Blackrock Greater Europe Investment Trust PLC

Annual Report • Nov 14, 2022

BlackRock Greater Europe Investment Trust PLC Job No: 43268 Proof Event: 9 Black Line Level: 0 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2020 T: 0207 055 6500  F: 020 7055 6600 BlackRock G reater E urope In v estment T rust plc BlackRock Greater Europe Investment T rust plc Annual Report and Financial Statements 31 August 2022 Annual Repor t and Financial Statements 31 August 2022 w ww.blackrock.com/ uk/brge Job No: 47846 Proof Event: 20 Black Line Level: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 K eeping in touch We know how impor tant it is to receive up-to-date information about the Company . T o ensure that you are kept abreast, please scan the QR code to the right of this page to visit our website. If you have a smar tphone, you can activate the QR code by opening the camera on your device and pointing it at the QR code. This will then open a link to the relevant section on the Company’s website. By visiting our website, you will have the oppor tunity to sign up to our monthly newsletter which includes our latest factsheets, market commentar y , as well as upcoming events and webinars. Information about how we process personal data is contained in our privacy policy available on our website. General enquiries about the Company should be directed to the Company Secretar y at: cosec@blackrock.com Use this QR code to take you to the Company's website where you can sign up to monthly insights and factsheets. Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Financial highlights 456.00p 1 Ordinar y share price -33.4% 2,3 475.72p NA V per ordinar y share -29.2% 2,3 6.60p T otal dividends +4.8 % 1.4 % 3, 4 Yield £483.8m Net assets The above financial highlights are at 31 August 2022 and percentage comparisons are year-on-year against 31 August 2021. ¹ Mid-market. ² Performance figures are calculated in Sterling terms with dividends reinvested. ³ Alternative Performance Measures, see Glossary on pages 114 to 116. 4 Based on dividends paid and declared for the year ended 31 August 2022 and share price as at 31 August 2022. Section 1: Overview and per formance 1 Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 2 BlackRock Greater Europe Investment T rust plc  Wh y BlackRock G reater E urope In v estment T rust plc ? In v estment objectiv e The Company’s objective is the achievement of capital growth, primarily through investment in a focused por tfolio constructed from a combination of the securities of large, mid and small capitalisation European companies, together with some investment in the developing markets of Europe.       Reasons to in v est Personnel The Company benefits from two leading   Equity division; the 20-strong European Equity team, as well as seven analysts focusing on Emerging Europe from the Global Emerging Markets team. Differentiated opportunity  Europe offers the Company the ability to identify attractively valued businesses operating within faster growing economies often delivering highly attractive growth in cash flows and dividends. This provides diversification to the portfolio and balances with the higher quality developed European approach. A member of the Association of Investment Companies       Conviction A concentrated portfolio focusing on the  Equity Market. Not constrained by market cap, sub-sector or region, the Portfolio Managers can invest across the breadth of the European market, comprising a portfolio of the best   investment ideas. Long-term focus Looking through the daily noise which impacts the market for the best long-  an investor in companies, not a trader of  the best management teams in the region which we believe have the ability to create value for shareholders over the long term. Risk aware The portfolio is concentrated but highly risk aware. The Portfolio Managers aim to ensure risk and returns are  They work closely with our partners in  Analysis team to ensure that portfolio risk is deliberate, diversified and scaled. Section 1: Overview and per formance 3 Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Contents Section 1: Overview and per formance  1   2 Performance record 4 Chairman ’ s Statement     9 Section 2: Portfolio  16 T en largest investments 19  21  23 Section 3: Governance Governance structure 26  27  29  44     Corporate Governance Statement   61   66 Section 4: Financial statements    70  77 Statement of Changes in Equity 78 Balance Sheet 79  80  81 Section 5: Additional information Shareholder information 102 Analysis of ordinar y shareholders  Historical record 106 Management and other ser vice providers 107   Other  112  113 Glossary 114 Section 6: Annual general meeting Notice of annual general meeting 120 Share fraud warning 124 Wh y BlackRock G reater E urope In v estment T rust plc ?    Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 4 BlackRock Greater Europe Investment T rust plc  P er formance record As at 31 August 2022 As at 31 August 2021 Net assets (£’000) 1 483,799  Net asset value per ordinary share (pence)  678.49 Ordinar y share price (mid-market) (pence)  692.00    2 (4.1%) 2.0%    1869.96 For the year ended 31 August 2022 For the year ended 31 August 2021 Performance (with dividends reinvested) Net asset value per share 2  49.4% Ordinar y share price 2      27.4% For the year ended 31 August 2022 For the year ended 31 August 2021 Change % Revenue   7,728      4.13  Dividends (pence)    -    6.6 T otal dividends paid/ payable 6.60 6.30 4.8 Aug 19 Aug 18 Aug 16 Aug 15 Aug 14 Aug 13 Aug 12 Aug 22 Aug 21 Sources: BlackRock and Datastream. Performance with dividends reinvested in Sterling terms, rebased to 100 at 1 September 2012. 