THE EASTERN EUROPEAN TRUST PLC: Interim Management Statement

Interim Management Statement - 3 months to 30 April 2013 
To the members of The Eastern European Trust PLC 
This interim management statement has been produced solely to provide
additional information to shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure & Transparency Rules. It
should not be relied on by any other party for any other reason. 
This interim management statement relates to the period from 1 February 2013 to
30 April 2013, and contains information that covers this period, and up to the
date of publication of this interim management statement. 
The Company's objective is to achieve long-term capital growth by investing in
companies that do business primarily in Eastern Europe, Russia, other
Commonwealth of Independent States countries and Turkey. 
Stock Performance 
                           One      Three       One     Three      Since 
                         Month     Months      Year     Years  30.04.09*
Share Price                  -3.3%      -5.8%      1.2%     -8.7%      75.2%
Net Asset Value undiluted    -2.1%      -5.2%      6.6%     -4.0%      79.9%
Net Asset Value diluted      -1.7%      -4.4%      4.8%     -5.6%      76.9%
MSCI EM Europe 10/40 (TR)    -2.7%      -4.3%     11.3%      2.3%      78.1% 
* BlackRock took over the investment management of the Company with effect from
1 May 2009. 
All performance figures are in sterling terms on a total return basis. 
Ten Largest Equity Holdings at 30 April 2013 
Company                             Country of Risk       Total market    
                                                         value %     
Sberbank                                Russia                10.4       
Gazprom                                 Russia                 7.9       
Turkiye Garanti Bankasi                 Turkey                 6.0       
Mobile Telesystems                      Russia                 5.3       
OTP                                     Hungary                4.1       
Mail Ru                                 Russia                 3.5       
Surgutneftegaz                          Russia                 3.4       
Powszechna Kasa Oszzednosci             Poland                 3.4       
Magnit                                  Russia                 3.0       
Turkcell Iletism Hizmet                 Turkey                 2.9        
Financial position and performance as at 30 April 2013 
At month end
Net asset value - capital only                 296.31p
Net asset value (1) - cum income               301.49p
Net asset value - cum income (diluted          
for subscription shares)                       296.43p       
Share price                                    261.00p
2012 Subscription share price                    2.50p
Total assets (2)                               £122.6m
Discount (share price to cum income              
diluted NAV)                                     13.4%     
Gross market exposure (3)                       107.6%
Net yield (4)                                     1.6%
Ordinary shares in issue (5)                39,177,998
2012 Subscription shares                     8,468,457 
 1. Includes year to date net revenue equal to 5.18p per share. 

     2. Total assets include current year revenue.
     3. Long positions plus short positions as a percentage of net assets.
     4. Based on a final dividend of 4.18p (6.50 cents) per share in respect of the
    year ended 31 January 2013.
     5. Excluding 5,800,000 shares held in treasury.
    Material Events & Transactions

Transaction in own shares

The Company announced on 7 March 2013 that it had repurchased 150,000 shares
for cancellation at a price of 281.05p per share.

Annual Financial Report

The Company announced its annual financial results for the year ended 31
January 2013 on 25 March 2013.

Subscription Shares

The third opportunity for shareholders to convert their subscription shares
took place on 2 April 2013, when 64,571 subscription shares were converted into
ordinary shares on 9 April 2013.

It was announced on 3 April that the Company had published a shareholder
circular and notice of General Meetings for Ordinary Shareholders and
Subscription Shareholders, each of which will be held on 21 June 2013 following
the conclusion or adjournment of the 2013 Annual General Meeting. The Company
is seeking shareholder approval for the redesignation as Deferred Shares of all
the Outstanding 2011 Subscription Shares and any Outstanding 2012 Subscription
Shares in issue following the possible lapse of the Subscription Share Rights
after the Final Subscription Date, the subsequent repurchase and cancellation
of such Deferred Shares immediately following the redesignation, and the
amendment of the Company's Articles to remove all references to the
Subscription Shares with effect from such redesignation (together the

The purpose of the Proposals is to enable the Company to continue to be in a
position to be approved as a UK investment trust should there be any
Outstanding Subscription Shares following the lapse of the Subscription Share
Rights. The Proposals do not affect the exercise of the Subscription Share
Rights attaching to the 2012 Subscription Shares by the 2012 Subscription
Shareholders on or prior to the Final Subscription Date or by the Final
Subscription Trustee in accordance with the Articles.

On 22 June 2011, the Company issued 10,044,906 2011 Subscription Shares. The
Subscription Share Rights attaching to the 2011 Subscription Shares lapsed out
of the money on 16 July 2012 and the listing of the remaining 10,023,846 2011
Subscription Shares has been suspended since 3 July 2012. Subsequently, the
Company issued 8,456,454 2012 Subscription Shares on 27 July 2012. Each 2012
Subscription Share now gives the holder the right to subscribe for one Ordinary
Share at an exercise price of 273 pence. The final date for the exercise of
Subscription Share Rights attaching to the 2012 Subscription Shares by the 2012
Subscription Shareholders is 1 July 2013.

