All information is at 31 July 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)     7.0%     6.8%   37.2%   48.4%         185.1%
Net asset value (Diluted)       6.1%     5.9%   36.1%   47.2%         182.8%
Share price                     7.2%     4.8%   35.2%   49.2%         167.0%
FTSE World Europe ex UK         7.7%     5.8%   36.0%   33.6%         121.4%
Sources: BlackRock and DataStream 
At month end
Net asset value (capital only):        238.04p
Net asset value (including income):    244.95p
Net asset value (capital only)*:       237.15p
Net asset value (including income)*:   242.84p
Share price:                           228.25p
Discount to NAV (including income):       6.8%
Discount to NAV (including income)*:      6.0%
Subscription share price                18.25p
Gearing:                                 6.34%
Net yield:                                1.8%
Total assets (including income):       £283.0m
Ordinary shares in issue:          108,648,716**
Subscription shares in issue        23,254,813 
*  Diluted for subscription shares.
** Excluding 5,718,353 shares held in treasury. 
Sector Analysis  Total Assets (%)  Index (%)  Country Analysis  Total Assets 
Financials                   20.9       22.1  France                        
Consumer Goods               17.2       18.6  Switzerland                   
Health Care                  14.5       12.1  Netherlands                   
Consumer Services            12.3        5.7  Germany                       
Industrials                  12.1       13.9  Belgium                        
Technology                   10.1        3.7  Sweden                         
Basic Materials               6.4        8.4  Russia                         
Telecommunications            3.5        4.1  Denmark                        
Oil & Gas                     2.5        7.6  Ireland                        
Utilities                       -        3.8  Spain                          
Net current assets            0.5          -  Portugal                       
                        -----      -----  Finland                        
                        100.0      100.0  Hungary                        
                        =====      =====  Ukraine                        
                                          Net current assets             
Ten Largest Equity Investments (in alphabetical order) 
Anheuser Busch                     Belgium
Bayer                              Germany
Cie Financière Richemont           Switzerland
Continental                        Germany
Novo Nordisk                       Denmark
Reed Elsevier                      Netherlands
Roche                              Switzerland
Sanofi                             France
Swiss Re                           Switzerland
Zurich Insurance                   Switzerland 
Commenting on the markets, Vincent Devlin, representing the Investment Manager
During the month, the Company's NAV gained 7.0% and the share price rose by
7.2%.  For reference, the FTSE World Europe ex UK Index increased by 7.7%
during the same period. 
Following June's market correction, European stocks bounced back in July to
register a strong gain, outperforming most other asset classes globally for the
month.  Domestically-focused areas of the market outperformed as macroeconomic
indicators for Europe signalled a pick-up in economic momentum on the
industrial and services front.  This led investors to search for investment
opportunities in companies exposed to domestic Europe.  Peripheral European
equity markets led the way and Italy (MIB) and Spain (IBEX) both posted +8%
gains for the month. 
Stock selection was the primary cause of the Company's underperformance when
compared with the broad index.  The fact that the Company did not own selected
banks, including Santander in Spain and BNP Paribas in France, harmed relative
returns and a position in OTP bank also fell during the month.  In addition,
positions in the consumer services sector detracted from returns, especially
Ryanair, which suffered from profit taking despite its strong operating
With regard to the Company's sector allocation, the Company's higher weighting
in consumer services and lower weighting in utilities both benefited returns,
but a higher weighting in health care proved especially challenging as the
sector significantly lagged the benchmark. 
At the end of the month, the Company had higher weightings (when compared with
the broad market index) in consumer services, technology and health care, and
lower weightings in basic materials, telecoms, consumer goods, financials, oil
& gas, industrials and utilities.  At the end of July, the Company was geared
by 6.34%. 
In July, the Eurozone Purchasing Manager Index (a measure of business
confidence) came in above 50 for the first time in two years.  Both the
manufacturing and services elements showed notable improvement, providing
further encouraging evidence that the Eurozone economy is no longer
contracting.  In addition, the European Central Bank and Bank of England
changed their communication policies, moving to provide forward guidance on the
direction of rates, which was well received by the markets.  
Supportive monetary policies, recovering economic momentum and a relatively
stable political backdrop, notwithstanding some uncertainty ahead of the German
elections in September, provides a reassuring environment for European
equities, and is consistent with our thesis that the Eurozone should continue
to improve for the rest of the year and into 2014.  We expect that the European
Equity asset class will continue to be supported by ongoing shifts in investor
allocation towards Europe as more supportive evidence of an improving
macroeconomic picture emerges. 
13 August 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- Aug/13/2013 15:54 GMT
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