BLACKROCK EMERGING EUROPE PLC
All information is at 30 September 2015 and unaudited.
Performance at month end with net income reinvested

   

One Three One Three Five *Since
Month Months Year Years Years 30.04.09
Sterling:
Share price 0.2% -12.5% -20.4% -26.8% -33.8% 26.0%
Net asset value -3.3% -11.4% -18.4% -24.2% -31.6% 28.1%
MSCI EM Europe -2.8% -12.1% -23.0% -30.6% -34.8% 11.8%
10/40(NR)
US Dollars:
Share price -1.3% -15.7% -25.7% -31.3% -36.3% 28.9%
Net asset value -4.6% -14.7% -23.8% -28.9% -34.2% 31.0%
MSCI EM Europe -4.3% -15.3% -28.0% -34.9% -37.3% 14.3%
10/40(NR)
Sources: BlackRock, Standard & Poor’s Micropal
*BlackRock took over the investment management of the Company with effect from 1 May 2009
At month end
Net asset value – capital only: 208.41p
Net asset value** – cum income: 210.30p
Share price: 183.50p
Total assets^: £81.8m
Discount (share price to cum income NAV): 12.7%
Gross market exposure^^^: 105.0%
Gearing at month end: 1.9%
Gearing range as a % of Net assets: 0-20%
Issued Capital – Ordinary Shares^^ 36,242,928
Ongoing charges* 1.3%
* Calculated as at 31 January 2015, in accordance with AIC guidelines.
** Includes year to date net revenue equal to 1.89 pence 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.
Sector % Total Country % Total
Analysis Exposure Analysis Exposure
Financials 39.0 Russia 55.5
Energy 28.1 Turkey 19.5
Information Technology 10.3 Poland 10.3
Consumer Staples 9.5 Greece           5.6
Telecommunications          4.5 Romania           4.2
Industrials 3.9 Ukraine 3.7
Consumer Discretionary 3.5 Kazakhstan 2.4
Basic Material 3.4 Lithuania 1.8
Health Care 0.8
----- -----
103.0 103.0
===== =====
Short positions (2.0) (2.0)
Fifteen Largest Investments
(in % order of Total Market Value as at 30.09.15)
Total Market
Company Region of Risk Value %
Sberbank Russia 10.7
Lukoil
PKO Bank Polski		 Russia
Poland		   7.8
6.9
Halk Bank Turkey 6.3
Gazprom Russia 6.1
Novatek Russia 5.1
Mail.Ru Russia 4.4
BRD Groupe Societe Generale - CFD Romania 4.2
TSKB Turkey 4.0
Globaltrans
MHP		 Russia
Ukraine		 3.9
3.7
Yandex Russia 3.5
KGHM Poland 3.4
Coca Cola Icecek
Motor Oil		 Turkey
Greece		 3.1
3.0
Commenting on the markets, Sam Vecht and David Reid, representing the Investment Manager noted;
Market Commentary
The MSCI Emerging Europe Index returned -4.3% in September (in USD terms) as concerns over global growth and Chinese policy continued to weigh on markets.
All major markets in the region ended September in negative territory. The best relative performer was Hungary which returned -1.2%. The Hungarian market performance was buoyed by stock specific news flow surrounding pharmaceutical company Gedeon Richter. The company announced the FDA approval of Cariprazine, a new anti-psychotic product that is due to be released to the U.S. market early in 2016 and is a good example of innovative product development originating in the region.
The Czech Republic was the weakest market, falling by 6% in September. In particular electric power utility CEZ was weak during the month. The portfolio has zero exposure to the company which continues to suffer from falling European electricity prices.
Focus On: OPAP
OPAP is a Greek gaming company with exclusive licenses for various lottery and sports betting games. The share price has been impacted by the broader negative sentiment surrounding Greece’s sovereign debt crisis. In the wake of the third bail-out agreement, we have the opportunity to re-visit the fundamental investment case for a number of Greek companies. Following the removal of capital controls and a return to ‘business-as-usual’, OPAP is an attractively valued and cashflow-generative business that could benefit from a return of consumer confidence. In addition the company potentially has a long-term growth option coming from the roll-out of video lottery terminals, if appropriate commercial terms can be agreed with the government.
12 October 2015
ENDS
Latest information is available by typing www.blackrock.co.uk/beep 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.

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