Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 30 November 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)    5.4%     4.5%     0.5%    54.3%        197.7%
Net asset value* (diluted)      5.4%     4.5%     1.6%    54.3%        197.9%
Share price                     5.1%     3.3%    -0.9%    47.8%        183.9%
FTSE World Europe ex UK         5.8%     3.6%     5.7%    52.6%        143.9%
Sources: BlackRock and Datastream 

At month end
Net asset value (capital only):        244.85p
Net asset value (including income):    245.37p
Net asset value (capital only)*:       244.85p
Net asset value (including income)*:   245.37p
Share price:                           232.50p
Discount to NAV (including income):       5.2%
Discount to NAV (including income)*:      5.2%
Subscription share price:               12.75p
Net cash:                                 2.8%
Net yield**:                              2.0%
Total assets (including income):       £267.1m
Ordinary shares in issue***:       108,837,671
Subscription shares:                20,638,235
Ongoing charges****:                     0.94%

* Diluted for subscription shares and treasury shares.
** Based on a final dividend of 3.2p and an interim dividend of 1.5p per share
for the year ended 31 August 2014.
*** Excluding 5,429,676 shares held in treasury
**** Calculated as a percentage of average net assets and using expenses,
excluding performance fees and interest costs, after relief for taxation for
the year ended 31 August 2014.

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

Financials                    29.3     Switzerland                    19.3
Industrials                   15.6     France                         16.4
Health Care                   13.2     Germany                        16.2
Consumer Goods                10.2     Netherlands                    10.5
Consumer Services              6.6     Sweden                          7.3
Basic Materials                5.9     Italy                           6.4
Technology                     5.3     Denmark                         4.9
Oil & Gas                      4.7     Ireland                         4.8
Telecommunications             3.3     Turkey                          3.0
Utilities                      3.1     Belgium                         2.7
Net current assets             2.8     Russia                          2.7
                             -----     Finland                         2.4
                             100.0     Hungary                         0.6
                             =====     Net current assets              2.8
                                                                     -----
                                                                     100.0
                                                                     =====
 
Ten Largest Equity Investments
                                                         % of
Company                    Country               Total Assets

Roche                      Switzerland                    6.6
Novo-Nordisk               Denmark                        4.9
Bayer                      Germany                        4.7
Novartis                   Switzerland                    4.0
Zurich Insurance           Switzerland                    3.6
Deutsche Telekom           Germany                        3.3
GDF Suez                   France                         3.1
Ryanair                    Ireland                        2.9
Schneider Electric         France                         2.8
ASML                       Netherlands                    2.7

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

During the month, the Company's NAV rose 5.4% and the share price increased by
5.1%. For reference, the FTSE World Europe ex UK Index rose 5.8% during the
same period (all returns in sterling terms with income reinvested).

European markets rose in November, continuing the strong rally seen in the
second half of October. The oil & gas sector significantly underperformed in
the month as the oil price continued to fall; this was exacerbated by OPEC's
decision not to cut supply at the end of the month. At the European Central
Bank, Draghi continued to bolster market confidence by stating that "other
unconventional measures might entail the purchase of… sovereign bonds", thereby
boosting expectations of full-scale Quantitative Easing in Europe in the near
future. Economically, data for Europe was mixed; despite data showing a slow in
manufacturing in Germany last month, a business confidence survey of 7,000
cross-industry firms in the country rose month-on-month.

Sector allocation detracted from performance during November. In particular, a
large underweight exposure to consumer goods had a negative impact on
performance on a sector basis. The best performing sector was consumer
services. Stock selection also had a marginal detraction on performance, with
stock selection within the basic materials sector performing the worst.

Russian chemicals company Uralkali was the worst performing position this
month after the share price fell sharply when the company announced it had to
suspend production at Solikamsk-2 mine for safety purposes. A number of
financial stocks, such as Unicredit and Nordea, detracted from performance
after posting disappointing Q3 results. The Company was not heavily affected by
the falling oil price, with only one position within this industry, Lundin
Petroleum, detracting from returns. Not holding benchmark constituent Statoil,
which suffered a 14% fall during the month, contributed positively to
performance.

Sector allocation to telecoms also marginally detracted from performance;
however, this was far outweighed by the positive contributions coming from
stock selection within the sector. Specifically, a large active holding in
Deutsche Telekom contributed to the Company's return after reporting solid Q3
results. Within the consumer services industry, Ryanair performed particularly
strongly, reporting results 10% ahead of consensus. The company has enjoyed
strong passenger growth which has driven their market share higher, resulting
in a lift to net income predictions for 2015.

At the end of the month, the Company had higher exposure to health care,
financials, technology, consumer services and industrials, and less exposure to
consumer goods, basic materials, utilities and telecommunications. The Company
had a neutral exposure to oil & gas.

Outlook
The European economic recovery has weakened in recent months, despite an
increasingly aggressive European Central Bank (ECB) in terms of monetary
stimulus. However, we remain of the view that Europe is not heading towards a
triple-dip recession; we believe that we are in a period of gentle albeit muted
European recovery. Recent policy measures at the ECB are coming into force
throughout the fourth quarter and latest evidence suggests that the
transmission mechanisms into the economy are improving. Going forward, it is
important to note that the rapidly falling oil price should lead to a lower
energy cost for corporates and households, which should contribute positively
to the global economic momentum both in terms of consumption and in terms of
corporate profits.

16 December 2014

ENDS

Latest information is available by typing www.brgeplc.co.ukon 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.