100 120 140 160 180 200 220 240 260 280 300 320 340 360 380 400 420 440 460 480 Aug 20 Aug 17 Net asset value Share price F TSE World Europe ex UK Index Performance over the ten y ears to 31 A ugust 2022 1 The change in net assets reflects proceeds from share is suance, payments for shares repurchased into treasury, market movements and dividends paid. 2 Alternative Performance Measures, see Glossary on pages 114 to 116. Section 1: Overview and per formance  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Dear Shareholder Eric Sanderson Chairman Introduction The past year has been quite an   as a whole, largely as a result of the  has had a ver y pronounced impact on energy and food prices and has driven the already ongoing rotation  has had a material adverse short-term impact on the value of our portfolio. However , the longer-term per formance of our portfolio remains strong. Mark et ov erview European markets have faced a challenging environment during the Company’s financial year , dominated by significant geo-political uncertaint y and    supply side bottlenecks and rising prices have been further stressed by the tragic and     energy needs affected by the disruption have become key concerns .  Europe, the main issue is how to keep a steady supply of oil and gas and a cap on prices to sustain the region given that most European countries are net importers with much of the energy coming from  A long period of steady growth and low inflation appears to be over , as central banks continue to raise interest rates to contain inflation. High inflation is due to many different factors including the rising cost of food and high energy prices, surging household demand in response to the loose fiscal and    as well as supply-chain shor tages due to the pandemic. Performance   net asset value per share (NA V) decreased by 29.2%, significantly    the reference   this underper formance was directly attributable to the write down of our  6.1% of the Company’s net as sets as at 31 Januar y 2022. The Company’ s share price decreased by 33.4% over the same period (all percentages calculated in Sterling terms with dividends reinvested). The wide disparity versus the  return reflects the Portfolio Managers’ views of backing their convictions over the longer term, whilst seeing through short-term market turbulence. More details on the portfolio’ s performance, its positioning and the significant contributors and detractors during     9 to 12. C hairman ’ s Statement 6 BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Since the financial year end and up to close of business on 31 October 2022, the Company’s NA V has decreased by 1.4% compared with a    0.8% over the same period. Revenue earnings and dividends Y our Company ’ s total revenues each year are a reflection of the dividends we receive from portfolio companies. The revenue return per share for the year ended 31 August 2022 amounted  with 4.13p per share for the previous   due to a significant increase in special dividends received by the Company in the current period and the lower level of dividends received in the year  pandemic hit portfolio companies’ revenue streams.    payment of a final dividend of  p  This, together with the interim dividend, makes a total dividend for the year of 6.60p per share (2021: 6.30p), an increase of 4.8%. The dividend will be funded from revenue received in the year . Subject to shareholder approval, the dividend will be paid on 16  Company’s register on 18 November   Discount / premium  to investors that the market price of the Company’s shares should not trade at a significant premium or discount to the underlying NA V . Accordingly , in normal market conditions, the Board may use the Company’s share buy back and share issue powers, or operate  that the share price does not go to     renew the Company’s semi-annual tender offers and the authorities to issue and buy back shares will be put to shareholders at the forthcoming Annual General Meeting. Over the year to 31 August 2022, the Company’s shares have traded at an average discount of 1.4% and within a range of an 8.8% discount to a 4.1% premium. The Company allotted 4,300,000 new ordinar y shares and  from treasur y at an average premium over NA V of 2.0%, at an average price of 681.34p per share for a net  addition, the Company purchased     cost of £2,812,000. Since the year end up to 3 November 2022, a further 698,692 ordinar y shares have been bought back at an average price of 431.66p per share for a total cost of £3,016,000. All shares have been placed in treasur y .    discretion not to operate the half yearly tender offers in November 2021 and  20 September 2022 that the Board had decided not to implement a semi- annual tender offer in November 2022.  2022, the average discount to NA V  therefore concluded that it was not in the interests of shareholders, as a whole, to implement the latest semi- annual tender offer . Shareholder communication  to regular information is to our shareholders. T o supplement our European equities continue to trade at a discount to global peers, providing attractiv e inv estment oppor tunities for our Portfolio Managers. Section 1: Overview and per formance 7 Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 website, we offer shareholders the ability to sign up to the T rust Matters newsletter which includes information on the Company , as well as news, views  how to sign up is included on the inside cover of this report. Outlook European equity markets have faced a confluence of challenging and rapidly evolving factors so far this year and global macroeconomic fundamentals continue to deteriorate, with the prospect of developed markets edging    to new highs, triggering a cost of  is also likely to be protracted, with no immediate peaceful solution in sight, but we should not underestimate the strengthened unity in Europe in the      headwinds in Europe.   