BEEP.L Regulatory News (BEEP)

BLACKROCK EMERGING EUROPE PLC All information is at 31 July 2013 and unaudited. Performance at month end with net income reinvested One Three One Three *Since Month Months Year Years 30.04.09 Sterling:Share price** 9.1% 5.2% 14.4% 1.4% 84.3%Net asset value (undiluted) 4.5% -1.2% 9.6% 0.1% 77.8%MSCI EM Europe 10/40(TR) 2.0% -3.7% 8.9% 5.3% 71.5% US Dollars:Net asset value (undiluted) 4.5% -3.7% 6.1% -3.1% 82.0%MSCI EM Europe 10/40(TR) 2.0% -6.2% 5.3% 1.9% 75.4% 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: 289.08pNet asset value*** - cum income: 294.10pShare price: 270.50pTotal assets^: £110.0mDiscount (share price to cum income NAV): 8.02%Gross market exposure^^^: 110.4%Net yield: 1.5Ordinary shares in issue^^: 36,242,928 ***Includes year to date net revenue equal to 5.02p 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 37.7 Russia 60.8Energy 22.5 Turkey 20.7Information Technology 14.2 Turkmenistan 5.6Consumer Staples 12.6 Poland 7.6Telecommunications 8.1 Hungary 4.7Materials 5.5 Ukraine 4.6Industrials 5.2 Romania 3.4Health Care 2.2 Kazakhstan 0.6 ---------- --------Total 108.0 Total 108.0 ---------- --------Short Positions -2.4 Short Positions -2.4 ========== ======== *reflects gross market exposure from contracts for difference (CFDs) Ten Largest Equity Investments(in % order of Total Market value) Total MarketCompany Country of Risk Value % Sberbank Russia 10.9Gazprom Russia 7.2Yandex Russia 6.8Turkiye Garanti Bankasi Turkey 6.4Surgutneftegaz Russia 6.3Dragon Oil Turkmenistan 5.3Koza Altin Isletmeleri Turkey 5.3Moscow Exchange Russia 4.9Magnit Russia 4.8Turkcell Iletisim Hizmet Turkey 4.6Mail Ru Russia 4.6OTP Bank Hungary 4.5Powszechna Kasa Oszczednosci Poland 4.5MHP Ukraine 4.4Vimpelcom Russia 3.2 Commenting on the markets, Sam Vecht and David Reid, representing theinvestment Manager noted; MarketIn July, global markets recovered the ground lost in June. Fears of US taperingof its Quantitative Easing programme subsided, which proved positive for riskassets globally although Emerging Markets continued to lag Developed Markets. Russia finished the month in positive territory, driven by the sharp rise inthe share price of energy giant, Gazprom. A recovery in spot gas prices andbetter than expected summer export figures also buoyed the share price whichrose by 20% over the month. Monetary policy in Poland continued its easing cycle to support economicrecovery which continues to be weak. That said, the July data for industrialproduction and manufacturing PMI showed signs of some improvement and theoutlook is starting to become brighter. In Turkey, the unwind of the carry trade continued to weigh on markets. Inaddition, inflation was higher than expected, an indication that the monetaryauthorities still have to tread a tightrope when it comes to setting policy. PortfolioFollowing approval from Shareholders for a new investment objective and policyat the General Meeting held on 21 June 2013, the implementation of a focused,unconstrained portfolio approach is now substantially complete. The portfolio has been reduced from 45 to 28 holdings, with the weighting ofthe average holding increasing from 2.4% to 3.7% of the NAV. The size ofholdings in the portfolio is determined by reference to the potential upside,the portfolio managers' conviction in the stock and liquidity criteria. Therehave been significant changes to sector weightings. For instance, there is nowa much higher exposure to the Technology sector. Russia enjoys some of thehighest internet engagement rates globally and Russian companies lead thedomestic market in search and social media. For instance, search engine Yandexeclipses Google with a 60% share of the Russian search market. The teambelieves that several technology stocks can provide better value access to thegrowth of the Russian consumer when compared with many staples stocks. In July, the Trust outperformed the MSCI Emerging Europe 10/40 index by 2.5%. 21 August 2013 ENDS Latest information is available by typing www.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.