All information is at 28 February 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)          4.6%    15.0%    15.5%    6.2%   -36.0%         -56.5%
Net asset value
(Diluted)            4.6%    15.0%    15.5%    6.2%   -36.0%         -56.5%
Share price          4.6%    16.6%    19.9%   16.1%   -43.9%         -62.7%
Source: BlackRock 
At month end
Net asset value - capital only (undiluted):                    41.28p
Net asset value - cum income (undiluted):                      41.32p
Net asset value - capital only (diluted):                      41.28p
Net asset value - cum income (diluted):                        41.32p
Share price:                                                   37.00p
Discount to cum income NAV**:                                  10.45%
Subscription share price:                                      0.275p
Net yield****:                                                  0.41%
Total assets including current year revenue:                  £97.09m
Gearing:                                                          Nil
Ordinary shares in issue***:                              234,970,407
Subscription shares in issue:                              45,629,404 
** 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                            33.6
Renewable Energy Developers       22.5   Denmark                         8.2
Energy Efficiency                 22.1   Canada                          8.0
Alternative Fuels                 15.3   United Kingdom                  7.9
Renewable Energy Technology        5.5   France                          6.7
Net current assets                 3.9   Germany                         4.7 

                                 -----   China                           4.4
                                 100.0   Portugal                        3.9
                                 =====   Switzerland                     3.7
                                         Finland                         3.1
                                         South Africa                    2.4
                                         Italy                           2.0
                                         Belgium                         1.8
                                         Brazil                          1.7
                                         Australia                       1.6
                                         Ireland                         1.3
                                         Japan                           0.6
                                         Spain                           0.5
                                         Net current assets              3.9

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 4.6% in February.

For reference, the MSCI World Index returned 4.4% and the WilderHill New Energy
Global Innovations, an index that is representative of the sector, gained 6.7%
(DataStream, in sterling terms).

Equity markets rolled off their January highs (in USD terms) as softer Chinese
economic data and renewed Euro concerns post the Italian elections set a more
cautionary tone to markets.  There were, however, some positives.  US economic
data continued to indicate that the economy is recovering and while February
Chinese PMI data was reported at a lower level than expected, it was still
indicating growth. 

As we have previously reported, pricing pressures in the solar industry have
led to political tensions between China, Europe and the US.  In 2012 the US
imposed anti-dumping duties on solar modules imported from China and the EU are
investigating whether they should follow suit.  In response, China has launched
an investigation into whether polysilicon imported from Europe, South Korea and
the US should be imposed with a duty.  During the month China announced a delay
to the results of this investigation; the market took this news to be a
positive sign for international polysilicon producers such as Wacker Chemie. 

The European Parliament's Environment Committee endorsed a plan to backload
carbon allowances out to 2019-2020.  This plan, which would entail the
withholding of 900 million tonnes of carbon allowances that were due to be
auctioned for the 2013-2015 period is expected to support near term carbon

The Company's holding in Wacker Chemie was a positive contributor to
performance during the month but this was partially offset by our allocation to
other solar names.

Retroactive reforms to Spanish energy tariffs continued to weigh on the share
prices of utilities with exposure to the country.  As such, the Company's
allocation to renewable energy developers operating in Spain detracted from
performance in February.   

Vestas, the wind turbine producer, performed well as the company's full year
results broadly met market expectations and their restructuring efforts appear
to be delivering the expected results.  The Company's allocation to Vestas
contributed positively to performance in February.

Portfolio Activity
We took profits in an Alternative Fuels holding, rotating the capital into
attractively valued energy infrastructure holdings. 

The acquisition of Shaw group by Chicago Bridge and Iron successfully completed
during the month.  We subsequently sold the shares we acquired in Chicago
Bridge and Iron Company as part of this cash and share deal.

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 despite some recent positive newsflow.
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 Developers.

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.

13 March 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- Mar/13/2013 15:55 GMT

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