Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 January 2014 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)   -3.4%     -2.6%    11.0%    24.0%          187.3%
Net asset value (diluted)     -2.9%     -2.1%    10.3%    26.0%          185.7%
Share price                    0.4%      0.4%    15.4%    31.5%          189.4%
FTSE World Europe ex UK       -2.9%     -3.0%    11.1%    18.7%          125.2%
Sources: BlackRock and Datastream

At month end
Net asset value (capital only):        241.35p
Net asset value (including income):    241.52p
Net asset value (capital only)*:       240.00p
Net asset value (including income)*:   240.13p
Share price:                           242.00p
Premium to NAV (including income):        0.2%
Premium to NAV (including income)*:       0.8%
Subscription share price:                27.88p
Gearing:                                  2.8%
Net yield**:                              1.9%
Total assets (including income):       £265.5m
Ordinary shares in issue:          106,963,851***
Subscription shares in issue        22,312,055

*  Diluted for subscription shares and treasury shares.
** Based on an ordinary dividend of 4.5p per share (excluding a special
dividend of 1.0p) for the year ended 31 August 2013.
*** Excluding 5,629,676 shares held in treasury.

Benchmark
Sector Analysis  Total Assets (%) Index (%) Country Analysis  Total Assets (%)

Financials                   31.0      23.5 Switzerland                   19.8
Health Care                  15.9      11.9 France                        18.5
Industrials                  14.1      14.5 Germany                       16.8
Consumer Goods               13.7      17.4 Netherlands                   13.8
Consumer Services            12.5       5.4 Denmark                        6.4
Technology                    4.3       3.8 Sweden                         6.1
Basic Materials               3.8       8.5 Belgium                        4.1
Utilities                     1.9       3.9 Russia                         3.3
Telecommunications            1.9       4.3 Turkey                         2.8
Oil & Gas                     1.5       6.8 Spain                          2.4
Net current liabilities      (0.6)        - Italy                          2.2
                            -----     ----- Ireland                        2.0
                            100.0     100.0 Portugal                       1.3
                            =====     ===== Hungary                        1.1
                                            Net current liabilities       (0.6)
                                                                         -----
                                                                         100.0
                                                                         =====

Ten Largest Equity Investments (in alphabetical order)

Company
Adecco                  Switzerland
Airbus                  Netherlands
Bayer                   Germany
ING                     Netherlands
Novo Nordisk            Denmark
Roche                   Switzerland
Sanofi                  France
Société Générale        France
Swiss Re                Switzerland
Zurich Insurance        Switzerland

Commenting on the markets, Vincent Devlin, representing the Investment Manager
noted:

During the month, the Company's NAV fell by 3.4% and the share price gained
0.4%. For reference, the FTSE World Europe ex UK Index lost 2.9% during the
same period.

European equities began 2014 with a negative return. Domestically, data for the
Euro area continued to improve, with the January flash composite PMI rising by 
1.1 points to 53.2 and the Citi Euro area surprise index reaching the highest 
level since October. However, this improvement was overshadowed by concerns 
emanating from emerging markets, specifically Turkey and South Africa, as the
imbalances, reflected in significant current account deficits, came to a head.
The Euro also continued to appreciate against the dollar during the month and 
large cap stocks underperformed small and mid-caps, which tend to have less 
global exposure. Interestingly, at a country level, Southern European countries
outperformed the broad market, with stock markets in Portugal, Italy, Spain and
Greece all posting positive returns during January.

Stock selection was the main driver of the negative returns during the month,
while sector allocation contributed to returns. From a sector perspective, the
Company's underweight positions to oil & gas and basic materials proved
profitable, as did an overweight position in the financial sector, although an
underweight in the consumer services sector was less successful. Stock
selection within the financial sector was the Company's largest detractor and
the main driver of the negative return.

At a stock level, positions in Turkish and Russian banks Garanti Bankasi,
Sberbank and Halk Banka were the Company's worst performing stocks, falling on
emerging market fears. Russian technology company Yandex, Portuguese food
retailer Jeronimo Martins and French spirit producer Remy Cointreau, all
underperformed due to the high level of emerging market exposure.

On the positive, a position in Danish insulin manufacturer Novo Nordisk
benefited from the delay in a competitors drug which would be launched in the
same market as one of its key pipeline drugs. Renault also performed well after
it saw strong Q4 volume growth across geographies. Holdings in select banks
including Commerzbank, KBC and UBS continued to perform well, as did a position
in Danish jewellery manufacturer Pandora.

At the end of the month, the Company was positioned with higher weightings in
consumer services, financials, health care and technology and with lower
weightings in basic materials, oil & gas, industrials, utilities, consumer
goods and telecoms.

Outlook
The outlook for Europe looks more positive than it has done since the financial
crisis began.  Economic conditions are showing signs of improvement, public
policy and political uncertainties have eased, and the Eurozone has passed the
peak of austerity measures. We forecast a global synchronised economic recovery
in 2014 with developed markets driving growth, albeit from a low starting base.
As mentioned before, we now need to see evidence of corporate profit growth.
Given the economic scenario painted above, lower labour and input costs,
combined with supportive economic momentum, should provide the impetus much
needed following a prolonged period of falling profits.

We expect equity markets to provide a total return of 10-12% this year given
the potential for positive earnings surprise, valuation and dividend
attractions and investors' appetite still remaining supportive for European
Equities. However, it is worth reminding ourselves that there is risk surrounding 
any scenario. The recovery in Europe remains fragile and while much progress has
been made in unifying the banking system, banking stress tests and lack of
credit may hinder economic recovery. Policy error could also add to
disappointment and we are cognisant of the impact US tapering may have on
economies and currencies which could subsequently lead to increased volatility.
Any significant disappointment would cause us to revise our scenario.

14 February 2014

ENDS

Latest information is available by typing www.brgeplc.co.uk on the internet,
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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.