FTSE COMPANY REPORT Share price analysis relative to sector and index performance

Data as at: 21 November 2018 Blackrock Emerging Europe BEEP Equity Investment Instruments — GBP 3.185 at close 21 November 2018

Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 21-Nov-2018 21-Nov-2018 21-Nov-2018

3.9 115 115 1D WTD MTD YTD

3.8 Absolute -0.2 -0.8 1.0 -9.9 110 110 Rel.Sector -1.3 -0.4 1.1 -7.5 3.7 Rel.Market -1.5 -1.2 2.2 -1.4 105 3.6 105 VALUATION 3.5 100

(local currency) (local 100 Trailing 3.4 95 Relative Price Relative Price

3.3 95 PE 2.7

Absolute Price Price Absolute 90 EV/EBITDA 2.8 3.2 90 85 PCF 27.0 3.1 PB 0.8 3 80 85 Price/Sales 8.0 Nov-2017 Feb-2018 May-2018 Aug-2018 Nov-2018 Nov-2017 Feb-2018 May-2018 Aug-2018 Nov-2018 Nov-2017 Feb-2018 May-2018 Aug-2018 Nov-2018 Div Yield 3.4 Absolute Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Div Payout 9.9

100 100 90 ROE 30.7 90 90 80 Net Debt/Equity 0.0 80 80 70 70 70 60 60 DESCRIPTION 60 50 50 50 40 40 The Company is that of an investment trust company. RSI (Absolute) RSI 40 30 30 20 30

10 20 20 RSI (Relative to FTSE UK All-Share Index) UK All-Share to FTSE (Relative RSI RSI (Relative to FTSE UK All-Share Sector) UK All-Share to FTSE (Relative RSI 0 10 10 Nov-2017 Feb-2018 May-2018 Aug-2018 Nov-2018 Nov-2017 Feb-2018 May-2018 Aug-2018 Nov-2018 Nov-2017 Feb-2018 May-2018 Aug-2018 Nov-2018

See final page and http://www.londonstockexchange.com/prices-and-markets/stocks/services-stock/ftse-note.htm for further details.

Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: Blackrock Emerging Europe 21 November 2018

Valuation Metrics

Price to Earnings (PE) EV to EBITDA Price to Book (PB)

31-Oct-2018 31-Oct-2018 31-Oct-2018 7 8 1.5

6 7 1.4 +1SD 6 1.3 5 1.2 5 +1SD 4 +1SD Avg 1.1 4 3 Avg 1 3 Avg 0.9 2 -1SD 2 -1SD 0.8 -1SD 1 1 0.7 0 ǁǁ 0 ǁǁ 0.6 Nov-2013 Nov-2014 Nov-2015 Nov-2016 Nov-2017 Nov-2013 Nov-2014 Nov-2015 Nov-2016 Nov-2017 Nov-2013 Nov-2014 Nov-2015 Nov-2016 Nov-2017

Aberdeen New India Investment Trust 120.0 Aberdeen New India Investment Trust 100.0 Ruffer Investment Company 1.8 Polar Capital Global Healthcare Trust 120.0 Ruffer Investment Company 100.0 1.7 Ruffer Investment Company 109.5 Polar Capital Global Healthcare Trust 100.0 1.6 JPMorgan Global Convertibles Income Fund 102.8 JPMorgan Global Convertibles Income Fund 86.0 Lindsell Train Investment Trust 1.6 BH Macro (GBP) 91.3 Alcentra European Floating Rate Income Fund 79.1 CC Japan Income & Growth Trust 1.5 Equity Investment Instruments 8.2 Equity Investment Instruments 8.5 Equity Investment Instruments 0.9 Blackrock Emerging Europe 2.7 Blackrock Emerging Europe 2.8 Blackrock Emerging Europe 0.8 Woodford Patient Capital Trust -46.1 Ranger Direct Lending Fund 0.0 SQN Asset Finance Income Fund 0.7 -67.9 Personal Assets Trust 0.0 Fidelity China Special Situations 0.7 Value And Income Trust -68.7 Value And Income Trust 0.0 Electra Private Equity 0.4 Securities Trust of -82.2 Securities Trust of Scotland 0.0 JPMorgan European Invest Tst (Inc Shs) 0.4 Capital Gearing Trust -120.0 Capital Gearing Trust 0.0 SQN Asset Finance Income Fund C shares 0.3 -150 -100 -50 0 50 100 150 0 20 40 60 80 100 120 0 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 1.8 2

Price to Cash Flow (PCF) Dividend Yield % Price to Sales (PS)

