
allow the central bank to consider further cuts in interest rates, in contrast
to the situation in most other countries. The economic situation in Russia
remains tense, and risks to the country's financial system remain, but it is
safe to say that Russia can cope with lower oil prices.
While the aggressive foreign policy actions by Russia brought widespread
international condemnation, Mr Putin's decisive actions on territory many
Russians consider home soil were hugely popular with his domestic audience. The
cost has been to Russia's diplomatic standing as well as economic growth. We
are likely to see European countries intensify their efforts to diversify gas
supplies away from Russia towards suppliers in the Middle East, accessed
through Turkey. In the case of Russia, we expect trade links to continue to
strengthen with China and other partners in Asia.
Activity
We increased exposure to Russian stocks in December by investing in Norilsk
Nickel and Lukoil, large commodity exporters benefiting from a lower rouble. As
the rouble stabilised and oil prices started to recover, we increased exposure
to domestic consumption, adding M.Video, the largest electronic goods retailer,
to the portfolio. We sold Moscow Stock Exchange after the stock outperformed
the market by a wide margin and reached our price target.
Turkey's performance over the last six months was a story of two halves. As a
clear beneficiary of lower oil prices, the Turkish stock market outperformed
its peers by a wide margin in the last quarter of 2014, only to succumb to US
dollar pressures, relatively weak domestic demand data and political noise.
Having increased exposure in 2014, we sold into a rising market in January. In
terms of portfolio exposure, we added to the banking sector in March, reducing
exposure to Emlak, the state-owned real estate developer. In mid-caps, we added
to the pharma distributor Selczuk Ecza, while selling our position in Brisa,
the largest Turkish tyre manufacturer.
In Poland, we took advantage of the weak performance of the banking sector by
adding Bank Zachodni WBK to the portfolio. We sold our position in insurer PZU.
Given that Poland's interest rate cycle should be about to turn, the interest
earnings of banks could improve over the coming years, supporting stock prices.
The portfolio's exposure to the Greek stock market remained very limited, with
National Bank of Greece accounting for the lion's share of our Greek position.
More than half of the company's value is represented by the bank's Turkish
subsidiary, Finansbank, and we think this is not yet adequately priced by the
market.
Elsewhere, we participated in the secondary offering of Bank of Georgia. The
largest financial institution of this country of five million people also holds
assets across the healthcare and electric utility industries, offering the
company various growth avenues.
Outlook
The last six months have put Emerging European equities to the test, and, for
the first time in seven years, there was a sense of genuine panic when the fall
in the oil price and the Russian rouble threatened to get out of hand.
While the absolute performance over the reported period is far from satisfying,
it is worthwhile to note that the portfolio's diversification played out
positively. Turkey's performance is a good example in that respect, providing
positive returns for the portfolio in the fourth quarter of last year while
drastically underperforming after we reduced exposure in the early months of
2015.
Further, it is encouraging to see that corporate governance keeps improving in
the region, and remains in the focus of shareholders and management alike, with
a number of companies surprising positively in terms of operational performance
and dividend distribution. We also welcome the upbeat start into the New Year
by Russian stocks, helped by good news with regards to the conflict in Ukraine.
While this confrontation is far from being resolved it was encouraging to see
diplomatic efforts bearing tangible results.
As we look forward from here, it is our belief that Emerging European equities
offer an attractive combination of deeply discounted share price valuations,
healthy earnings growth prospects and bottom-up investment opportunities,
which, in our view should attract growing interest in the asset class as well
as providing potential for long-term investment gains in the future.
Baring Fund Managers Limited
21 April 2015
Baring Emerging Europe PLC NAV per share; share price; % discount [GRAPHIC
REMOVED]
Fund, Benchmark and Country Returns (£) 30 September 2014 to 31 March 2015
[GRAPHIC REMOVED]
Geographical exposure of portfolio (% Fund and % Benchmark) at 31 March 2015
[GRAPHIC REMOVED]
Twenty largest equity holdings
Equity portfolio
The Company's twenty largest equity holdings at 31 March 2015, is set out in
the following table:
Holding Primary country of Market value £000 % of equity
listing or investment portfolio
1 Sberbank Russia 8,737 7.9
2 Lukoil Holdings Russia 8,527 7.7
3 Norilsk Nickel Russia 5,453 4.9
4 Novatek Russia 4,986 4.5
5 Akbank Turkey 4,936 4.4
6 Magnit Russia 4,343 3.9
7 Luxoft Russia 4,318 3.9
8 Haci Omer Sabanci Turkey 3,883 3.5
Holdings
9 Tatneft Russia 3,752 3.4
10 Halk Bank Turkey 3,702 3.3
11 Gazprom Russia 3,615 3.3
12 Energa Poland 3,427 3.1
13 Turk Traktor Turkey 3,347 3.0