remains unclear and our holdings  down to a nominal value. Nonetheless, European equities continue to trade at a discount to global peers, providing attractive investment opportunities for our Portfolio Managers. The Company’s portfolio is also weighted towards companies with well capitalised  businesses that are able to adapt to the shifting market dynamics. Management fees Y our Board has reviewed the level of fees paid to your Manager and considers these to be high relative to  engaged with the Manager on this and discussions are currently taking place. Annual General Meeting ( AGM) The AGM of the Company will be held at 12 Throgmorton Avenue, London EC2N    the meeting are set out in the Notice of Annual General Meeting on pages 120 to 123   public gatherings are no longer in  and we therefore intend to hold the AGM in the normal way with physical attendance by shareholders. However , shareholders should be aware that it is possible that restrictions could be reimposed prior to the date of the AGM.  intending to attend should comply  before entering the venue. At the time of writing, visitors are not permitted in    related symptoms, or are subject to government requirements for self- isolation or quarantine. Eric Sanderson Chairman 3 November 2022 Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Section 1: Overview and per formance 9 Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 In v estment Manager ’ s Repor t Overview The Company’s performance was negative over the year as the share price decreased by 33.4% and the underlying NA V decreased by 29.2% in the twelve    over the same period (all percentages calculated in Sterling terms with dividends reinvested). The period under review , particularly from the star t of 2022, turned out quite  Our market outlook for 2022 as sumed gradual normalisation of growth in earnings post the strong recover y in 2020 and most of 2021 and with that an easing of supply chain disruptions and inflation numbers softening. European markets were instead hit by a per fect storm as the natural ebbing of the economy was compounded by continued  restrictions in China, stubborn supply chain  system. Equity investors had to come to grips with a significant change in monetar y policy .        priced to finish 2022 at 4.4%, a move of historic dimensions in both pace and scale. The European Central Bank is following suit with the Euro area interest rate  Stefan Gries Sam Vecht One of two dominant players in the global diabetes market, Novo Nordisk was the portfolio’ s top performer during the period under review and our largest holding at   10 BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 These factors led to a sharp market sell-off , with broad-based indices like  from Januar y to the end of August   distributions within the market: of 20 industr y groups, only energy posted  environment, style characteristics have been a far more important component for the outcome of single stocks over the year than their own fundamentals.  leadership disproportionately penalised portfolios which focus on owning higher quality companies offering attractive growth and   previous annual reports, we repeatedly pointed out that market volatility can often ser ve as a test of an investors’ investment philosophy . Our approach to constructing portfolios is resolutely fundamental from the bottom-up.  being macro aware, we ultimately seek to identify end markets and income streams that allow us to own best in class operators that are set to benefit from structural demand trends on a   with clearly articulated strategies, high returns on capital, strong free cash-flow generation, and options to deploy capital into growth projects at attractive returns. Our target holding period is three to five years and even in a tumultuous year like the one under review , portfolio turnover only amounted to 20%, ver y much consistent with this stated target. This is based on the belief that the recipe for creating wealth through investing is relatively simple: it requires a combination of high returns, growth and time. T oo of ten, one observes investors not allowing the management teams of portfolio companies sufficient time to deliver on the strategies that they have carefully laid out. Our approach is different in the sense that once we have identified a winning franchise, we aim to run large positions and continue to own a business for as long as the fundamentals continue to support our view of the superior earnings power of    be painful over shorter time periods, yet there was no doubt in our mind that running a low turnover strategy with a relatively concentrated portfolio   drawdowns from time to time. Portfolio       Emerging Europe allocation. Secondly , companies with long duration income  recently reported 60% volume grow th year-on-year .   Section 1: Overview and per formance 11 Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 streams where business fundamentals remain intact but share prices were, in our view , punished disproportionately as interest rates rose. Thirdly , a smaller group of companies where our asses sment of the business fundamentals was incorrect.  has since inception invested a portion of its assets in Emerging European  significant part of this. This allocation has in the past offered access to fast growing markets at low valuations and hence a differentiated source of capital appreciation.        across all portfolios. As of 31 Januar y 2022, the Company held 6.1% of its net assets    there likely remains some intrinsic value in these businesses, it is difficult to see how this could be realised.  of companies, we found that the negative share price returns were driven by a change in the valuation multiple ascribed to future profits  those profits will fail to materialise. On the contrar y , the operational per formance of these busines ses remains strong, meeting or surpassing  cases we believe their competitive positions are strengthening rather than weakening. Thus, in our view share prices have become disconnected from fundamentals. Lonza  share price having fallen by close to  in the year to date. The Swiss company is a global leader in contract manufacturing of high-end biological drugs, as well as in fast growing and emerging areas such as cell and gene therapy .  barriers to entry are wide ranging and include manufacturing    and customer relationships with manufacturers written into the drug filings with regulators.  Lonza ’ s biologics business, which is the highest margin part of the group, to remain the growth engine at mid- teens for the midterm   any incremental capacity they build earns returns on invested capital of close to 30% in our estimation. Lonza ’ s global production capacity is sold out  only giving the company real pricing power but also provides strong visibility on its earnings trajector y overall.    