31-Oct-2018 31-Oct-2018 31-Oct-2018 80 ǁǁ ǁ ǁ 3.5 15 ǁǁ ǁǁ 3 70 +1SD +1SD 2.5 60 +1SD 10 2 50 Avg Avg 1.5 Avg 40 5 1 30 -1SD 0.5 -1SD -1SD 20 0 0 ǁǁ ǁǁ Nov-2013 Nov-2014 Nov-2015 Nov-2016 Nov-2017 Nov-2013 Nov-2014 Nov-2015 Nov-2016 Nov-2017 Nov-2013 Nov-2014 Nov-2015 Nov-2016 Nov-2017

BlackRock Smaller Companies Tst 80.0 Ranger Direct Lending Fund 12.2 Bluefield Solar Income Fund 15.0 Schroder Asian Total Return Investment Company 80.0 SQN Asset Finance Income Fund 10.4 Polar Capital Global Healthcare Trust 15.0 Monks Investment Trust 80.0 SQN Asset Finance Income Fund C shares 8.7 Pershing Square Holdings 15.0 Standard Life Private Equity Trust 80.0 JPMorgan European Invest Tst (Inc Shs) 7.7 Highbridge Multi-Strategy Fund 15.0 Hansa Trust 80.0 6.5 Aberdeen New India Investment Trust 15.0 Equity Investment Instruments 41.3 Blackrock Emerging Europe 3.4 Equity Investment Instruments 8.1 Blackrock Emerging Europe 27.0 Equity Investment Instruments 2.4 Blackrock Emerging Europe 8.0 Aberdeen New India Investment Trust -100.0 Pantheon International 0.0 Woodford Patient Capital Trust 0.0 Pacific Horizon Investment Trust -100.0 JPMorgan Indian Inv Trust 0.0 Biotech Growth Trust 0.0 JPMorgan Indian Inv Trust -100.0 Fidelity Japan Trust 0.0 Perpetual Income&Growth Inv Tst 0.0 JPMorgan US Smaller Co IT -100.0 Edinburgh Worldwide Inv Tst 0.0 Scottish Oriental Smaller Companies 0.0 Baillie Gifford Shin Nippon -100.0 Aberdeen New India Investment Trust 0.0 Alcentra European Floating Rate Income Fund 0.0 -120 -100 -80 -60 -40 -20 0 20 40 60 80 100 02468101214 0246810121416 Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

2 of 4 FTSE COMPANY REPORT: Blackrock Emerging Europe 21 November 2018

Valuation Metrics

Net Debt to Equity Dividend Payout (DP) Return on Equity (RoE)

31-Oct-2018 31-Oct-2018 31-Oct-2018 0.09 10 35 9 0.08 30 8 0.07 Avg +1SD 7 25 0.06 +1SD 6 0.05 20 5 0.04 -1SD 4 15 0.03 Avg 3 Avg 10 0.02 2 5 0.01 1 0 0 ǁǁ 0 ǁǁ Nov-2013 Nov-2014 Nov-2015 Nov-2016 Nov-2017 Nov-2013 Nov-2014 Nov-2015 Nov-2016 Nov-2017 Nov-2013 Nov-2014 Nov-2015 Nov-2016 Nov-2017

P2P Global Investments 0.8 JPMorgan Global Convertibles Income Fund 100.0 Vietnam Enterprise Investments 46.1 Middlefield Canadian Income PCC 0.5 Middlefield Canadian Income PCC 100.0 Independent Inv Tst 43.0 Value And Income Trust 0.3 Alcentra European Floating Rate Income Fund 100.0 Baillie Gifford Shin Nippon 35.2 Pershing Square Holdings 0.3 100.0 33.5 Aberforth Split Level Income Trust 0.2 P2P Global Investments 100.0 Blackrock Emerging Europe 30.7 Equity Investment Instruments 0.1 Equity Investment Instruments 23.9 Equity Investment Instruments 11.9 Blackrock Emerging Europe 0.0 Blackrock Emerging Europe 9.9 HarbourVest Global Private Equity 0.0 Invesco Income Growth Trust 0.0 Invesco Income Growth Trust -3.8 Fidelity Asian Values 0.0 Value And Income Trust 0.0 Pershing Square Holdings -4.6 Caledonia Investments 0.0 Ranger Direct Lending Fund 0.0 Perpetual Income&Growth Inv Tst -5.6 SQN Asset Finance Income Fund C shares 0.0 Securities Trust of Scotland 0.0 Edinburgh Investment Trust -5.7 SQN Asset Finance Income Fund 0.0 Capital Gearing Trust 0.0 Biotech Growth Trust -6.9 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 0 20406080100120 -10 0 10 20 30 40 50

