Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 March 2015 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)    4.0%    13.2%     4.6%    49.2%        220.5%
Net asset value* (diluted)      3.4%    12.1%     5.3%    48.4%        217.5%
Share price                     9.3%    14.8%     6.4%    50.4%        218.1%
FTSE World Europe ex UK         3.0%    10.6%     7.5%    48.7%        157.0%
Sources: BlackRock and Datastream 

At month end
Net asset value (capital only):        262.35p
Net asset value (including income):    264.13p
Net asset value (capital only)*:       260.01p
Net asset value (including income)*:   261.49p
Share price:                           260.50p
Discount to NAV (including income):       1.4%
Discount to NAV (including income)*:      0.4%
Subscription share price:               21.88p
Net gearing:                              1.1%
Net yield**:                              1.8%
Total assets (including income):       £279.6m
Ordinary shares in issue***:       105,676,343
Subscription shares:                20,633,300
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 5,561,653 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                    33.9     France                         17.6
Industrials                   18.2     Germany                        15.5
Consumer Goods                15.9     Switzerland                    14.1
Health Care                    8.2     Italy                          13.0
Consumer Services              7.2     Netherlands                     7.3
Technology                     6.4     Ireland                         6.6
Basic Materials                5.0     Sweden                          6.6
Telecommunications             2.9     Denmark                         6.1
Utilities                      2.4     Belgium                         3.5
Net current liabilities       (0.1)    Finland                         3.5
                             -----     Turkey                          2.9
                             100.0     Russia                          2.3
                             =====     Spain                           1.1
                                       Net current liabilities        (0.1)
                                                                     -----
                                                                     100.0
                                                                     =====

Ten Largest Equity Investments
                                                        % of
Company                    Country              Total Assets
 
Novo-Nordisk               Denmark                       5.3
Novartis                   Switzerland                   4.2
Roche                      Switzerland                   4.0
Bayer                      Germany                       3.8
KBC Groep                  Belgium                       3.5
AXA                        France                        3.3
Intesa Sanpaolo            Italy                         3.2
Deutsche Telekom           Germany                       2.9
Zurich Insurance           Switzerland                   2.8
Heineken                   Netherlands                   2.7

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

During the month, the Company's undiluted NAV rose by 4.0% and the share price
increased by 9.3%. For reference, the FTSE World Europe ex UK Index rose 3.0%
during the same period. All percentages calculated on an income reinvested
basis.
 
European Equity markets continued to rise in March, but gains were
significantly lower than those seen in January and February. Sentiment
continued to be buoyed by the European Central Bank's commitment to
Quantitative Easing. Economic indicators for Europe have gradually been picking
up, with consumer confidence increasing, unemployment falling, and German New
Orders significantly exceeding expectations. Extrinsic factors also continued
to help the market, with the lower oil price proving a net benefit, especially
to consumer-related sectors. Thus, in March, we saw top performing sectors of
Autos (returns correlated with improving confidence) and Banks. Health Care
names also performed well. During March, there were sharp declines in Basic
Resources and Oil & Gas. Politics also played on the market with Greek and UK
markets lagging due to unresolved political tensions and uncertainty around
looming elections, respectively.

Stock selection and sector allocation both proved positive for performance
during March. The Company benefited from a lower exposure to Oil & Gas and a
higher exposure to Financials. Small detractions were realised from a lower
exposure to Basic Materials.

Stock selection within the health care industry proved the biggest contributor
over the month. Specifically, Novo-Nordisk which saw its share price rally
after resubmitting applications for a key drug in the US, suggesting the
likelihood of approval and improved market positioning against competitors. The
Company also experienced strong returns from Italian Asset Managers Azimut and
Anima, as both benefited from strong asset inflows through the start of the
year.

We saw some weakness from a holding in building materials business CRH.
Disputes around the proposed merger between Holcim and Lafarge, from which CRH
will buy assets, saw CRH's share price drop 4.4% in one day. However, we
believe upside remains in this investment. Recovery in the US private
non-residential housing market will be beneficial for CRH, as is the fall in
energy costs, notably in the Americas Materials division.

At the end of the month, the Company had higher exposure to Financials,
Technology and Consumer Services. The Company had less exposure to Oil & Gas,
Basic Materials, Health Care, Utilities, Consumer Goods and Telecoms. The
Company's exposure to Industrials was in line with the benchmark.

Outlook
We remain positive on the prospects for European equities, in spite of already
realising strong performance so far this year. In January we forecast a return
of over 15% for 2015. With the improving outlook for the European economy there
is further potential to see a return of over 25% for the year, driven by an
improved earnings outlook and further reduction in the risk premium.

Earnings revisions in Europe have now turned positive for the first time since
2010, despite headwinds from the Energy sector downgrades. With over 50% of
European listed companies' sales being outside Europe, continued weakness in
the Euro should in our view boost earnings while a low oil price environment
can continue to benefit the domestic consumer driving earnings higher.

Although momentum is strong in Europe, we are mindful of the fact that markets
might remain volatile given the ongoing political uncertainty in some
geographies which will open up potential opportunities to pick-up undervalued
stocks across the market. An active management approach and focus on
fundamental analysis will help investors navigate around those potential
periods of volatility.

15 April 2015

ENDS

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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.