All information is at 31 January 2013 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)    10.5%     17.4%    29.2%    38.9%         158.9%
Net asset value (Diluted)      10.5%     18.1%    29.2%    38.9%         159.0%
Share price                    10.7%     16.9%    26.7%    41.7%         150.9%
FTSE World Europe ex UK         9.4%     15.7%    23.6%    23.3%         102.8%
Sources: BlackRock and Datastream 
At month end
Net asset value (capital only):        221.87p
Net asset value (including income):    222.45p
Net asset value (capital only)**:      221.87p
Net asset value (including income)**:  222.45p
Share price:                           214.50p
Discount to NAV (including income):       3.6%
Discount to NAV (including income)**:     3.6%
Gearing:                                 0.57%
Net yield:                                2.0%
Total assets (including income):       £260.1m
Ordinary shares in issue:          116,285,355 
**  Diluted for treasury shares.
*** Excluding 6,052,299 shares held in treasury. 
Sector Analysis  Total Assets (%)  Index (%)  Country Analysis  Total Assets 
Consumer Goods               21.3       19.1  Switzerland                   
Industrials                  15.1       15.0  Germany                       
Financials                   13.9       21.5  France                        
Health Care                  12.6       12.6  Denmark                        
Basic Materials              12.6        8.4  Russia                         
Oil & Gas                     8.9        6.4  Netherlands                    
Consumer Services             6.6        5.2  Belgium                        
Technology                    4.5        3.6  Finland                        
Utilities                     2.4        4.1  Portugal                       
Telecommunications            1.5        4.1  Ireland                        
Net current assets            0.6         -   Hungary                        
                        -----      -----  Sweden                         
                        100.0      100.0  Norway                         
                        =====      =====  Other                          
                                          Net current assets             
Ten Largest Equity Investments (in alphabetical order) 
BASF                               Germany
Cie Financière Richemont           Switzerland
Continental                        Germany
Novo Nordisk                       Denmark
Roche                              Switzerland
Sanofi                             France
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 10.5% and the share price rose by
10.7%.  For reference, the FTSE World Europe ex UK index rose 9.4% during the
same period. 
January saw a bullish start to the year in European equity markets, helped by a
combination of decreased tail risk, relative valuation support and flows back
into equities from fixed income.  Selected corporate earnings also helped
support the buoyant mood in markets, with aggregate earnings announcements
beating expectations on average following a period of downgrades. 
Successful stock selection drove performance in January.  Positions in consumer
services and health care proved especially profitable, somewhat offset by
relatively unsuccessful positions within the oil & gas sector. 
One of the top-performing stocks in the portfolio during January was Ryanair,
which benefited from continued yield improvement and news of stronger than
expected booking patterns in the second half of 2012.  Within industrials, a
position in EADS benefited performance as the stock experienced a very strong
rally in the first few weeks of the year, and a position in Finnish industrial
Kone gained as the company reported positive momentum in its Chinese new
equipment business. 
Within health care, a position in Novo Nordisk also performed strongly as the
company reported strong results and as the management team affirmed a very
positive outlook for the business.  Semiconductor company ASML also aided
performance.  It appears that the semiconductor equipment order cycle is
bottoming and ASML could report better numbers as the year progresses.  In
addition, the company gave more clarity on its next generation 2016/7 EUV tool
which is the foundation for ASML next significant up cycle.  Other strong
performers included Russian name Sberbank and Belgian retail franchise KBC. 
Stock selection in oil & gas was less successful, as holdings in Technip and
CGG Veritas suffered from concerns surrounding the pricing cycle for
exploration projects. 
At the end of the month, the Company was positioned overweight basic materials,
consumer services, health care, technology and consumer goods and underweight
telecoms, oil & gas, industrials, financials and utilities.  The Company had a
cash position of 0.9% of NAV at the end of the month. 
After a trough in activity in the summer of 2012, global leading economic
indicators have been improving across the US, Europe and China and the outlook
for 2013 looks brighter than for 2012.  This background is supportive for
Macro momentum remains supportive, with leading indicators continuing to
improve.  Earnings growth profile for European companies remains supportive,
although the recent FX moves could put pressure on our 9% earnings growth
prediction.  Investor positioning remains low versus history, even if flows
have been coming into the asset class.  Valuations of European equities remain
undemanding and the market should remain supported in the mid-term.  Given the
rapid rise in the market, we might see some market consolidation in the near
term, but overall we remain positive on the upside potential for Europe. 
13 February 2013 
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- Feb/13/2013 12:07 GMT
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