2. FTSE World Europe ex UK index in sterling terms 3. Share price using mid-market closing prices 4. Simple average NAV for the AIC Europe sector which comprises eight investment trusts 5. Investment Association Europe ex UK sector
CHAIR S STATEMENT These past twelve months have been unprecedented as we all know: the emergence of the Covid-19 pandemic; governments responses to the unfolding health, economic and social crisis and the ensuing impact on our daily lives. With this has come huge uncertainty - both for us as individuals but also for governments, and corporate management teams who are trying to operate and forecast in a highly unpredictable environment. Stock markets do not deal well with uncertainty and we have seen huge volatility during the financial year - to give you an idea, our benchmark index of Continental European companies, the FTSE World Europe ex UK Index, fell by 27.6% from the highest point (on