Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc

All information is at 30 JUNE 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)

-4.8%

-4.0%

3.6%

51.4%

207.7%

Net asset value* (diluted)

-4.0%

-3.3%

3.3%

51.1%

207.1%

Share price

-4.2%

-5.6%

4.4%

55.7%

200.2%

FTSE World Europe ex UK

-5.7%

-5.8%

1.1%

50.5%

142.0%

Sources: BlackRock and Datastream

At month end

Net asset value (capital only):

248.52p

Net asset value (including income):

252.02p

Net asset value (capital only)*:

248.44p

Net asset value (including income)*:

251.36p

Share price:

244.25p

Discount to NAV (including income):

3.1%

Discount to NAV (including income)*:

2.8%

Subscription share price:

16.38p

Net gearing:

7.4%

Net yield**:

2.0%

Total assets (including income):

£280.1m

Ordinary shares in issue***:

104,289,064

Subscription shares:

20,565,777

Ongoing charges****:

0.94%

* Diluted for subscription shares and treasury shares. ** Based on a final dividend of 3.20p for the year ended 31 August 2014 and an interim dividend of 1.65p per share for the year ending 31 August 2015. *** Excluding 5,488,898 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

37.1

France

18.4

Industrials

17.1

Switzerland

15.7

Consumer Goods

11.9

Italy

11.4

Consumer Services

8.8

Germany

10.3

Health Care

7.0

Netherlands

8.1

Technology

6.0

Sweden

8.0

Basic Materials

4.8

Ireland

7.6

Telecommunications

3.5

Denmark

5.4

Utilities

2.3

Spain

4.5

Oil & Gas

2.2

Belgium

3.6

Net current liabilities

(0.7)

Finland

2.8

-----

Turkey

2.6

100.0

Russia

2.3

=====

Net current liabilities

(0.7)

-----

100.0

=====

Ten Largest Equity Investments

% of

Company

Country

Total Assets

Novartis

Switzerland

5.0

Novo Nordisk

Denmark

4.5

Bayer

Germany

3.7

KBC Groep

Belgium

3.6

Banco Santander

Spain

3.0

AXA

France

2.7

LVMH Moët Hennessy

France

2.6

ASML

Netherlands

2.6

Ryanair

Ireland

2.3

Deutsche Telekom

Germany

2.3

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

During the month, the Company’s NAV fell by 4.8% and the share price decreased by 4.2%. For reference, the FTSE World Europe ex UK Index was down 5.7% during the period.

European equity markets fell more than 4% in June (Stoxx 600, in EUR terms) as the Greek bail-out negotiations dominated the headlines. Short term market volatility increased as the possibility of a Greek exit from the Eurozone became imminent and investor confidence consequently waned. Greece’s failure to agree a bail-out by the end of the month also led to a sharp fall in the market in the last few trading days of June. The political uncertainty weighed on business sentiment across the Eurozone, but only modestly so: in the Eurozone it fell slightly from 103.8 (May) to 103.5 (June), but remains well above 100. Indeed, despite the distraction of the protracted negotiations in Greece, the Eurozone economy continued to improve in the month, with France’s latest reading for the Purchasing Manager’s Index exceeding 50 for the first time since early 2014.

Stock selection drove the Company’s performance in June when compared with the reference index, with sector allocation detracting. The Company’s higher exposure to industrials and technology saw negative returns on a sector basis; however, the higher exposure to financials realised a positive gain.

Lundin petroleum was the Company’s top contributor. The share price has improved following the receipt of government approval for development of a large oil field. This has been further emphasised by the confidence in the company to focus on execution with a new CEO. Kingspan, the Irish building materials company, had a strong positive return after releasing solid company results, with sales over 25% ahead of the same period last year and completing the Vicwest acquisition at the tail end of May. Avanza Bank was the largest detractor over the month as the share price fell in response to an increase in the number of company shares outstanding.

At the end of the period, the Company had higher weightings when compared with the reference index to financials, consumer services, technology and industrials. The Company had lower exposures to basic materials, consumer goods, telecoms, oil & gas, health care and utilities.

Outlook

Despite the performance of European equities year-to-date, we remain positive on the prospects for the asset class. We would use the recent pullback in markets to add to weightings in a market which offers the best earnings momentum globally, coupled with attractive valuations. After five years in crisis, economic growth is now recovering across the European region and, with supportive monetary policy, should continue to improve over the next 12 months. Uncertainties around Greece mean the risk premium on European equities remains elevated and has the potential to fall once these uncertainties are removed. We do not believe there is any significant danger of contagion to the rest of the European area.

10 July 2015

ENDS

Latest information is available by typing www.brgeplc.co.uk on the internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV 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.