Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 March 2014 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)    0.7%      3.0%    16.8%    27.1%         206.5%
Net asset value* (diluted)      0.6%      2.6%    14.9%    28.5%         201.8%
Share price                     1.0%      3.7%    16.7%    30.9%         199.0%
FTSE World Europe ex UK         0.8%      3.0%    17.3%    22.6%         139.1%
Sources: BlackRock and Datastream
 
At month end
Net asset value (capital only):        256.75p
Net asset value (including income):    257.68p
Net asset value (capital only)*:       252.62p
Net asset value (including income)*:   253.36p
Share price:                           250.00p
Discount to NAV (including income):       3.0%
Discount to NAV (including income)*:      1.3%
Subscription share price:               23.63p
Net gearing:                                0%
Net yield**:                              1.8%
Total assets (including income):       £276.9m
Ordinary shares in issue***:       107,475,830
Subscription shares:                21,900,076

* 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 5,529,676 shares held in treasury

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

Financials                    35.6     France                         18.6
Consumer Services             14.2     Switzerland                    16.6
Consumer Goods                13.4     Germany                        16.2
Industrials                   12.7     Netherlands                    11.8
Health Care                   12.4     Denmark                         7.2
Basic Materials                3.9     Sweden                          6.5
Technology                     3.3     Spain                           4.5
Utilities                      2.4     Belgium                         4.4
Oil & Gas                      1.4     Turkey                          3.4
Net current assets             0.7     Russia                          3.0
                             -----     Portugal                        2.8
                             100.0     Ireland                         2.8
                             =====     Hungary                         1.2
                                       Italy                           0.3
                                       Net current assets              0.7
                                                                     -----
                                                                     100.0
                                                                     =====

Ten Largest Equity Investments (in alphabetical order)

Company
Adecco                          Switzerland
Bayer                           Germany
Continental                     Germany
Deutsche Post                   Germany
ING                             Netherlands
Novo Nordisk                    Denmark
Roche                           Switzerland
Société Générale                France
Unilever                        Netherlands
Zurich Insurance                Switzerland

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

During the month, the Company's NAV returned 0.7% and the share price gained
1.0%. For reference, the FTSE World Europe ex UK Index increased by 0.8% during
the same period.

European equities fell in March, underperforming the rest of the world for the
first time this year. This was in a large way due to events in Crimea after
they decided to join Russia. On a sector basis, utilities, food & beverage and
oil & gas were the top performing sectors while health care, insurance and
telecoms were the worst performing sectors. Mid cap stocks outperformed small
and large cap names.

Stock selection drove returns during the month while sector allocation
detracted from returns. From a sector perspective, the Company's underweight
position to basic materials benefited returns although this was offset by
underweight positions in oil & gas and utilities which hindered performance as
these sectors were the two best performers over the month.

Stock selection within the financial sector was the largest individual
contributor over the month with positions in Turkish banks Garanti Bankasi and
Halk Banka being the Company's two top contributors. Investors moved back into
the Turkish market after initially fleeing due to emerging market concerns and
the deteriorating political environment in the country. However, this has
subsided and the market has begun to recoup some of the earlier losses. A
position in Hungarian OTP Bank also performed well on the back of investors
returning to emerging markets as did the holding in GDF Suez, as it lowered its
dividend to a level which was covered by both earnings and cash flow, as well
as articulating a good strategy which focuses on emerging market growth going
forward.

On the negative side, many developed European financial positions performed
poorly over the month including Société Générale, KBC and ING. However, these
were offset by the strong performance of the Turkish banks. A position in
French advertising and media specialist Publicis was one of the Company's
largest detractors. Investors took profits in the name due to the stock
performing well over the last six months and are now awaiting Chinese approval
of its merger with Omnicom with no near term catalysts to drive the stock
higher.

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

Outlook
The global synchronized economic recovery that we have been predicting is
coming through, with evidence of European economic recovery continuing to
gather pace and US economic momentum picking up again post a weather related
slow-down in Q1. Emerging markets economic momentum has been slowing but is not
deteriorating dramatically for now. We now need to see European corporate
earnings momentum turning positive, which has so far not been the case due to
the strength of the Euro versus other currencies impacting profit growth
negatively. We continue to forecast +8% EPS growth in Europe this year, which
was more cautious than the +15% that consensus was forecasting at the start of
the year, but we note that consensus has now moved to +10%. We continue to see
a total return of 10-12% in the European market this year, but we are mindful
that the recovery remains fragile for now and we need to see evidence of a
pick-up in earnings estimates for this prediction to be underpinned.

10 April 2014

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.