All information is at 28 February 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)     3.4%     15.8%    26.5%    40.3%         167.8%
Net asset value (Diluted)       3.4%     15.8%    26.9%    40.3%         167.9%
Share price                     4.2%     18.4%    24.6%    47.0%         161.4%
FTSE World Europe ex UK         1.4%     13.1%    18.6%    21.7%         105.7%
Sources: BlackRock and DataStream 
At month end
Net asset value (capital only):        229.47p
Net asset value (including income):    230.07p
Net asset value (capital only)*:       229.47p
Net asset value (including income)*:   230.07p
Share price:                           223.50p
Discount to NAV (including income):       2.9%
Discount to NAV (including income)*:      2.9%
Gearing:                                  0.5%
Net yield:                                1.9%
Total assets (including income):       £269.0m
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       19.5  Switzerland                  24.6
Health Care                  16.0       13.0  Germany                      24.3
Financials                   15.1       20.8  France                       19.9
Basic Materials              15.0        8.4  Denmark                       6.0
Industrials                  13.0       15.4  Russia                        5.6
Consumer Services             8.2        5.3  Belgium                       4.9
Technology                    5.8        3.7  Netherlands                   4.8
Oil & Gas                     4.0        6.2  Finland                       2.6
Telecommunications            2.5        3.7  Ireland                       2.3
Utilities                       -        4.0  Portugal                      2.2
Net current liabilities      (0.9)         -  Hungary                       1.6 

                            -----      -----  Sweden                        1.5
                            100.0      100.0  Other                         0.6

                        =====      =====  Net current liabilities      


Ten Largest Equity Investments (in alphabetical order)

BASF                               Germany
Cie Financière Richemont           Switzerland
Continental                        Germany
Novo Nordisk                       Denmark
Pernod Ricard                      France
Roche                              Switzerland
Sanofi                             France
Schneider Electric                 France
Swiss Re                           Switzerland
Zurich Insurance                   Switzerland

Commenting on the markets, Vincent Devlin, representing the Investment Manager

During the month, the Company's NAV rose by 3.4% and the share price increased
by 4.2%.  For reference, the FTSE World Europe ex UK Index rose 1.4% during the
same period.

European markets concluded February with the benchmark reporting a ninth
straight monthly gain.  However, the month was characterized by a rise in
political uncertainties around the Italian elections and contributed to an
overall "risk-off" mood.  A divergence in performance has been seen mostly
between countries with the political stalemate in Italy sending the FTSE MIB
Index down by over 9% (EUR terms).

Both stock selection and sector allocation drove returns during February.  The
decision to mostly avoid telecoms proved successful as the sector continued to
underperform (-7% in the month).  Lower weightings to oil & gas, financials and
utilities also proved successful when comparing returns with the reference

At a stock level, positions in industrials fared best, especially through
holdings in Finnish elevator and escalator company Kone and French electrical
engineer Schneider Electric.  Within autos, a holding in Renault performed well
after reporting robust numbers against a backdrop of very weak European car
sales.  We view Renault as an interesting opportunity on a depressed valuation,
especially taking into account its solid dividend and the performance of its
Dacia brand.

Elsewhere, the Company benefited from a holding in German airline Deutsche
Lufthansa, which offers significant potential for earnings progression over the
coming years.  A position in PernodRicard rose after reporting good numbers,
supported by strong cognac shipment in January in China.  Less successful
positions included a holding in Telefonica Deutschland, which fell despite
reporting solid cash flows and announcing a 45c dividend, giving a 7.7%
dividend yield.

At the end of the month, the Company had higher weightings (when compared with
the reference index) in basic materials, consumer goods, consumer services,
technology and health care and lower weightings in oil & gas, industrials,
utilities, financials and telecoms.

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.

14 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/14/2013 11:55 GMT

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