14 Mail.ru Russia 3,244 2.9
15 Vakif Bank Turkey 2,988 2.7
16 National Bank of Greece 2,839 2.5
Greece
17 Phosagro Russia 2,796 2.5
18 Mobile Telesystems Russia 2,722 2.4
19 PKO BP Poland 2,423 2.2
20 Ford Otomotiv Sanayi Turkey 2,205 2.0
82,243 76.0
Other holdings 27,954 24.0
Total investments 110,197 100.0
Income statement
(incorporating the Revenue Account*) for the six months to 31 March 2015
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited) (Audited)
Six months Six months Six months Six months Six months Six months Year Year Year
to 31 March to 31 March to 31 March to 31 March to 31 March to 31 March ended 30 ended 30 ended 30
2015 2015 2015 2014 2014 2014 September September September
2014 2014 2014
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Notes £000 £000 £000 £000 £000 £000 £000 £000 £000
Losses on - (14,154) (14,154) -- (21,274) (21,274) - (29,326) (29,326)
investments
held at fair
value
through
profit or
loss
Income 1,191 - 1,191 620 - 620 5,903 - 5,903
Investment (217) (217) (434) (316) (314) (630) (594) (592) (1,186)
management
fee
Other (410) - (410) (539) - (539) (1,008) - (1,008)
expenses
Net return 564 (14,371) (13,807) (235) (21,588) (21,823) 4,301 (29,918) (25,617)
before
finance
costs and
taxation
Finance (8) - (8) (3) - (3) (15) - (15)
costs
Return on 556 (14,371) (13,815) (238) (21,588) (21,826) 4,286 (29,918) (25,632)
ordinary
activities
before
taxation
Taxation 5 - 5 (75) - (75) (665) - (665)
Return 561 (14,371) (13,810) (313) (21,588) (21,901) 3,621 (29,918) (26,297)
attributable
to ordinary
shareholders
Return per 7 3.01p (77.05)p (74.04)p (1.59)p (109.81)p (111.40)p 18.55p (153.31)p (134.76)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 2015
(Unaudited) (Unaudited) (Audited)
At At At
31 March 31 March 30 September
2015 2014 2014
£000 £000 £000
Non current assets
Investments at fair 110,197 139,215 130,700
value through profit or
loss
Current assets
Debtors 155 4,540 726
Cash at bank and in 1,228 200 804
hand
1,383 4,740 1,530
Current liabilities
Creditors: amounts (320) (4,121) (674)
falling due within one
year
Net current assets 1,063 619 856
Total net assets 111,260 139,834 131,556
Capital and reserves
Called-up share capital 2,167 2,282 2,222
Share premium account 1,411 1,411 1,411
Capital reserve 100,480 130,008 117,796
Redemption reserve 2,621 2,506 2,566
Revenue reserve 4,581 3,627 7,561
Total equity 111,260 139,834 131,556
shareholders' funds
Net asset value per 606.04p 717.17p 695.92p
share
Reconciliation of movement in shareholders' funds
Called-up Share
share premium Capital Redemption Revenue
capital account reserve reserve reserve Total
£000 £000 £000 £000 £000 £000
(Unaudited) For the six 2,222 1,411 117,796 2,566 7,561 131,556
months ended 31 March
2015 At 30 September
2014
Return for the six - - (14,371) - 561 (13,810)
months to 31 March 2015
Buyback of own shares - - (2,945) - - (2,945)
for cancellation
Transfer to capital (55) - - 55 - -
redemption reserve
Dividends paid - - - - (3,541) (3,541)
Balance at 31 March 2015 2,167 1,411 100,480 2,621 4,581 111,260
Called-up Share
share premium Capital Redemption Revenue
capital account reserve reserve reserve Total
£000 £000 £000 £000 £000 £000
(Unaudited) For the six 2,357 1,411 157,486 2,431 7,645 171,330
months ended 31 March
2014 At 30 September
2013
Return for the six - - (21,588) - (313) (21,901)
months to 31 March 2014
Buyback of own shares - - (5,890) - - (5,890)
for cancellation
Transfer to capital (75) - - 75 - -
redemption reserve
Dividends paid - - - - (3,705) (3,705)
Balance at 31 March 2014 2,282 1,411 130,008 2,506 3,627 139,834
Called-up Share
share premium Capital Redemption Revenue
capital account reserve reserve reserve Total
£000 £000 £000 £000 £000 £000
(Audited) For the year
ended 30 September 2014
At 30 September 2013 2,357 1,411 157,486 2,431 7,645 171,330
Return for the year to - - (29,918) - 3,621 (26,297)
30 September 2014
Buyback of own shares - - (9,772) - - (9,772)
for cancellation
Transfer to capital (135) - - 135 - -
redemption reserve
Dividends paid - - - - (3,705) (3,705)
Balance at 30 September 2,222 1,411 117,796 2,566 7,561 131,556
2014
Cashflow statement
for the six months to 31 March 2015
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
to 31 March to 31 March 30 September
2015 2014 2014
Notes £000 £000 £000
Operating activities
Income received from 1,763 1,136 5,951
investments
Investment management (435) (630) (1,215)
fees paid
Other cash payments (506) (554) (1,019)
Net cash inflow/ 6 822 (48) 3,717
(outflow) from
operating activities
Servicing of finance
Interest paid (8) (3) (16)
Taxation
Overseas tax received/ 5 (76) (677)
(paid)
Financial investment
Purchases of (56,817) (54,156) (115,443)
investments
Sales of investments 62,854 60,766 123,077
Net cash inflow from 6,037 6,610 7,634
financial investment
Equity dividends paid (3,541) (3,705) (3,705)
Net cash inflow before 3,315 2,778 6,953
financing
Financing
Buyback of ordinary (2,891) (5,890) (9,461)
shares
Net cash outflow from (2,891) (5,890) (9,461)
financing
Increase/(decrease) in 424 (3,112) (2,508)
cash
Notes to the half year report
1. Accounting policies
These financial statements have been prepared in accordance with United Kingdom
Generally Accepted Accounting Practice (`UK GAAP') 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 2014.
