Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 May 2014 and unaudited.

Performance at month end with net income reinvested
                                 One     Three      One    Three         Launch
                               Month    Months     Year    Years    (20 Sep 04)
Net asset value* (undiluted)    2.0%      0.1%     9.8%    23.5%         204.5%
Net asset value* (diluted)      2.7%      1.2%     9.8%    26.8%         203.5%
Share price                     2.5%      1.2%    13.5%    30.2%         199.7%
FTSE World Europe ex UK         2.0%      3.3%    13.4%    23.2%         145.0%
Sources: BlackRock and Datastream

At month end
Net asset value (capital only):        251.79p
Net asset value (including income):    254.46p
Net asset value (capital only)*:       251.10p
Net asset value (including income)*:   253.25p
Share price:                           249.00p
Discount to NAV (including income):       2.1%
Discount to NAV (including income)*:      1.7%
Subscription share price:               20.63p
Net gearing:                                0%
Net yield**:                              2.4%
Total assets (including income):       £276.9m
Ordinary shares in issue***:       108,815,767
Subscription shares:                20,660,139

* Diluted for subscription shares and treasury shares.
** Based on a final dividend of 4.5p per share for the year ended 31 August
2013 (excluding special dividend) and an interim dividend of 1.5p per share for
the year ending 31 August 2014.
*** Excluding 5,429,676 shares held in treasury.

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

Financials                    28.4   France                         18.4
Industrials                   23.1   Switzerland                    16.1
Consumer Services             11.3   Germany                        14.2
Consumer Goods                 9.5   Netherlands                     8.6
Health Care                    9.2   Sweden                          6.8
Basic Materials                6.7   Denmark                         5.9
Technology                     3.1   Italy                           3.9
Utilities                      2.1   Spain                           3.4
Oil & Gas                      1.4   Turkey                          3.2
Net current assets             5.2   Russia                          3.2
                             -----   Ireland                         3.1
                             100.0   Portugal                        2.7
                             =====   Belgium                         2.4
                                     Finland                         1.6
                                     Hungary                         1.3
                                     Net current assets              5.2
                                                                   -----
                                                                   100.0
                                                                   =====

Ten Largest Equity Investments (in alphabetical order)

Company
Adecco                        Switzerland
Bayer                         Germany
Continental                   Germany
Deutsche Post                 Germany
Novo Nordisk                  Denmark
Publicis                      France
Roche                         Switzerland
Ryanair                       Ireland
Schneider Electric            France
Syngenta                      Switzerland

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

During the month the Company's undiluted NAV gained 2.0% and the share price
rose by 2.5%. For reference, the FTSE World Europe ex UK Index returned 2.0%
during the same period.

European equities rose during May, benefiting on a broad basis from a weakening
of the Euro, an easing of Russian tensions and an apparent bottoming out in
data from China. The rotation (out of momentum and cyclicals, into defensives
and Emerging Markets exposed names) which began in March and increased in
magnitude during April continued into May, at least for the first two to three
weeks of the month. Peripheral bond spreads also widened, albeit briefly, in
response to weaker than expected economic data from Portugal and Italy, marking
the first time that fixed income markets had participated in the rotation.
Later in the month, markets were calmed following the European parliamentary
elections; although we saw a strong rise in support for Euro sceptic parties in
France, UK and the Netherlands, this did not mark a significant change to the
workings of the parliament. In Italy, Renzi gained more support than expected,
providing further backing for the potential reforms and, despite the momentary
rise running into the elections, peripheral bond yields found new lows towards
the end of May.

Stock selection was the main driver of the outperformance, while sector
allocation also detracted. From a sector perspective, the Company's underweight
position to oil & gas (zero exposure) contributed to returns while an
overweight position in financials and industrials detracted. Stock selection
within financials significantly contributed to returns. This was again
noticeable from the strong performance of Garanti Bankasi and Halk Bankasi;
however, the top performing position was Sberbank of Russia. The Russian bank
has performed well after tensions between the Ukraine and Russia subsided
somewhat. A position in Hungarian OTP Bank also performed well but this was in
contrast to financial names within developed Europe as holdings in Société
Générale, Unicredit, ING, KBC and AXA were all detractors to returns.

A position in Novo Nordisk was the Company's largest detractor over the month
after announcing disappointing sales figures for Q1 even though they were
expected to be weak. Although this year may be more of a 'transition' year for
the business we still believe that the strong pipeline potential for insulin
treatment is attractive and that the company remains one of the highest quality
franchises in Europe.

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

Outlook
Global economic growth is expected to be positive for 2014 but the magnitude is
less certain given China slowing and US tapering. European data is increasingly
pointing to a recovery and is particularly encouraging for the periphery.
European political and public policy uncertainty is declining and the peak of
austerity is behind us.

Consensus earnings estimates have moderated since the beginning of 2014 with
international earnings continuing to come under pressure from FX headwinds,
while European domestic earnings are now more realistic and have scope to
benefit from a domestic recovery. We maintain our projection of 8% earnings
growth this year in Europe.

Monetary policy remains key to global growth and the ECB may need to apply new
measures to stave off disinflation risks in the Eurozone.

We are spending significant time analysing the factors that can help us piece
together the road map over the next two years. The ability of individual
companies to deliver above their expected earnings will also be key over this
period.

10 June 2014

ENDS

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any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.