BLACKROCK EMERGING EUROPE PLC - Portfolio Update

BLACKROCK EMERGING EUROPE PLCAll information is at 30 November 2013 and unaudited.迷你倉尖沙咀Performance at month end with net income reinvestedOne Three One Three *Since Month Months Year Years 30.04.09Sterling:Share price -3.5% 10.0% 15.6% -3.8% 90.1%Net asset value -1.9% 8.0% 9.4% -4.4% 84.8%MSCI EM Europe 10/40(NR) -5.3% 4.7% 2.4% -2.9% 67.7%US Dollars:Net asset value 0.0% 14.4% 11.8% 0.6% 104.4%MSCI EM Europe 10/40(NR) -3.5% 10.8% 4.7% 2.1% 85.4%Sources: BlackRock and Standard & Poor's Micropal* BlackRock took over the investment management of the Company with effect from1 May 2009.At month endNet asset value - capital only: 301.45pNet asset value*** - cum income: 305.70pShare price: 279.00pTotal assets^: £110.8mDiscount (share price to cum income NAV): 8.7%Gearing range as a % of Net Assets: 0-20%Gross market exposure^^^: 105.5%Net yield: 1.5%Ordinary shares in issue^^: 36,242,928***Includes year to date net revenue equal to 4.25p per share.^Total assets include current year revenue.^^Excluding 5,400,000 shares held in treasury.^^^ Long positions plus short positions as a percentage of net asset value.BenchmarkSector Analysis Net Assets(%)* Country Analysis Net Assets(%)*Financials 39.6 Russia 54.8Energy 26.3 Turkey 16.7Consumer Staples 13.5 Poland 11.7Information Technology 9.6 Hungary 7.6Telecommunications 5.3 Turkmenistan 5.8Industrials 5.0 Ukraine 3.9Materials 3.2 Romania 3.5Consumer Discretionary 1.5 Lithuania 1.5Healthcare 1.5 ---------- --------Total 105.5 Total 105.5 ---------- --------Short Positions 0.0 Short Positions 0.0 ========== ========*reflects gross market exposure from contracts for difference (CFDs)Fifteen Largest Equity Investments(in % order of Total Market value)Total MarketCompany Country of Risk Value %Sberbank Russia 8.9Gazprom Russia 7.4Surgutneftegaz Russia 6.6Turkiye Garanti Bankasi Turkey 6.5Dragon Oil Turkmenistan 5.7Powszechna Kasa Oszczednosci Poland 5.4Moscow Exchange Russia 5.1Magnit Russia 5.0Jeronimo Martins Poland 4.4OTP Bank Hungary 4.2Turkcell Iletisim Hizmet Turkey 3.8MHP Ukraine 3.8Mol Hungarian Hungary 3.3Mail Ru Russia 3.2Koza Altin Isletmeleri Turkey 3.1Commenting on the markets, Sam Vecht and David Reid, representing theinvestment Manager noted;Market overviewIn November the US Dollar MSCI Emerging Europe 10/40 Index (NR) returned -3.5%,bringing to a halt a period of positive performance for the region's equities.Themini storageunderperformance of the Russian market was the main driver for the month.Russia's indices were in part tracking trends on global emerging markets, wheresentiment was impacted by renewed expectations that the U.S. Federal Reservemay soon wind down its quantitative easing program as a result of improving USeconomic data. Russian economic growth forecasts were cut by the Ministry ofEconomy, which also dampened enthusiasm. The Ministry of Economy reported thatreal GDP grew 1.8% year on year in October. A pick-up in GDP growth in thefourth quarter of 2013 is expected in view of the bumper harvest this yearwhich is set to boost agricultural production growth. Next year, Russia is alsolikely to see a pick-up in large scale infrastructure projects that should helpto boost growth.Turkey was also weak in November as increased speculation surrounding taperingand tighter monetary policy guidance from the Central Bank of Turkey added tolocal markets participants' pessimism. A deal which is set to ease sanctions onIran is positive news for Turkey. The agreement lowers geopolitical risks andmay ultimately lead to a lower oil price, both of which are supportive forTurkey's macroeconomic environment.Focus on: GreeceIn November, the Emerging European universe welcomed Greece as recentlyannounced changes to country constituents of the MSCI Emerging Markets Indexmeans that, following approval from the Trust's board of directors, the countryhas joined the ranks of investible markets for the Trust.The team visited Athens and met with senior politicians, policy makers and anumber of corporate CEOs and the local representative of the IMF. The range andseniority of the meetings and the speed with which they could be securedsuggests that the need for capital in Greece is as pressing as ever.The country has undergone a high profile and painful internal adjustment withGDP down by 25% from its peak and real wages cut by around 20%. Remarkably, thecountry now runs a primary surplus and a current account surplus. The economyappears to be bottoming with some retailers reporting positive like-for-likesales growth. GDP growth may turn positive in 2014. However, valuations alreadyreflect much of the improvement and we do not anticipate allocating capitalthere for now.ActivityIn November the Trust took some profits in Russian stocks, specifically, ITcompany Yandex and energy giant, Gazprom.Yandex eclipses Google with a 60% share of the Russian search market. Webelieve that several technology stocks can provide better value access to thegrowth of the Russian consumer when compared with many consumer staples stocks. Positiveshare price performance in recent months has been driven by a 40% increase inrevenue for the third quarter which is supported by a deal with rival mail.rufor search based online advertising.The gradual recovery in the eurozone is positive for Gazprom. Russian gasexports to Europe rose by 25% year-on-year to 13.5bn cubic metres in September.In addition, Gazprom has agreed the outline of a long-awaited deal to supplygas to China, with the final deal set to be signed, probably within the next year.This will diversify sources of revenue, which had long been dependent on Europeandemand. The share price has risen by c.30% since the lows of summer 2013 and so theteam has taken the opportunity to lock-in some profits.20 December 2013ENDSLatest information is available by typing .estplc.co.uk on the internet,"BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICVterminal). Neither the contents of the Manager's website nor the contents ofany website accessible from hyperlinks on the Manager's website (or any otherwebsite) is incorporated into, or forms part of, this announcement.XLON迷你倉