Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 December 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)      -4.9%    -0.3%   -4.9%   48.0%        183.1%
Net asset value* (diluted)        -4.9%    -0.3%   -3.7%   48.1%        188.3%
Share price                       -2.4%     2.4%   -3.8%   48.6%        177.2%
FTSE World Europe ex UK           -4.7%    -0.5%    0.2%   47.7%        132.5%
Sources: BlackRock and Datastream

At month end
Net asset value (capital only):        232.86p
Net asset value (including income):    233.30p
Net asset value (capital only)*:       232.86p
Net asset value (including income)*:   233.30p
Share price:                           227.00p
Discount to NAV (including income):       2.7%
Discount to NAV (including income)*:      2.7%
Subscription share price:               12.88p
Net cash:                                 1.8%
Net yield**:                              2.1%
Total assets (including income):       £246.5m
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                    31.4     France                         19.4
Consumer Goods                16.1     Germany                        15.8
Industrials                   14.6     Switzerland                    14.2
Health Care                    8.8     Netherlands                    10.4
Consumer Services              7.0     Italy                           8.3
Technology                     6.2     Sweden                          7.7
Basic Materials                5.4     Ireland                         5.5
Utilities                      4.8     Denmark                         5.0
Telecommunications             2.7     Turkey                          3.8
Oil & Gas                      0.9     Belgium                         2.9
Net current assets             2.1     Finland                         2.6
                             -----     Russia                          2.3
                             100.0     Net current assets              2.1
                             =====                                   -----
                                                                     100.0
                                                                     =====

Ten Largest Equity Investments
                                                        % of
Company                    Country              Total Assets

Novo-Nordisk               Denmark                       5.0
Novartis                   Switzerland                   4.2
Bayer                      Germany                       4.2
Ryanair                    Ireland                       3.5
Zurich Insurance           Switzerland                   3.4
GDF Suez                   France                        3.3
ASML                       Netherlands                   3.0
KBC                        Belgium                       2.9
Fresenius                  Germany                       2.7
Heineken                   Netherlands                   2.7

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

During the month, the Company's NAV returned -4.9% and the share price returned
-2.4%. For reference, the FTSE World Europe ex UK Index returned -4.7% during
the same period.
 
European markets fell in December, after a strong rally at the end of October
and into November. Europe generally lagged the rest of the world (USA and Japan
all posting positive December returns). Potential political risk has become
apparent in Europe, the Syriza political party in Greece increasing the
prospect of rejection of further reform. The energy sector once again was the
worst performer during the month as oil prices fell further as Opec announced
it will not cut production even if the price of oil falls to $20 a barrel,
spelling out a dramatic policy shift that will have far-reaching implications
for the global energy industry.

Sector allocation detracted from performance during December. In particular, a
large underweight exposure to consumer goods had a negative impact on
performance on a sector basis. The best performing sector was consumer
services. The oil & gas sector also detracted; however, the affect on fund
returns was muted slightly thanks to having a lower exposure to this sector.
Stock selection marginally contributed to performance, with stock selection
within the consumer goods and consumer services sector proving especially
positive.

The best performing single holding over the period was Ryanair. The holding has
rallied since the company increased its full-year net profit guidance by around
20% after experiencing strong passenger growth in the latter half of the year.
The firm has effectively revamped their offer to attract leisure customers back
and is also starting to tackle the business market by offering an attractive
priced business ticket with flexible fares. Additionally, Ryanair is a large
beneficiary of the rapidly falling oil price as this is their single largest
cost. Sound returns were also evident from two holdings in luxury goods,
Luxottica and LVMH.

The Company experienced detractions from a number of emerging market banks,
including Russia's Sberbank and Turkish banks Turkiye Halk Banka and T Garanti
Bankasi. Sberbank underperformed in the wake of deteriorating sentiment towards
Russia. The fall in the oil price has placed the Russian economy under pressure
with both equities and the ruble falling as a result. Turkish banks Garanti and
Halk also underperformed in December. Both stocks have enjoyed a strong year
but suffered in the broader Emerging Markets sell-off during the month.

At the end of the month, the Company had higher exposure to health care,
financials, technology, consumer services and industrials, and less exposure to
consumer goods, basic materials, industrials and telecommunications. The
Company was neutral weighted to oil & gas.

Outlook
The Eurozone's growth prospects continue to weigh on sentiment towards European
earnings. However, the sharp weakness in the Euro is improving the growth
prospects of exporting companies. In addition, the lower oil price will help
energy input costs for corporates and energy costs for households, which should
contribute positively to the global economic momentum in terms of consumption.
Along with favourable European Central Bank policy, these factors could have
the ability to support the European equity market in 2015. It is worth noting
though that 2015 could be another volatile year, given the uncertain outcome of
the upcoming Greek elections, the dependence on supportive monetary policies in
Europe and Japan, the need for more stimulative measures in China to avoid a
hard-landing, the ongoing geo-political risks in Ukraine and the Middle-East,
and the shift in monetary policy stance by the Federal Reserve expected in the
near term.

13 January 2015

ENDS

Latest information is available by typing www.brgeplc.co.ukon the internet,
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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.