Interim Management Statement

 
TIDMEST TIDMESTS 
 
THE EASTERN EUROPEAN TRUST PLC 
 
Interim Management Statement - 3 months to 31 October 2010 
 
To the members of The Eastern European Trust PLC 
 
This interim management statement has been produced solely to provide 
additional information to shareholders as a body to meet the relevant 
requirements of the UK Listing Authority's Disclosure & Transparency Rules. It 
should not be relied on by any other party for any other reason. 
 
This interim management statement relates to the period from 1 August 2010 to 
31 October 2010, and contains information that covers this period, and up to 
the date of publication of this interim management statement. Please note more 
detailed performance information is available on the Manager's website 
http://www.blackrock.co.uk/Individualinvestors/FundCentre/InvestmentTrustPricing/index.htm 
 
The Company's objective is to achieve long-term capital growth by investing in 
companies that do business in Eastern Europe, Russia, other Commonwealth of 
Independent States countries and Turkey. 
 
Stock Performance 
                              One      Three       One     Three     *Since 
                             Month    Months      Year     Years   30.04.09 
Net Asset Value               4.5%     10.2%     38.0%    -20.9%      98.3% 
Share Price                   8.3%     13.4%     43.4%    -17.4%     109.1% 
MSCI EM Europe 10/40 (TR)     3.4%      9.6%     27.2%     -4.5%      78.5% 
 
* BlackRock took over the investment management of the Company with effect from 
1 May 2009. 
 
All performance figures are in sterling terms on a total return basis. 
 
Ten Largest Equity Holdings at 31 October 2010(in alphabetical order) 
 
Bank Pekao 
CEZ 
Gazprom 
Lukoil 
MMC Norilsk Nickel 
Novatek 
Rosneft 
Sberbank 
Turkiye Garanti 
Vimpel Communications 
 
Financial position and performance as at 31 October 2010 
 
Gross Assets (GBPm)                           165.4 
Net asset value per share-capital only     326.19p 
Net asset value per share-cum income^      327.96p 
Share Price                                307.00p 
Ordinary Shares in Issue^^             49,626,886 
 
Actual Gearing                                1.6% 
Discount to NAV^^^                            5.9% 
Average Discount over the Period              7.3% 
 
^ Includes year to date net revenue equal to 1.77p per share. 
^^ Excluding 4,664,367 shares held in treasury. 
^^^ Discount (share price to capital only NAV). 
 
Material Events & Transactions 
 
Half Yearly Financial Report 
 
The Company announced its half yearly financial results for the six months 
ended 31 July 2010 on 22 September 2010. 
 
Subscription Shares 
 
The first opportunity for shareholders to convert their subscription shares 
took place at the end of September 2010, when 603,513 subscription shares were 
converted into ordinary shares on 7 October 2010. 
 
The Company announced on 26 November that the second opportunity for 
shareholders to convert their subscription shares would take place at the end 
of December 2010. 
 
Periodic Tender Offer 
 
The Company announced on 12 November 2010 that it would be exercising its 
discretion and offering a periodic tender for up to 7.5% of the Company's 
shares in issue (excluding treasury shares) at a discount of 2% to Formula 
Asset Value (NAV less the costs of the tender offer). The record date for 
participation in the tender offer was the close of business on 24 July 2010. 
The tender offer calculation date will be 24 January 2011 and a circular 
setting out the full terms and conditions of the tender offer will be sent to 
shareholders not less than 30 clear calendar days before the calculation date. 
 
There were no other material events or transactions during the three months to 
31 October 2010 nor was the Company involved in any material transactions 
during the period other than the purchase and sale of securities undertaken in 
the normal course of its business. 
 
The Board is not aware of any other material events or transactions occurring 
between 31 October 2010 and the date of publication of this interim management 
statement which would have a material impact on the financial position of the 
Company. Latest information is available by typing, 
http://www.blackrock.co.uk/Individualinvestors/FundCentre/InvestmentTrustPricing/index.htm 
on the internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV 
terminal). 
 
Contact details: 
 
Kerry Higgins 
BlackRock Investment Management (UK) Limited, Company Secretary 
Tel: [phone] 
3 December 2010 
 
 
 
END