All information is at 30 November 2012 and unaudited. 
Performance at month end with net income reinvested 
                        One     Three      Six     One     Since 
                      month    months   months    year    launch*
Share price                0.2%      5.0%     5.2%   14.7%    -15.7%
Net asset value            1.1%      4.1%     6.7%   13.1%     -9.4%
MSCI Frontiers Index (NR)  2.2%      4.2%     3.6%    3.5%    -14.2%
MSCI EM Markets (NR)       1.8%      5.8%     8.2%    9.3%     -7.3% 
US Dollars: 
Net asset value            0.6%      5.0%    11.1%   15.3%     -6.8%
MSCI Frontiers Index (NR)  1.7%      5.2%     7.9%    5.4%    -11.9%
MSCI EM Markets (NR)       1.3%      6.7%    12.6%    11.4%    -4.7% 
Sources: BlackRock and Standard & Poor's Micropal
* 17 December 2010. 
At month end 
US Dollar:
Net asset value - capital only:   134.94c
Net asset value - cum income:     137.65c 
Net asset value - capital only:   84.20p
Net asset value - cum income:     85.89p
Share price:                      81.38p
Total assets (including income):  £81.4m
Discount to cum income NAV:         5.3%
Gearing:                             nil
Net yield:                          3.3%
Ordinary shares in issue:     94,766,267 
Sector Analysis           Gross assets(%)*       Country Analysis      Gross 
Financials                           29.0                 Nigeria               
Industrials                          15.2    United Arab Emirates               
Consumer Staples                     14.1                   Qatar               
Telecommunication                    12.4            Saudi Arabia                
Energy                               10.9              Kazakhstan                
Consumer Discretionary                6.7                 Vietnam                
Materials                             5.2                 Ukraine                
Healthcare                            5.1                    Iraq                
Utilities                             2.9              Bangladesh                
Technology                            0.5                  Panama                
                                -----               Argentina                
Total                               102.0                  Kuwait                
                                -----                 Croatia                
Short positions                      -4.9                   Kenya                
                                =====              Pan Africa                
                                                    Sri Lanka                
                                              Short positions               
*reflects gross market exposure from contracts for difference (CFDs) 
Market Exposure 
  31.01   29.02   31.03   30.04   31.05   30.06  31.07  31.08   30.09     
31.10     30.11 
   2012    2012    2012    2012    2012    2012   2012   2012    2012      
2012      2012 
      %       %       %       %       %       %      %      %       %       
  %         % 
Long  106.2   103.9    98.3   100.8    99.2   97.2  101.9   96.5    99.1     
101.0     102.0 
Short   3.1     5.2     3.0     2.1     0.0    2.6    2.6    2.5     2.6       
4.2       4.9                     
Gross 109.3   109.1   101.3   102.9    99.2   99.8  104.5   99.0   101.7     
105.2     106.9
Net   103.1    98.7    95.3    98.7    99.2   94.6   99.3   94.0    96.5      
96.8      97.1 
Ten Largest Equity Investments(in alphabetical order) 
Company                                 Country of Risk 
Air Arabia                         United Arab Emirates
Al Mouwasat                                Saudi Arabia
First Gulf Bank                    United Arab Emirates
Halyk Savings Bank                           Kazakhstan
Hrvatski Telekomunikacije                       Croatia
Kazmunaigas Exploration                      Kazakhstan
Kuwait Food                                      Kuwait
MHP                                             Ukraine
Qatar Electricity & Water                         Qatar
Zenith Bank                                     Nigeria 
Commenting on the markets, Sam Vecht, representing the Investment Manager
Market performance 
In November, the MSCI Frontiers Index increased by 1.7% (on a US dollar net
return basis). During the month, politics in the US and China dominated the
headlines. Whilst headlines relating to China were broadly positive in the wake
of a smooth leadership transition and increasingly positive economic data
releases, the re-election of President Obama and debate surrounding the fiscal
cliff weighed on equity markets in the US. 
In Frontier Markets, Eastern Europe continued to perform well, reflecting the
normalization of financial risk, with Serbia outperforming in November,up by
9.5%. Having struggled following the suspension of an IMF loan of £820m in
February, the economy is showing signs of stabilizing on government plans to
encourage foreign investment and boost exports. 
