Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 30 April 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)    0.6%     7.4%     7.9%    53.0%        222.4%
Net asset value* (diluted)      0.6%     6.3%     8.2%    51.9%        219.4%
Share price                    -2.1%     8.0%     6.5%    54.5%        211.6%
FTSE World Europe ex UK         0.0%     6.1%     7.0%    57.4%        157.0%
Sources: BlackRock and Datastream 

At month end
Net asset value (capital only):        262.53p XD
Net asset value (including income):    264.04p XD
Net asset value (capital only)*:       260.16p XD
Net asset value (including income)*:   261.42p XD
Share price:                           253.50p XD
Discount to NAV (including income):       4.0%
Discount to NAV (including income)*:      3.0%
Subscription share price:               21.00p
Net gearing:                              3.2%
Net yield**:                              1.9%
Total assets (including income):       £279.0m
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 prior year final dividend of 3.2p and current year interim dividend
of 1.65p per share.
*** 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                    34.7     France                         17.5
Industrials                   19.6     Switzerland                    15.1
Consumer Goods                12.6     Germany                        13.3
Health Care                   10.2     Italy                          11.6
Consumer Services              7.7     Netherlands                     8.4
Technology                     6.9     Ireland                         7.2
Basic Materials                4.3     Sweden                          6.7
Telecommunications             4.0     Denmark                         5.7
Utilities                      2.4     Spain                           5.0
Oil & Gas                      0.8     Belgium                         3.6
Net current liabilities       (3.2)    Finland                         3.5
                             -----     Turkey                          2.8
                             100.0     Russia                          2.8
                             =====     Net current liabilities        (3.2)
                                                                     -----
                                                                     100.0
                                                                     =====

Ten Largest Equity Investments
                                                        % of
Company                    Country              Total Assets

Novartis                   Switzerland                   5.4
Novo-Nordisk               Denmark                       4.8
Roche                      Switzerland                   3.8
KBC Groep                  Belgium                       3.6
Banco Santander            Spain                         3.3
Bayer                      Germany                       3.0
Deutsche Telekom           Germany                       2.8
AXA                        France                        2.8
ASML                       Netherlands                   2.7
Heineken                   Netherlands                   2.7

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

During the month, the Company's NAV rose 0.6% and the share price fell -2.1%.
For reference, the FTSE World Europe ex UK Index was flat during the period,
returning 0.0%.

European Equity markets were mixed over April with a strong start being offset
by falling indices in the latter half of the month. The Eurozone lagged broader
Europe as the Euro reversed some of its recent weakness versus the US dollar.
Macro data was mixed with global flash April Manufacturing indexes weaker and
the expectations component of the German Business Climate Index worsening.
However, broad indicators of economic performance such as money supply
continued to signal improvement and European earnings continued to see net
upgrades. Data from the US was generally weaker. In sector terms, energy
performed very strongly as the oil price continued to rebound, with Brent crude
approaching $70 per barrel. Health Care and Financials lagged the market,
reversing some of the outperformance seen since the beginning of the year.

Stock selection drove performance; however, the Company experienced detractions
on a sector allocation basis. Primarily, this was due to the Company's very low
exposure versus the benchmark to the Oil & Gas sector which recovered during
April after multi-month underperformance. The Company also experienced
detractions at a sector level from a greater exposure to Technology and
Financials.

The strongest performer during the month was Sberbank of Russia, which was
supported by the general rally in this market. Russia is one of the best
performing markets year to date; the political environment is normalising, the
Ruble is appreciating and the central bank are cutting rates. Italian asset
manager Anima also contributed strongly to performance as it continues to be
supported by the favourable structural changes evident within the Italian
savings market. Additionally, the share price gained on the news of a 10% stake
of the company being sold to Poste Italiane, which is likely to be strongly
beneficial for asset inflows.

The Company experienced detractions due to a reversal factor apparent in
European markets towards the end of the month, with previous winners losing
out. Zurich Insurance and Intesa Sanpaolo were two such names. The Company also
experienced detractions from not holding Total and Eni as the Oil & Gas sector
began to recover.

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
European Central Bank Quantitative Easing (QE) is underway, now in month two of
what should be a long period of QE, so we think liquidity will remain
supportive for European equities. Whilst the market could consolidate given the
rapid rise we have seen in a short period, ongoing accommodative monetary
policies, supportive and improving earnings momentum and a successful
resolution to the Greek negotiations, could push the market level higher still
in our view. Valuations are less attractive than they were six months ago
versus historic levels, but we note that the market is equally not expensive.

Looking ahead on that front, we need to watch the Greek negotiations in case of
slippage which could lead to a sell-off and potentially open up a buying
opportunity. We also need to keep an eye on the US macro momentum which is
expected to improve post the weather related weakness of the first quarter, but
seems to be taking longer to pick up than we would have expected. This will
continue to have implications for FX movements, which have been a big driver
for some of the stock performances in Europe. Uncertainty around weak Chinese
economic momentum remains another important area to watch, but we note that
recent supportive actions by the Chinese authorities to offset the weaker
trends, could lead to a pickup in momentum. This is another area to keep a
close eye on given the importance of the region for European corporates.

14 May 2015

ENDS

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