All information is at 31 January 2013 and unaudited. 
Performance at month end with net income reinvested 
                  One    Three       Six      One     Five   Since launch 
                Month   Months    Months     Year    Years    (23 Oct 00)
Net asset value
(Undiluted)          7.7%    11.0%     13.8%     4.4%   -36.9%         -58.4%
Net asset value
(Diluted)            7.7%    11.0%     13.8%     4.4%   -36.8%         -58.4%
Share price          7.7%    13.3%     16.5%    15.1%   -40.5%         -64.3%
Source: BlackRock 
At month end
Net asset value - capital only (undiluted):                    39.43p
Net asset value - cum income (undiluted):                      39.49p
Net asset value - capital only (diluted):                      39.43p
Net asset value - cum income (diluted):                        39.49p
Share price:                                                   35.38p
Discount to cum income NAV**:                                  10.41%
Subscription share price:                                      0.275p
Net yield****                                                    0.4%
Total assets including current year revenue:                  £92.78m
Gearing:                                                          Nil
Ordinary shares in issue***:                              234,969,227
Subscription shares in issue:                              45,630,584 
** Discount to NAV based on fully diluted NAV.
*** Excludes 11,900,000 shares held in treasury.
**** Based on a final dividend of 0.15p per share in respect of the year ended
31 October 2012. 
Sector Analysis       Total Assets (%)   Country Analysis   Total Assets (%) 
Enabling Energy & Infrastructure  30.7   USA                            33.9
Energy Efficiency                 22.0   Canada                          8.3
Renewable Energy Developers       21.9   Denmark                         7.6
Alternative Fuels                 14.9   France                          6.7
Renewable Energy Technology        5.1   United Kingdom                  6.7
Net current assets                 5.4   China                           4.5 

                                 -----   Germany                         4.3
                                 100.0   Portugal                        3.9
                                 =====   Switzerland                     3.2
                                         Finland                         2.8
                                         South Africa                    2.8
                                         Italy                           2.2
                                         Belgium                         1.9
                                         Australia                       1.6
                                         Brazil                          1.6
                                         Ireland                         1.3
                                         Spain                           0.7
                                         Japan                           0.6
                                         Net current assets              5.4

Ten Largest Investments (in alphabetical order) 
Company                            Country of Risk
ABB Reg                            Switzerland
Altagas                            USA
EDP Renovaveis                     Portugal
ITC Holdings                       USA
Johnson Controls                   USA
NextEra Energy                     USA
Novozymes                          Denmark
Quanta Services                    USA
Schneider Electric                 France
Transcanada                        Canada 
Robin Batchelor and Poppy Allonby, representing the Investment Manager, noted: 
The NAV of the Company appreciated by 7.7% in January. 
For reference, the MSCI World Index returned 7.6% and the WilderHill New Energy
Global Innovations, an index that is representative of the sector, gained 10.3%
(Datastream, in sterling terms). 
Equity markets started the year with a spring in their step.  US policy makers
managed to avert the 'fiscal cliff' and agreed to suspend the country's debt
ceiling which was hovering ominously above current borrowing levels.  Some
encouraging economic data, particularly from China, also gave sentiment and
risk appetite a lift. 
China has made a significant commitment to renewable energy and further
supportive rhetoric was forthcoming in January.  Smog reached record levels in
Beijing raising pollution concerns and factories were closed and government
vehicles taken off the roads in response.  The administration also announced
plans to increase its target for solar-power installations in 2015 by 67%. 
Spain took further measures to reform its energy industry.  The government has
been grappling with an energy budget deficit, but is reluctant to increase
energy costs for its austerity-burdened population.  Among the latest set of
measures, the government will cease the linkage between power tariffs and
consumer price index inflation as well as move renewable energy assets onto
fixed feed-in tariffs, to the detriment of the companies exposed.  The overhaul
is intended to save between €600 and €800 million a year.  
Novozymes, the leading enzyme manufacturer, announced robust results during the
month and guided positively.  The stock contributed strongly to absolute
performance.  The limited exposure the Company has to the Chinese solar
industry also performed well on the back of the statements of government
The Company's position in Johnson Matthey, the auto-catalyst manufacturer,
detracted from performance as the company offered a weaker than expected update
citing soft European auto sales and risks to the renegotiation of one its
important supply contracts.    
Portfolio Activity
We initiated a holding in a UK energy infrastructure company and trimmed our US
energy infrastructure exposure on the back of some strong performance. 
We also exited a Spanish new energy company on the less favourable pricing
The Company has been positioned to benefit from areas of the New Energy sector
that are experiencing strong near-term growth. 
The pain that the Renewable Energy Technology sub-sector has suffered is
showing little sign of imminent relief.  On top of general overcapacity and
falling prices, the wind market is facing some regulatory uncertainty: the
production tax credit the industry has benefitted from in the US is set to
expire at the end of the year.  The price of a solar module has fallen by over
75% from the start of 2009 rendering many producers loss making.  The solar
industry is reaching the point of consolidation and with a much more
competitive cost structure should enjoy resurgence at some point.  That moment
is sufficiently distant in our view for us to remain cautious on investment in
the area and we continue to prefer opportunities amongst the Renewable Energy
At the other end of the sector spectrum, and with a contrasting set of industry
fundamentals, lie the Enabling Energy and Infrastructure companies and certain
Energy Efficiency players who are enjoying bumper growth.  The shale gas
revolution and power grid expansion in the US has sparked an investment
up-cycle in energy infrastructure spending which continues to gather momentum.
Energy Efficiency has also benefitted from corporate and government cost
saving - legislation to incentivize the adoption of energy efficiency
technology is a more appealing option to a cash strapped government than
renewable energy subsidy. 
We continue to believe that sector valuations are generally attractive, both
relative to history and to broader equity markets, and there is scope for the
positive sector fundamentals to be supported by continued M&A. 
At a General Meeting of the Company held on 25 July 2012 shareholders approved
the removal of the requirement for an annual continuation vote and replaced it
with the obligation for the Board to put forward proposals that shareholders be
given the opportunity to elect to receive an amount per share in cash of NAV
less applicable costs, shortly after the AGM in 2014. 
15 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/15/2013 15:37 GMT
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