Argentina was a surprise outperformer rising 5.5% over the month. The
government announced that gas prices for newly commissioned fields will be well
above the current very low rates, incentivizing companies to invest in the
sector. More recently, YPF have also announced they are in talks to partner
with both Chevron and Statoil on the development of their massive shale gas
Kuwait outperformed in November, rising by 6.6%, despite a backdrop of
continued political stasis. Parliament was dissolved yet again, triggering
fresh elections which were then boycotted by the opposition. The lack of a
popular mandate and ongoing protests mean that the election saga, which has
hindered attempts to reform the economy, is set to continue. 
Ukraine was the worst performing market, falling by 9.4%, over the month as the
economy slides into recession, the government budget deficit continues to widen
and investors withdrew capital in anticipation that IMF intervention and a
currency devaluation will be required. 
Portfolio performance 
In November the Company's NAV increased by 0.6%, underperforming the benchmark
index by 1.1%. Over the last 12 months the Company has returned 15.3%,
significantly outperforming the benchmark return of 5.4% (all calculations on a
US dollar basis with net income reinvested, net return). 
The largest individual contribution to return in November was Kazakh financial,
Halyk Bank. The stock performed well after the bank, Kazakhstan's
second-largest lender, reported a 92% increase in 9-month net profit. 
Also performing well was Cambodian casino operator, Nagacorp. November saw the
start of the Naga2 expansion project, which plans to add two 5-star hotels, a
gaming and entertainment complex, shopping boutiques and restaurants to
Nagacorp's resort in Phnom Penh to what is already an extremely profitable
Detracting from performance in November was an underweight position in Kuwaiti
telecom, Zain which rose slightly following a long period of underperformance.
Performance was also impacted by the Company's holding in Kazakh miner, Eurasia
Natural Resources Corporation, which fell in November despite measures taken to
improve standards of corporate governance. 
At the end of November, the Company held 53 long positions and 4 short
positions across 26 countries. 
The Company initiated a new position in The Lebanese Company for the
Development and Reconstruction of Beirut Central District (Solidere). We
anticipate that events in Syria might move towards resolution sooner rather
than later and would expect Lebanon to benefit from the regional normalization. 
The Company also purchased a new position in the Sri Lankan financial, Hatton 
National Bank.
Although this is currently a small position, we would expect to continue to
increase our exposure to Sri Lanka over time as we consider the opportunities
for development in this market are very exciting. 
We reduced exposure to Nigeria. Although we remain excited by the immense
long-term potential of Nigeria, valuations look less attractive after a 50%
rally year to date. 
Market Outlook 
Global markets post the 2008 global financial crisis, have moved in tandem with
policy action by global central banks and in anticipation of cyclical inventory
restocking effects. The noteworthy recovery in European financials, which have
risen nearly 50% in US$ terms from their July lows suggests a further
normalization in European financial risk. In some markets, early cyclical
stocks have started to outperform quality stocks, suggesting that investors are
gradually shifting their portfolios away from a risk averse stance. 
This unwinding of bearish positioning and normalizing European financial risk
is likely to drive global equity markets higher. The Company is well positioned
in this environment, given its substantial overweight positions in Kazakhstan
and Ukraine, where stocks, despite delivering solid operating performance, have
been unfairly penalized by negative sentiment pervading Europe. MHP, Ukraine's
largest poultry company, has a solid record of capacity expansion and is
completely self-sufficient in feed, thus benefitting from rising corn prices.
Yet, the stock is valued at a price of less than 5x 2012 earnings. 
During the month we visited Nigeria, a trip which confirmed our positive views
on the market. We remain optimistic that the current momentum behind reform in
the power sector can be sustained and we will continue to hold positions there. 
The Company remains optimistic on the outlook for Frontier markets, which
stand out for their low valuations and high dividend yields. We hold positions
in Frontier economies which we believe will benefit from positive structural
reforms, high growth and well-capitalised, liquid banking systems meaning that
they are well placed in the current global environment. 
18 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/18/2012 13:09 GMT
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