All information is at 31 October 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)     5.0%      3.4%    33.7%    36.0%         194.9%
Net asset value (diluted)       4.6%      3.3%    33.1%    36.2%         192.0%
Share price                     6.7%      8.0%    34.3%    37.8%         188.2%
FTSE World Europe ex UK         5.6%      4.9%    32.5%    27.8%         132.3%
Sources: BlackRock and DataStream 
At month end
Net asset value (capital only):        247.71p
Net asset value (including income):    247.91p
Net asset value (capital only)*:       245.12p
Net asset value (including income)*:   245.29p
Share price:                           241.00p
Discount to NAV (including income):       2.8%
Discount to NAV (including income)**:     1.7%
Subscription share price                30.00p
Gearing:                                  4.3%
Net yield:                                1.9%
Total assets (including income):       £281.2m
Ordinary shares in issue:          108,719,211**
Subscription shares in issue        23,184,318 
*  Diluted for subscription shares.
** Excluding 5,718,353 shares held in treasury. 
Sector Analysis  Total Assets (%)  Index (%)  Country Analysis  Total Assets 
Financials                   28.5       22.0  France                       22.4
Consumer Goods               18.4       13.5  Switzerland                  20.6
Health Care                  16.1        9.7  Germany                      14.8
Consumer Services            13.3       10.9  Netherlands                  14.5
Industrials                  12.6       13.0  Sweden                        5.8
Technology                    7.1       10.3  Denmark                       5.5
Basic Materials               3.6        5.7  Russia                        4.7
Telecommunications            2.7        3.5  Belgium                       4.1
Oil & Gas                     1.6        8.2  Ireland                       3.1
Utilities                       -        3.2  Spain                         2.2
Net current liabilities      (3.9)         -  Finland                       1.5 

                            -----      -----  Portugal                      1.4
                            100.0      100.0  Hungary                       1.2
                            =====      =====  Poland                        1.1
                                              Ukraine                       0.8
                                              Italy                         0.2

                                          Net current liabilities      


Ten Largest Equity Investments (in alphabetical order) 
Bayer                              Germany
Continental                        Germany
ING                                Netherlands
Novo Nordisk                       Denmark
Reed Elsevier                      Netherlands
Roche                              Switzerland
Sanofi                             France
Société Générale                   France
Swiss Re                           Switzerland
Zurich Insurance                   Switzerland 
Commenting on the markets, Vincent Devlin, representing the Investment Manager
During the month the Company's undiluted NAV gained 5.0% and the share price
increased by 6.7%. For reference, the FTSE World Europe ex UK Index rose by
5.6% during the same period. 
European markets continued to gain during October, signalling further progress
in sentiment towards a Eurozone recovery. Greece and Italy both saw double
digit gains for the month. There were further signs of improvement in the
domestic economy, with the European Central Bank bank lending survey showing a
significant improvement in both credit supply and demand and the expectations
component pointing to a possible easing of credit conditions for the first time
since 2011. Corporate earnings were broadly fine for European equities: at the
end of October, 55% of companies had reported a better EPS than expected. At a
sector level, financials, telecoms and oil & gas performed best in Europe, with
technology and health care lagging behind. 
Stock selection was the primary driver of the Company's underwhelming
performance during October (although the share price gained by more than the
broad market, the NAV did not). Positions in consumer services, technology and
telecoms proved the worst performers. The use of gearing again aided returns in
another positive month for European equity markets. 
Stock selection in consumer services proved the most challenging area for the
Company during the month, when compared with the market. A position in
Portuguese food retailer Jeronimo Martins fell as the company's net profit for
the third quarter came in light versus expectations following sales promotions
in a tough competitive environment. A holding in Ryanair continued to see
weakness following a difficult September. The Company also suffered from not
owning certain 'value recovery' plays in the periphery, including Santander and
Telefonica, both of which registered strong gains in a bullish market
environment. We have not changed our stance on these companies and do not
consider them strong investments over the longer term at present. 
On a more positive note, positions in selected banks performed well, including
Belgian retail bank KBC, German name Commerzbank and PKO bank in Poland. German
auto supplier Continental also performed well and remains as one of the higher
conviction positions in the Company, poised to benefit from both cyclical
improvements domestically and structural growth in its CO2 reduction and
interior safety business. 
At the end of the month, the Company had higher weightings (when compared with
the broad market index) in consumer services, financials, technology, consumer
goods and health care, and lower weightings in basic materials, telecoms, oil &
gas, industrials and utilities. At the end of October, the Company was geared
by 4.3%. 
We now have clear early indications of economic recovery in Europe with
increasing business and consumer confidence, a relatively stable scenario with
regard to sovereign debt sustainability in the periphery and a relatively
stable political environment ahead of us. Whilst we might see some short term
consolidation in the market providing that the overall macro and political
picture does not change, we expect equity markets in Europe to continue to
progress as cheap valuations, when compared with other asset classes, and
investor flows provide strong tailwinds for the market as a whole. It is worth
noting that there is risk surrounding this scenario and at this stage the
recovery in Europe is only tentative; any significant disappointment would no
doubt see a rebasing downwards of expectations by a relatively bullish investor
community. The earnings momentum has remained negative this year as a result of
a slower recovery and strong FX headwinds. We are cognisant that the FX
headwinds from a strong Euro could continue, which may drag on expectations
moving into next year. However, notwithstanding some potential short term
consolidation after a strong run, we still see a decent upside potential in
European equities market over the next 12 months, driven by supportive macro,
attractive valuations versus other asset classes and ongoing inflows into the
region from the still low levels compared to historic averages. 
14 November 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- Nov/14/2013 16:07 GMT
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