All information is at 31 October 2012 and unaudited. 
Performance at month end with net income reinvested 
                             One     Three      One    Three   Since launch 
                           Month    Months     Year    Years    (20 Sep 04)
Net asset value* (Undiluted)    1.8%      6.2%    10.7%    23.9%         123.5%
Net asset value* (Diluted)      1.9%      5.6%    10.1%    23.3%         122.3%
Share price                     3.2%      8.7%     6.7%    23.1%         117.7%
FTSE World Europe ex UK         2.2%      7.7%     6.3%     6.7%          75.3%
Sources: BlackRock and Datastream 
* Net asset value and share price performance includes the subscription share
reinvestment, assuming the subscription share entitlement per share was sold
and the proceeds reinvested on the first day of trading. 
At month end
Net asset value (capital only):        189.47p
Net asset value (including income):    189.50p
Net asset value (capital only)**:      188.41p
Net asset value (including income)**:  188.43p
Share price:                           183.50p
Discount to NAV (including income):       3.2%
Discount to NAV (including income)**:     2.6%
Subscription share price:                0.35p
Gearing:                                  6.1%
Net yield:                                2.3%
Total assets (including income):       £241.6m
Ordinary shares in issue:          119,793,123
Subscription shares in issue:       23,484,013 
**  Diluted for subscription shares.
*** Excluding 4,760,637 shares held in treasury. 
Sector Analysis  Total Assets (%)  Index (%)  Country Analysis  Total Assets 
Consumer Goods               21.2       19.0  Switzerland                   
Industrials                  18.4       15.0  Germany                       
Basic Materials              12.5        8.4  France                        
Financials                   11.2       20.3  Spain                          
Health Care                  10.8       12.8  Netherlands                    
Oil & Gas                     9.8        6.9  Sweden                         
Consumer Services             9.2        5.2  Denmark                        
Telecommunications            5.5        4.3  Russia                         
Technology                    4.2        3.4  Finland                        
Utilities                     2.0        4.7  Hungary                        
Net current liabilities      (4.8)         -  Portugal                       
                        -----      -----  Belgium                        
                        100.0      100.0  Ireland                        
                        =====      =====  Italy                          
                                          Net current liabilities       
Ten Largest Equity Investments (in alphabetical order) 
Company                        Country of Risk
BASF                           Germany
Cie Financiere Richemont       Switzerland
Continental                    Germany
Electrolux                     Sweden
Inditex                        Spain
Novo Nordisk                   Denmark
Roche                          Switzerland
Schneider Electric             France
Swiss Re                       Switzerland
Zurich Insurance               Switzerland 
Commenting on the markets, Vincent Devlin, representing the Investment Manager
During the month, the Company's NAV rose by 1.8% and the share price increased
by 3.2%.  For reference, the FTSE World Europe ex UK Index rose by 2.2% during
the same period. 
European equities delivered a positive return during October, outperforming
most other major markets.  During the month, value slightly outperformed growth
and the more economically sensitive sectors, such as banks, real estate,
insurance and autos were the best performing, while the telecoms, chemical and
health care sectors were the worst performers. 
Stock selection proved positive during the month, while sector-level allocation
offset these gains.  The Company's structurally lower weight to financials
proved the largest detractor from returns as the sector continued to rally
following the supportive policy action taken by the ECB and other central banks
during the third quarter.  In addition, the Company's higher allocations to
basic materials and oil & gas detracted from returns as economic momentum in
domestic Europe continued to disappoint. 
At a stock level, selected industrial businesses performed especially well.  A
holding in EADS re-bounded from its previous losses after the proposed merger
with BAE was called off.  Positions in airline Deutsche Lufthansa and
Scandinavian industrial Wartsila both contributed to returns; Wartsila reported
orders for the third quarter of 2012 that were 17% ahead of consensus, leading
to an upgrade of the management team's outlook.  The Company's holdings in
Eurozone banks BNP Paribas and Deutsche Bank saw gains as the sector continued
to rally.  A new position in Volkswagen benefited from strong sales trends in
emerging markets. 
Less successful positions included wine and spirits business Pernod Ricard and
Renault, which suffered from falling demand in domestic European autos.  The
Company also suffered from the decision to not own a holding in UBS, which
performed strongly at the end of the month after the company announced a
significant re-structuring plan. 
At the end of October, the Company had higher weights (when compared with the
FTSE World Europe ex UK Index) in basic materials, industrials, consumer
services, consumer goods, oil & gas and technology and lower weights in
financials, health care, utilities and telecoms. 
On aggregate, economic data this month has been relatively positive, notably in
the US.  In Europe, the data has been mixed with the aggregate PMI stabilizing
while the German IFO contracted.  Weaker European economic data is not
unexpected but forward looking leading indicators are pointing to a recovery in
the medium term.  With continued progress towards fiscal integration, Spain's
potential request for support and the ECB's commitment to keeping the Eurozone
intact there is a potential for the risk premium on European equities to fall
further from elevated levels and we have already seen peripheral yields fall
further in October.  
Despite the market rally in European equities since the beginning of the year,
Europe remains a very attractive market on a number of valuation metrics.  On a
price to earnings (P/E) basis Europe is attractive relative to history,
relative to US equities and offers an attractive dividend yield of circa 4%. 
However, the European political path to closer fiscal integration is not
without its uncertainties and a number of economic hurdles remain.  Given this
backdrop we remain focused on companies with proven business models and
attractive earnings growth.  In addition, we continue to seek the most
selective investment opportunities in oversold areas within the periphery. 
15 November 2012 
Latest information is available by typing on the internet,
"BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).  Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement. 
-0- Nov/15/2012 10:23 GMT
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