As at 28 March 2013 (being the latest practicable date prior to the publication
of the circular) the mid-market price of an Ordinary Share was 270 pence
compared to the exercise price of the 2012 Subscription Shares of 273 pence and
8,533,028 2012 Subscription Shares were in issue.

It is intended that the existing standard listing of the 2012 Subscription
Shares will be suspended at 7.30 a.m. on 2 July 2013 and that a separate
announcement concerning such suspension will be made shortly after such
suspension. In the event that the Proposals are approved at the General
Meetings, the standard listing of the 2011 Subscription Shares would be
cancelled at 8.00 a.m. on 22 July 2013 and the standard listing of the 2012
Subscription Shares would be cancelled at 8.00 a.m. on or by 5 August 2013.

Full details of the background to, and details of, the Proposals, which require
the approval of Ordinary Shareholders in general meeting and of Subscription
Shareholders at separate class meetings and notices of the General Meetings are
set out in the shareholder circular. 

The Company wrote to subscription shareholders on 24 May 2013 reminding them
that the final opportunity for shareholders to convert their subscription
shares would take place on 1 July 2013.

Directors' Acquisition of Shares

Mr Mark Bridgeman acquired 3,650 ordinary shares on 13 May 2013 and Mr Rory
Landman acquired 40,000 ordinary shares on 29 May 2013.

Proposed adoption of focused investment approach,change of nameand tender offer

Following positive consultation with the Company's largest shareholders, the
Board announced on 10 April 2013 that is was proposing that the Company's
investment policy be changed to: seeking long term capital growth from
investment in a focused portfolio of between 20-30 stocks which conduct the
majority of their business in Eastern European markets. The size of portfolio
holdings would be allocated without reference to their weightings in the
benchmark, which would remain the MSCI Emerging Europe 10/40 Index. The
composition of the benchmark index is currently dominated by a small number of
large companies concentrated in the Energy and Financial sectors. Portfolio
holding size would depend upon the Manager's conviction level, assessment of
upside potential and liquidity. If shareholders approve the change in
investment policy, the Company's name will change to BlackRock Emerging Europe

In connection with Shareholder approval of the change of investment policy, the
Company will introduce a performance triggered tender offer for up to 25 per
cent of the Company's shares in issue if, after 3 years, it has underperformed
its benchmark by in excess of 3 per cent on a cumulative basis (measured on a 
NAV per share total return basis over the 3 year period following shareholder 
approval for the change in investment policy). Furthermore, at the fifth Annual 

General Meeting following the introduction of the revised investment policy, 
shareholders will have the opportunity to elect to receive Net Asset Value less 

applicable costs.

Shareholder approval for the proposed change to the Company's investment policy
will be sought at a General Meeting to be held following the EST Annual General
Meeting on 21 June 2013. At that meeting shareholders will also be asked to
approve a tender offer for up to 7.5% of the Company's shares in issue
(excluding shares held in treasury) as at the record date at Formula Asset
Value (being the cum income NAV less the costs of the tender offer) less a
discount of 1%.

Publication of circular

It was announced on 24 May 2013 that further to the announcement of 10 April
2013, the Company has published a circular seeking Shareholder approval to
amend the Company's investment policy and to conduct a tender offer for up to
7.5 per cent. of the Company's Ordinary Shares in issue (excluding treasury
shares) as at the record date of 28 June 2013. If Shareholders approve the
changes to the investment policy, the Company's name will change to BlackRock
Emerging Europe plc, the investment objective will be amended and the Company's
ticker will change to BEEP (such changes do not require Shareholder approval).

The Board and the Manager have also agreed that, going forward, the Company
will pay a fixed base fee but will no longer be charged a performance related
fee. With effect from 1 July 2013, the management fee will be charged at 1 per
cent. per annum of the value of the Company's average daily market
capitalisation. This change does not require Shareholder approval.

The circular sets out the proposed changes to the Company's investment policy,
investment objective and name, gives further details of the revised management
arrangements and discount control measures and contains the formal terms of the
Tender Offer, together with details of how Shareholders can tender Ordinary
Shares, if they wish to do so.

Net asset value

The Company announces its NAV on a daily basis, which can be accessed via http:
//, under the "Announcements" tab.

The unaudited net asset values for The Eastern European Trust PLC at close of
business on 30 May 2013 were:

297.92p per share (pence sterling) - Capital only, undiluted
302.71p per share (pence sterling) - Cum income, undiluted
293.49p per share (pence sterling) - Capital only, diluted
297.43p per share (pence sterling) - Cum income, diluted

Material Events and transactions

There were no other material events or transactions, except as disclosed,
during the three months to 30 April 2013, nor was the Company involved in any
other material transactions during the period except the purchase and sale of
securities undertaken in the normal course of its business.

The Board is not aware of any material events or transactions, except as
disclosed herein, occurring between 30 April 2013 and the date of publication
of this interim management statement which would have a material impact on the
financial position of the Company.

Contact details:
Barbara Powley
BlackRock Investment Management (UK) Limited, Company Secretary
Tel: 020 7743 5610
3 June 2013


Please note that more detailed performance information is available on the
Manager's website: 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- Jun/03/2013 09:34 GMT

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