All information is at 30 November 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)    4.9%      8.9%    19.8%    24.9%         134.4%
Net asset value* (Diluted)      5.5%      9.2%    19.9%    25.0%         134.5%
Share price                     2.9%     10.3%    14.9%    24.2%         123.9%
FTSE World Europe ex UK         3.8%      7.8%    13.8%     7.0%          81.9%
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):        198.09p
Net asset value (including income):    198.73p
Net asset value (capital only)**:      198.09p
Net asset value (including income)**:  198.73p
Share price:                           188.75p
Discount to NAV (including income):       5.0%
Discount to NAV (including income)**:     5.0%
Gearing:                                  4.5%
Net yield:                                2.2%
Total assets (including income):       £251.2m
Ordinary shares in issue:          120,947,078 
During the month, 1,153,955 ordinary shares were issued for proceeds of £2.1m
following the exercise of subscription shares. 
**  Diluted for treasury shares.
*** Excluding 4,760,637 shares held in treasury. 
Sector Analysis  Total Assets (%)  Index (%)  Country Analysis  Total Assets 
Consumer Goods               20.9       19.4  Switzerland                   
Industrials                  16.4       15.1  Germany                       
Basic Materials              12.7        8.5  France                        
Financials                   11.4       20.6  Netherlands                    
Health Care                  10.4       12.6  Denmark                        
Oil & Gas                     9.1        6.7  Russia                         
Consumer Services             7.4        5.2  Finland                        
Technology                    5.8        3.5  Ireland                        
Utilities                     2.2        4.3  Spain                          
Telecommunications            1.4        4.1  Portugal                       
Net current assets            2.3          -  Belgium                        
                        -----      -----  Hungary                        
                        100.0      100.0  Italy                          
                        =====      =====  Sweden                         
                                          Net current assets             
Ten Largest Equity Investments (in alphabetical order) 
BASF                               Germany
Cie Financière Richemont           Switzerland
Continental                        Germany
Novo Nordisk                       Denmark
Roche                              Switzerland
Ryanair                            Ireland
Schneider Electric                 France
Swiss Re                           Switzerland
Volkswagen                         Germany
Zurich Insurance                   Switzerland 
Commenting on the markets, Vincent Devlin, representing the Investment Manager
During the month, the Company's NAV rose by 4.9% and the share price rose by
2.9%.  For reference, the FTSE World Europe ex UK Index increased by 3.8%
during the same period. 
European equities enjoyed a positive month in November.  The buoyant mood in
equity markets was also reflected by the further contraction in sovereign bond
yield spreads, with Spanish and Italian 10 year rates tightening to 5.4% and
4.5% respectively. 
With China's political leadership handover progressing smoothly and Chinese
economic momentum trending up, consumer-related names with exposure to the
Asian region have done well in November.  However, relative 'safe-haven'
sectors lagged the market, along with commodity-related stocks. 
Both stock selection and sector allocation aided returns during the month.  The
Company's sector allocation, with a larger weighting to technology and a lower
weighting to utilities, both provided meaningful contributions to returns in
November.  At a stock level, positions in consumer services and consumer goods
performed best during November.  Within consumer services, a position in
Ryanair performed strongly after the company reported stronger than expected
profits for the previous quarter.  Particularly encouraging was the company's
ability to deliver growth in the average fare charged on a year-on-year basis.
Within consumer goods, a position in Swiss luxury goods business Richemont
also performed strongly, benefiting both from strong profit growth and
improving sentiment surrounding Chinese consumption. 
Elsewhere within the portfolio, positions in German auto supplier Continental
and French domestic autos name Renault both performed strongly, as did a
position in Schneider Electric, a French electrical engineering company which
benefited from an improvement in global lead indicators.  Less successful
positions included seismic services company CGG Veritas, which suffered from a
short term delay in its acquisition of Fugro, and Novo-Nordisk which saw some
profit taking as news surrounding the approval of their new drug came through. 
At the end of the month, the Company had higher weights (when compared with the
FTSE World Europe ex UK Index) in basic materials, oil & gas, industrials,
consumer services and technology and lower weightings in financials, utilities,
telecoms and health care. 
Our outlook on European equities remains positive.  The ECB's policy actions
have created an environment in which structural reform can take place.  2012
may be the worst year for austerity in Europe in our view and from 2013 onwards
we may begin to see incremental improvements on a year-on-year basis.  For
example, it is noteworthy that Italy's fiscal reforms have caused a -3% drag on
GDP this year; this is set to fall to a -0.9% drag in 2013.  The global
economic environment is also supportive for equities next year, assuming that
the US does not trip on the fiscal cliff issue and we are beginning to see
evidence that China is now moving beyond its soft patch.  Valuations in Europe
are very cheap relative to the US, corporate bonds and its own history and this
remains the case after the rally.  Ownership levels are also very low, and
further development in the political crisis may bring more assets back into the
12 December 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- Dec/12/2012 16:09 GMT
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