Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 October 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)    -0.5%      0.3%    -4.2%    41.8%        182.6%
Net asset value* (diluted)      -0.5%      0.3%    -3.1%    41.9%        182.8%
Share price                     -0.2%      0.0%    -6.3%    34.3%        170.2%
FTSE World Europe ex UK         -1.4%      0.0%    -0.8%    39.8%        130.5%
Sources: BlackRock and Datastream

At month end
Net asset value (capital only):        232.50p
Net asset value (including income):    232.88p
Net asset value (capital only)*:       232.50p
Net asset value (including income)*:   232.88p
Share price:                           221.25p
Discount to NAV (including income):       5.0%
Discount to NAV (including income)*:      5.0%
Subscription share price:               10.13p
Net gearing:                              0.2%
Net yield**:                              2.1%
Total assets (including income):       £253.4m
Ordinary shares in issue***:       108,828,058
Subscription shares:                20,647,848
Ongoing charges****:                     0.94%

* Diluted for subscription shares and treasury shares.
** Based on an interim dividend of 1.5p per share and final dividend of 3.2p
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 of taxation for the
year ended 31 August 2014.

Sector Analysis   Total Assets (%)     Country Analysis   Total Assets (%)
 
Financials                    32.1     Switzerland                    19.2
Industrials                   16.1     France                         18.0
Health Care                   13.5     Germany                        15.8
Consumer Goods                 7.7     Netherlands                     9.0
Consumer Services              7.3     Italy                           8.8
Basic Materials                6.7     Sweden                          6.7
Oil & Gas                      5.0     Denmark                         5.0
Technology                     4.9     Ireland                         4.5
Utilities                      3.9     Russia                          3.7
Telecommunications             3.0     Turkey                          2.8
Net current liabilities       (0.2)    Belgium                         2.5
                             -----     Finland                         2.4
                             100.0     Portugal                        0.7
                             =====     Hungary                         0.7
                                       Spain                           0.4
                                       Net current liabilities        (0.2)
                                                                     -----
                                                                     100.0
                                                                     =====

Ten Largest Equity Investments

Company                       Country        % of Total Assets

Roche                     Switzerland                      6.7
Novo-Nordisk                  Denmark                      5.0
Bayer                         Germany                      4.9
Novartis                  Switzerland                      3.9
GDF Suez                       France                      3.9
Zurich Insurance          Switzerland                      3.6
Schneider Electric             France                      3.1
Total                          France                      3.1
Deutsche Telekom              Germany                      3.0
Ryanair                       Ireland                      2.7

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

During the month, the Company's NAV fell by 0.5% and the share price fell by
0.2%. For reference, the FTSE World Europe ex UK Index fell 1.4% during the
same period (all returns in sterling terms with income reinvested).

European equity markets fell in October. Unlike in recent months, large caps
underperformed small and mid-caps. European equity markets performed worse than
other developed markets: the US gained 3.2% (Euro terms) and World Equities
gained 1.5% (Euro terms). October also proved to be a volatile month: the
market fell 9.6% by 16 October before recovering later in the month. At the
beginning of the month, a disappointing European Central Bank (ECB) council
meeting (no significant policy action announced) combined with further falls in
the oil price initially caused concern and business confidence indicators in
the Eurozone were worse than expected. Later in the month, however,
announcements in the third quarter reporting season for companies proved
positive. On a sector basis, oil & gas underperformed on the back of a
weakening oil price.

Stock selection drove performance during October, while the Company's sector
allocation detracted from returns. A lower weight in consumer goods when
compared with the market hindered returns overall.

Stock selection in health care was especially profitable. A position in
Fresenius, the German based health care group, supported returns as the group
reported earnings that were better than expected for the third quarter. In
addition, avoiding holding Sanofi, which reported poorer than expected Q3
results and as the company has suffered from rumored changes to their CEO,
contributed strongly to returns. In industrials, a position in Geberit, a Swiss
manufacturing company, rallied from mid-month on the news of their acquisition
of Sanitec, which will bolster their growth potential and visibility. Finally,
two holdings in Turkish banks performed well during October.

Holdings in Italian companies proved less successful. ENI fell on the back of
the underperformance of the oil & gas sector. In financials, Italian asset
management group Anima Holding and Banca Popolare di Milano also detracted. The
share price for Banca Popolare di Milano was volatile during the month and has
fallen off in the wake of the AQR, which highlighted a capital deficiency at
the end of 2013.  However, adjusted for capital raised in 2014, the bank was
deemed to hold sufficient levels and remains attractive in the long term. On a
positive note, not holding KBC contributed to returns.

At the end of the month, the Company had higher exposure to health care,
financials, technology and consumer services, and less exposure to consumer
goods, basic materials, telecoms and utilities.

Outlook
The European economic recovery has weakened in recent months, despite an
increasingly aggressive 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
(implied by composite PMIs remaining in expansion territory), with economic
momentum held back by the structural reforms and ongoing fiscal tightening.
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, with ECB lending surveys continuing to show an increase
in demand for credit from both corporates and households. With the AQR and
stress tests on Eurozone banks now complete, the market has clarity on future
bank capital needs, which should allow banks to fully exploit the ECB liquidity
measures (TLTRO, ABS) from now on.

13 November 2014

ENDS

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website) is incorporated into, or forms part of, this announcement.