BLACKROCK GREATER EUROPE INVESTMENT TRUST PLC - Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 January 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)     6.1%      6.2%    4.5%    49.8%        200.2%
Net asset value* (diluted)       6.1%      6.2%    5.1%    49.9%        200.4%
Share price                      4.1%      6.8%   -0.3%    45.6%        188.5%
FTSE World Europe ex UK          4.2%      5.1%    7.5%    47.6%        142.2%
Sources: BlackRock and Datastream

At month end
Net asset value (capital only):        246.99p
Net asset value (including income):    247.42p
Net asset value (capital only)*:       246.99p
Net asset value (including income)*:   247.42p
Share price:                           236.25p
Discount to NAV (including income):       4.5%
Discount to NAV (including income)*:      4.5%
Subscription share price:               11.75p
Net gearing:                              2.0%
Net yield**:                              2.0%
Total assets (including income):       £267.7m
Ordinary shares in issue***:       105,671,408
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 5,561,653 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                    30.3     France                         18.5
Consumer Goods                20.2     Germany                        18.4
Industrials                   12.9     Switzerland                    13.3
Health Care                   11.0     Netherlands                    10.7
Consumer Services              6.6     Italy                          10.2
Technology                     5.6     Sweden                          7.5
Base Materials                 5.4     Denmark                         5.1
Utilities                      4.1     Ireland                         4.7
Telecommunications             2.8     Turkey                          3.9
Oil & Gas                      0.8     Belgium                         2.6
Net current assets             0.3     Finland                         2.6
                             -----     Russia                          2.2
                             100.0     Net current assets              0.3
                             =====                                   -----
                                                                     100.0
                                                                     =====

Ten Largest Equity Investments
                                                        % of
Company                    Country              Total Assets

Novo-Nordisk               Denmark                       5.1
Novartis                   Switzerland                   4.3
Bayer                      Germany                       4.2
Roche                      Switzerland                   4.1
Unilever                   Netherlands                   3.2
AXA                        France                        2.9
Ryanair                    Ireland                       2.9
Zurich Insurance           Switzerland                   2.9
Deutsche Telekom           Germany                       2.8
Heineken                   Netherlands                   2.7

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

During the month, the Company's NAV returned 6.1% and the share price returned
4.1%. For reference, the FTSE World Europe ex UK Index returned 4.2% during the
same period.

European equities delivered the strongest monthly performance in over three
years in January. A number of key developments transpired in the month,
including the removal of the Swiss National Bank's peg to the Euro, the
announcement of full-scale Quantitative Easing (QE) at the European Central
Bank (ECB), and closely-watched Greek elections later in the month. Most
significantly, the ECB's governing council announced that it will buy €60bn of
Euro-denominated investment-grade bonds per month, at least up to September
2016. This open-ended commitment exceeded the market's initial expectations and
led to a rally in markets and further compression in bond yields. The Euro also
continued to weaken, providing a further tailwind (along with the weak oil
price) to future corporate profits. Within the market, health care, food &
beverage and household goods performed best, while banks, oil & gas and basic
resources underperformed the most. Later in the month, early signs of improving
economic activity in Europe came to light, with business confidence surveys,
consumer confidence and earnings revisions proving more positive than expected
- an early sign that QE can not only lower the cost of funding for corporates
but also de facto improve confidence and activity in Europe in 2015.

Sector allocation detracted from performance in January; however, this was far
outweighed by the strongly positive stock selection. As the Company had less
exposure to oil & gas than the benchmark, it thus experienced a positive
contribution to relative performance from this sector. The largest detracting
sector was financials.

Despite being negative at the sector level, stock selection within financials
was the strongest contributor in January. Avoiding holdings in numerous
Eurozone banks, including Banco Santander, BNP Paribas and BBVA, contributed to
performance as the banking sector in Europe fell in January with the
announcement of Quantitative Easing by the European Central Bank. However, a
holding in Nordea Bank performed well over the month. The bank's ability to
deliver both strong dividend growth and a high dividend yield is proving
increasingly attractive as yields compress elsewhere. Health care names
Fresenius and Novo-Nordisk also contributed positively to performance, the
latter rallying after receiving FDA approval for a key pipeline drug.

The Company saw detractions from holdings in Bank of Ireland and KBC Groep
which were impacted by the ECB's announcement. Not holding Nestlé also
detracted from performance as the stock's returns were driven up by the fall in
CHF against the Euro this month.

At the end of the month, the Company had higher exposure to financials, health
care, technology, consumer goods and consumer services. The Company had less
exposure to oil & gas, basic materials, industrials and telecoms. The Company's
exposure to utilities was in line with the benchmark.

Outlook
After seven years of underperformance relative to the S&P, we believe that
Europe has the potential to surprise on the upside this year. QE, a weaker Euro
and low oil prices coupled with a stable global environment can finally lead to
a steadily improving growth trend in Europe for the first time since the
crisis. With continued low inflation and low interest rates, the risk premium
on European equities has room to fall as investors are attracted back to the
asset class. Coupled with earnings growth of around 10% and a dividend yield of
3.5% there is good reason to anticipate a total return of over 15% for 2015.
Markets might remain volatile though, which will open up potential
opportunities to pick up undervalued stocks across the market. Our consistent
investment process and bottom-up fundamental analysis, coupled with internal
valuation tools, should help us in such an environment.

12 February 2014

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.