Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 30 April 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)   -2.6%      4.0%    11.9%    19.4%         198.7%
Net asset value* (diluted)     -2.1%      3.4%    10.6%    21.9%         195.5%
Share price                    -2.2%      1.0%    14.8%    25.9%         192.4%
FTSE World Europe ex UK         0.4%      6.6%    14.8%    17.9%         140.2%
Sources: BlackRock and Datastream

At month end
Net asset value (capital only):        248.68p
Net asset value (including income):    249.57p
Net asset value (capital only)*:       245.90p
Net asset value (including income)*:   246.61p
Share price:                           243.00p
Discount to NAV (including income):       2.6%
Discount to NAV (including income)*:      1.5%
Subscription share price:               18.00p
Net cash:                                 2.3%
Net yield**:                              2.5%
Total assets (including income):       £268.5m
Ordinary shares in issue***:       107,575,830
Subscription shares:                21,900,076

* Diluted for subscription shares and treasury shares
** Based on a final dividend of 4.5p per share for the year ended 31 August 2013
(excluding a special dividend of 1.0p) and an interim dividend of 1.5p per share
for the year ending 31 August 2014.
*** Excluding 5,429,676 shares held in treasury

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

Financials                    33.4     France                         22.2
Industrials                   21.8     Germany                        15.3
Consumer Services             11.3     Switzerland                    13.1
Consumer Goods                12.9     Netherlands                     9.5
Health Care                    9.1     Denmark                         7.3
Basic Materials                4.1     Sweden                          5.9
Technology                     3.1     Italy                           4.8
Utilities                      1.9     Belgium                         4.5
Oil & Gas                      1.3     Spain                           3.5
Net current assets             1.1     Ireland                         3.0
                             -----     Turkey                          2.9
                             100.0     Portugal                        2.9
                             =====     Russia                          2.8
                                       Hungary                         1.2
                                       Net current assets              1.1
                                                                     -----
                                                                     100.0
                                                                     =====

Ten Largest Equity Investments (in alphabetical order)

Company
Adecco                          Switzerland
Bayer                           Germany
Continental                     Germany
Deutsche Post                   Germany
ING                             Netherland
Novo Nordisk                    Denmark
Publicis                        France
Roche                           Switzerland
Société Générale                France
Unicredit                       Italy

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

During the month the Company's NAV lost 2.1% and the share price lost 2.2%. For
reference, the FTSE World Europe ex UK Index gained 0.4% during the same
period.

The last 6 weeks have been characterised by a significant momentum reversal.
The reversal appears to have been triggered by comments at the Federal Reserve
in early March resulting in investors buying up stocks with exposure to
emerging markets and very aggressive short covering by Hedge Funds. In the US
this was initially observable in the underperformance of Tech and Bio-tech
stocks, but this has broadened out during April to constitute a broad-based
reversal in market leadership. Many of the best performing stocks of the last
12 months or so have given back some of their gains. This short covering and
subsequent rotation was reflected in the outperformance of consumer staples and
energy, and the underperformance of financials, health care and consumer
discretionary.

In the meantime, Europe continued to recover during April, with the Purchasing
Managers Index still in positive territory and with the European Central Bank
showing stronger support than ever before for creative measures being taken if
necessary, with the Governing Council stating that it is "unanimous in its
commitment to also using unconventional instruments within its mandate to cope
effectively with risks of a too prolonged period of low inflation".

Stock selection was the main driver of the underperformance while sector
allocation also detracted. From a sector perspective, the Company's underweight
position to oil & gas (zero exposure) was a significant detractor from returns
as it was the best performing sector over the month. An overweight position in
consumer services also detracted from performance, however an underweight
position in utilities proved profitable.

The reversal in momentum, which saw stocks that had performed well over the
last 12 months underperform in April and stocks that had underperformed over
the last 12 months outperform in April, was easily visible in the Company. This
could be seen in the fact that the majority of the 20 largest detractors were
stocks that the Company had held and had performed well over the first quarter
of 2014. This was most noticeable in the consumer services and consumer goods
sectors. Within the consumer services sector, positions in Ryanair, Publicis
and Reed Elsivier hindered performance. While in the consumer goods sector a
position in Osram detracted from performance.

The fundamentals of these businesses have not changed over the month but they
have suffered as high momentum exposed stocks have been sold off. For example,
since Osram was spun out of Siemens in July last year the share price had
doubled up to March this year but gave 20% of that back in April due to being a
mid-cap momentum stock. Similarly a position in Irish low cost airline Ryanair
suffered as it has been one of the best performing stocks over the last 24
months and is again a strong recipient of an improving European economy.

Positions in Russian stocks Sberbank and Gazprom have continued to detract from
performance as the political crises with the Ukraine has intensified.

On the positive side, positions in Turkish banks Garanti Bankasi and Halk
Bankasi performed strongly as investors moved back into under owned emerging
market exposed stocks.

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

Outlook
Global economic growth is expected to be positive for 2014 but the magnitude is
less certain given the Chinese slowdown and US tapering. European data is
increasingly pointing to a recovery and is particularly encouraging for the
periphery. European political and public policy uncertainty is declining and
the peak of austerity is behind us.

Consensus earnings estimates have moderated since the beginning of 2014 with
international earnings continuing to come under pressure from FX headwinds,
while European domestic earnings are now more realistic and have scope to
benefit from a domestic recovery. We maintain our projection of 8% earnings
growth this year in Europe.

Monetary policy remains key to global growth and the ECB may need to apply new
measures to stave off disinflation risks in the Eurozone.

We are spending significant time analysing the factors that can help us piece
together the road map over the next 2 years. The ability of individual
companies to deliver above their expected earnings will also be key over this
period.

14 May 2014

ENDS

Latest information is available by typing www.brgeplc.co.ukon 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.