Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 December 2013 and unaudited.

Performance at month end with net income reinvested
                                One    Three     One   Three   Since launch
                              Month   Months    Year   Years    (20 Sep 04)
Net asset value (undiluted)    0.5%     5.9%   27.0%   28.8%         197.5%
Net asset value (diluted)      0.4%     5.4%   25.6%   30.1%         194.2%
Share price                    0.6%     6.7%   27.2%   33.4%         188.2%
FTSE World Europe ex UK        0.6%     5.5%   25.2%   25.8%         132.1%
Sources: BlackRock and Datastream

At month end
Net asset value (capital only):        249.85p
Net asset value (including income):    250.11p
Net asset value (capital only)*:       246.95p
Net asset value (including income)*:   247.16p
Share price:                           241.00p
Discount to NAV (including income):       3.6%
Discount to NAV (including income)*:      2.5%
Subscription share price                32.50p
Gearing:                                  4.1%
Net yield**:                              1.9%
Total assets (including income):       £267.5m
Ordinary shares in issue:          106,963,851***
Subscription shares in issue        22,312,055

* Diluted for subscription shares and treasury shares.
** Based on an ordinary dividend of 4.5p per share (excluding a special
dividend of 1.0p) for the year ended 31 August 2013).
*** Excluding 5,629,676 shares held in treasury.

Benchmark
Sector Analysis  Total Assets (%)  Index (%)  Country Analysis  Total Assets (%)

Financials                   30.5       23.2  France                       20.9
Consumer Goods               16.1       17.6  Switzerland                  19.6
Health Care                  16.0       11.6  Germany                      14.8
Consumer Services            11.8        5.5  Netherlands                  13.1
Industrials                  11.4       14.4  Denmark                       6.9
Technology                    4.5        3.9  Sweden                        5.9
Basic Materials               3.8        8.7  Belgium                       3.9
Telecommunications            3.5        4.3  Turkey                        3.2
Utilities                     2.0        3.8  Ireland                       3.0
Oil & Gas                     1.4        7.0  Russia                        3.0
Net current liabilities      (1.0)         -  Spain                         2.2
                            -----      -----  Italy                         2.0
                            100.0      100.0  Portugal                      1.4
                            =====      =====  Hungary                       1.1
                                              Net current liabilities      (1.0)
                                                                          -----
                                                                          100.0
                                                                          =====

Ten Largest Equity Investments (in alphabetical order)

Company
Bayer                              Germany
BMW                                Germany
Continental                        Germany
ING                                Netherlands
Novo Nordisk                       Denmark
Roche                              Switzerland
Sanofi                             France
Société Générale                   France
Swiss Re                           Switzerland
Zurich Insurance                   Switzerland

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

During the month, the Company's NAV gained 0.5% and the share price increased
by 0.6%. For reference, the FTSE World Europe ex UK Index rose by 0.6% during
the same period.

European markets delivered a positive return during December, rounding off the
best calendar year return for Europe since 2009. The market fell during the
first half of December before rallying in the second half of the month to move
into positive territory. Small caps outperformed all other size groups in
December, as well as over the year. The best performing sectors during the
month were financials, industrials and technology while the worst performing
sectors were utilities and energy.

Stock selection was the main driver of the negative returns during the month
while sector allocation contributed to returns. From a sector perspective, the
Company's underweight position to utilities proved profitable as did an
overweight position in the financial sector, although an underweight in the
industrial sector was less successful. Stock selection within the financial
sector and the consumer goods and consumer services sectors were the main
drivers of the negative return.

At a stock level, positions in Turkish banks Halk Bankia and Garanti Bankasi
were the Company's worst performing stocks as the political crisis in Turkey
deepens. Halk Bankia and Garanti Bankasi were purchased during the month, as
they are two companies with long records of a stable return on equity and with
strong franchises, yet are trading at the bottom end of their respective
valuation ranges. Renault was also one of the weakest performing stocks during
the month. The stock had risen significantly in 2013 and investors began taking
profit ahead of the year end. Also within consumer goods, a position in
Portuguese listed food retailer Jeronimo Martins hindered returns due to facing
a tougher competitor environment.

A position in German bank Commerzbank proved profitable after the share price
jumped significantly following a recovery in the shipping industry where a
substantial portion of its non-core loan book has exposure. Other financial
names such as ING, AXA, Partners Group, Zurich Insurance and Swiss Re all
provided strong returns over the month as the sector rallied, offsetting some
of the losses from the Turkish banks. A holding in German auto supplier
Continental also performed well over the month. Continental continued to
perform strongly after raising its full year profit margin due to a lower than
expected increase in raw material costs.

At the end of the month, the Company was positioned with higher weightings in
consumer services, financials, health care and technology and with lower
weightings in basic materials, oil & gas, industrials, utilities, consumer
goods and telecoms.

Outlook
The outlook for Europe looks more positive than it has done since the financial
crisis began. Economic conditions are showing signs of improvement, public
policy and political uncertainties have eased and the Eurozone has passed the
peak of austerity measures. Globally, we are seeing a synchronised economic
recovery with developed markets leading the growth, albeit from a low starting
base. We now need to see evidence of this more supportive macroeconomic
environment feeding into corporate earnings growth and positive earnings
momentum. For 2014 we expect equity markets to provide a total return of 10-12%
given the potential for positive earnings surprise, valuation and dividend
attractions, as well as investor appetite continuing to be supportive for
European equities. However, it is worth reminding ourselves that there are
risks surrounding this scenario. The recovery in Europe remains fragile and
while much progress has been made in unifying the banking system, banking
stress tests and lack of credit may hinder economic recovery. Policy error
could also add to disappointment and we are cognisant of the impact US tapering
may have on economies and currencies. Any significant disappoint would cause us
to revise our current scenario.

16 January 2014

ENDS

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any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.