ROE vs. PB — sector Du Pont Analysis

1.7 RICA 8 35 PIN SYNC 1.6 LTI

1.5 6 30 CCJI 1.4 SEQI MCT ATT GABI 4 25 1.3 UKW BBGITRIG EWI GCP 1.2 BBH CGT FSFL 3IN 2 20 FGT SLSSMT BGS 1.1 FCIFRCPBSIF SMIF WWHHMSF PB PNLPCGH HICLLBOWJLENINPPNESFJUSCJETG BRFI Regression SWEF TFIFJEO JAM FCI FSV HGTPCT 1.0 FCS BRNAMWY MNKSTRYSCAMFRCL ATR WPCTBHMG JPGI PAC IIT 0 15 HDIV TIGTNAIT JFJ MTEMNPEquity InvestmenASEIIEM DIVI BNKRSOIBGFD BIOGSTSAEFS FPEOHINTCTYADIG PEYS MYILWDBHVPEATSTWTAN FEET 0.9 EDIN FAS EPGSCFPCFTJCHJUSBTEM FEV PLIJGCI JEMI TMPLSJGEGLBRGEICGTHHIMRCHSLPELWI HEFTIBT BRSC UEMVOF THRGFJV VEIL CCPGMUT HNE SCINMTU JESC BUT IPU HRI IVIANIICLDN ASIT JMGBHGGJRSHASTMAJEDIGPHI NAS JAI SDP BRLA 0.8 VINRDL SECRSE GSSBGUK NBLS HSLAAIF ASLEFM JPS EUT -2 10 SST P2P APAXHANMCPKIT TEM IAT AASJMFWPC SCP MRC BEEP PSH TRG JII ATS ABD JMI BRWM JMC 0.7 SQN FCSS 0.6 -4 5

0.5 0.4 ELTA -6 ǁ 0 JETI 2014 2015 2016 2017 2018 0.3 SQNX 0 5 10 15 20 25 30 35 40 Net Margin Asset Turnover Gearing ROE (rhs) ǁ ROE Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

3 of 4 FTSE COMPANY REPORT: Blackrock Emerging Europe 21 November 2018

Brief description Brief description

Price to Earnings Price to Earnings (PE) is price over earnings per share. Earnings are based on the latest Gearing Gearing is Total Assets divided by Common Equity. Total Assets and Common Equity are (PE) available fiscal year earnings. each averaged over two years, that is, t and (t-1). Price to Sales (PS) Price to Sales (PS) is price divided by sales per share. It is based on sales from continuing Asset Turnover Asset turnover is Sales divided by Total Assets. Total Assets is averaged over two years, operations for the fiscal year. that is, t and (t-1). Price to Book (PB) Price to Book (PB) is price at the indicated date divided by common equity per share. Dupont Breakdown Return on Equity (RoE) = Net Margin * Gearing * Asset Turnover Common/ordinary equity is generally as reported at the most recent fiscal year-end but is Analysis adjusted to exclude minority interest, preferred stock and selected items as appropriate. RoE vs PB Plot of RoE versus PB at last month end for all FTSE UK All Share stocks in the sector Price to Cash Flow Price to Cash Flow (PCF) is price at the indicated date divided by cash flow per share. relative to the stock in question. Data may be limited to the stock in question if there are (PCF) currently no stocks in the corresponding FTSE UK All Share sector. Net Debt Equity Net Debt Equity is Net Debt as a percentage of common equity. Not calculated if Absolute Absolute graphs reflect performance for the stock in question for up to 366 days adjusted denominator (common equity) is negative for intervening corporate actions. EV to EBITDA EV to EBITDA is Enterprise Value divided by EBITDA (Earnings before Interest and Taxes, Relative Relative charts reflect the performance for the stock in question relative to the depreciation and amortisation). EV is full company Market Capitalisation at the data date corresponding sector of the FTSE All Share Index for up to 366 days, rebased to the start plus last annual net debt and Preferred Stock. Net Debt is total financial debt less cash date. Note that the stock itself may not be a FTSE All share constituent. Relative Chart and short-term investments. EBITDA is operating income plus depreciation and may be null if there are no stocks in the corresponding FTSE UK All Share sector. amortisation. RSI Relative Strength Index. Calculated as 100 minus (100 divided by (1+ratio of positive Dividend Yield % Dividend Yield reflects the dividend declared per share and/or paid for the security in versus negative time weighted returns)). Reflects 14 day average gains/losses question for the most recent fiscal year, divided by the share price. Valuation History Outlier valuation data is not shown to scale as these would distort the chart. Instead, ∥ Return on Equity Return on Equity is net income over average common equity. Not calculated if Charts denotes valuation data which falls outside display truncation limits. (RoE) denominator (average common equity) is negative Top/Bottom Reflect data for up to five top and five bottom performers for the valuation metric in Dividend Payout Total dividends divided by Net Income expressed as a percentage. Valuation Bar question. Note data may be limited to the stock in question if there are currently no Charts stocks in the corresponding FTSE UK All Share sector. Net Margin Net Margin is Net Income divided by sales. A guide to the report is available at http://www.londonstockexchange.com/prices-and-markets/stocks/services-stock/ftse-note.htm.

Blackrock Emerging Europe 21 November 2018 For further information visit www.ftse.com, email [email protected] or call your local FTSE office:

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