2. Dividend
No dividend is payable in respect of the six months to 31 March 2015.
Consideration will be given to an annual dividend in respect of the year ended
30 September 2015 at a Board meeting to be held in November 2015. An
announcement will be made shortly after that meeting.
3. Comparative information
The figures and financial information for the year ended 30 September 2014 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 2015 and for the six
months ended 31 March 2014 have been neither audited nor reviewed by the
auditors.
4. Shares in issue
As at 31 March 2015 there were 18,358,543 ordinary shares of 10p each in issue
(30 September 2014: 18,904,043 and 31 March 2014: 19,498,043) which excludes
3,318,207 ordinary shares held in treasury (30 September 2014: 3,318,207 and 31
March 2014: 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 545,500 ordinary shares
were bought back to be cancelled at a cost of £2,945,000. A further 115,000
ordinary shares were bought back to be cancelled during the period 1 April 2015
to 6 May 2015 at a cost of £664,000.
5. Taxation
The taxation credit of £5,000 (30 September 2014: £665,000 taxation charge; and
31 March 2014: £75,000 taxation charge) relates to 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 Six Year
months months Ended
31 March 31 March 30 September
2015 2014 2014
£000 £000 £000
Total netrevenue (13,807) (21,823) (25,617)
return before
finance costs and
taxation
Net capital return 14,371 21,588 29,918
before finance
costs and taxation
Decrease in accrued 571 516 47
income
Decrease in sundry (96) (15) (39)
creditors
Investment (217) (314) (592)
management fee
capitalised
Net cash inflow/ 822 (48) 3,717
(outflow) from
operating
activities
7. Return per ordinary share
The total return per ordinary share is based on the return on ordinary
activities after taxation of £(13,810,000) (six months ended 31 March 2014: £
(21,901,000); and year ended 30 September 2014: £(26,297,000)) and on a
weighted average of 18,652,032 ordinary shares in issue during the six months
ended 31 March 2015 (six months ended 31 March 2014: weighted average of
19,659,472 ordinary shares in issue; and year ended 30 September 2014: weighted
average of 19,515,035 ordinary shares in issue).
Interim management report
Going concern
The Directors believe that, having considered the Company's investment
objectives, risk management policies, capital management policies and
procedures, nature of the portfolio and expenditure projections, the Company
has adequate resources and an appropriate financial structure in place to
continue in operational existence for the foreseeable future. The assets of the
Company consist mainly of securities which are readily realisable. For these
reasons, they consider that there is reasonable evidence to continue to adopt
the going concern basis in preparing the accounts.
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:
â– Investment and strategy.
â– Accounting, legal and regulatory.
â– Loss of investment team or Alternative Investment Fund Manager.
â– Discount.
■Corporate governance and shareholder relations.
â– Operational.
â– Financial.
â– 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 2014.
Related party transactions
The Alternative Investment Fund Manager is regarded as a related party and
details of the management fee payable during the six months ended 31 March 2015
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 2015.
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:
â– 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
â– 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 FCA's Disclosure and Transparency Rules.
For and on behalf of the Board
Steven Bates
Chairman
7 May 2015
Directors and officers
Directors
Steven Bates, Chairman
Josephine Dixon (retired 15 January 2015)
Saul Estrin
Jonathan Woollett
Ivo Coulson
Frances Daley
Secretary
M. J. Nokes, F.C.A.
Registered office
155 Bishopsgate
London EC2M 3XY
Company number
4560726
Alternative Investment Fund Manager
Baring Fund Managers Limited
155 Bishopsgate
London EC2M 3XY
Telephone: 020 7628 6000
Facsimile: 020 7638 7928
Auditor
KPMG LLP
15 Canada Square
London E14 5GL
Custodian & Depositary
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 Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
Telephone: 0871 664 0300 (calls cost 10 pence per minute plus network extras)
Overseas: +44 208 639 3399
Email: ssd@capitaregistrars.com
Website
www.bee-plc.com
Baring Asset Management Limited
155 Bishopsgate
London EC2M 3XY
Telephone: 020 7628 6000
(Authorised and regulated by the Financial Conduct Authority)
www.barings.com
Registered in England and Wales no: 02915887
Registered office as above.