disappointing over the past year , we believe that the company’s potential to outgrow the market over time remains highly promising.   Adyen , down over 40% over the last year , suffered a sell-off in line with other tech names, which investors sold with the rise of interest rates globally .   the market is ignoring the long-term  class payment platform has taken the lucrative payment processing industry by storm. Adyen smoothly integrates the full payments stack – gateway , risk management, processing, is suing, acquiring and settlement – on a single platform and does that via multiple sales channels (online, mobile and offline channels) and via different currencies.    is straightfor ward to onboard and with its unified technology platform it provides a cost and product capability  of the world’ s largest merchants use Adyen. The vast majority of revenues currently come from North America and Europe, but we see potential for geographical as well as mid-market  company recently reported 60% volume growth, with revenues and profits also seeing healthy improvements year- on-year . Some 80% of their revenue   clients and alongside this they have acquired new high-quality clients which themselves are growing faster than the industr y overall.  investment in NetCompany is an  fundamentals deteriorated and is  love’ with a stock. A key element of our process is the constant reas sessment  to gain deeper and deeper insights and being prepared to change our asses sment should the fundamentals require us to do so. NetCompany , once one of the Company’s high conviction ideas, saw a significant change after the company announced the  attraction to the company was based on the entrepreneurial founder-led culture and positioning in specific  Netherlands. The acquisition brought a  Europe and we felt NetCompany would have difficultly integrating this new business due to its size and operational      compared to 20% for NetCompany and was operating at much lower  they had done in the past, we took the view management would struggle to  its size. After initially reducing our  evidence of deteriorating operational per formance came through. More positive to see are some of our high conviction names that per formed   a position in diabetes specialist Novo Nordisk which was the top per former  shares since 2017 and have grown with the company over the years. Novo Nordisk is one of two dominant players in the global diabetes market,  to the nascent obesity drug market, which in combination leaves this business in a sweet spot with attractive  by the continued launch of Ozempic       should also be a steady flow of pipeline readouts over the coming years (e.g. 12 BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 haemophilia, long acting insulin, more in diabetes and obesity) to suppor t the investment case.  companies with impressive brand management and pricing power are Hermès and L VMH , both amongst the top per formers and both companies     train their craftspeople to build the various different handbags and leather goods by hand and the company enjoys up to four year waiting lists of their iconic handbags like the Birkin bag, leaving demand far outweighing   owned business and has been run in a conser vative fashion for generations with strategic decisions taken with the longest of timeframes in mind. There is also a degree of resilience in  typically is less sensitive to weaker  by organic growth staying positive  crisis. Outlook The macroeconomic environment may remain uncertain over the coming months given heightened geopolitical tensions and stick y inflation forcing central banks to tighten into slowing economies. As clients frequently ask us where and when interest rates will peak, we admit to having no strong views on  is that power ful structural trends will continue to underpin the earnings of some of the world’ s leading businesses which call Europe home. Current concerns about energy security have accelerated the need to decarbonise the global economy and we still believe that a number of portfolio holdings will be long-term beneficiaries. Linked to this, we continue to believe in the large potential profit pools available as a result of the electrification of transportation where a number of portfolio companies in the technology sector act as enablers of that shift from combustion engine cars to electric vehicles. Advances in health care and life sciences will continue to drive product innovation and the  processes, all areas where Europe is  power ful changes are unlikely to be disrupted or stopped by higher interest rates. More generally , when looking at the health of the corporate sector , we find corporate balance sheets in decent shape and in much better positions than in previous downturns. Corporates have spent the last decade deleveraging balance sheets and interest coverage is significantly higher  or other prior periods associated with deep recessions or prolonged bear markets. Corporate spending intentions also remain healthy and this spend is often linked to transformational capital  re-shoring of supply chains or the energy transition, again benefiting many of our portfolio holdings. Likewise, the consumer seems in a better position than sentiment would currently suggest. Employment is at record highs, wages are well-supported and households’ higher-than-average savings should provide some cushion for the squeeze on disposable incomes that is undoubtedly occurring right   data scientists, we closely monitor developments around consumer spending. This year ’ s performance should be seen  cumulative outper formance relative to the market of 10% and 26% over three and five years, respectively , as at the  view that over the medium to longer term, this Company and the businesses it owns can make a real difference for clients and nothing we have seen this year has changed that asses sment.  short-term market moves that we have suffered from over the past year , we are convinced that over the medium and long term, share prices are driven by growth in earnings and dividends. Hence, for the long-term    recently , creates opportunities to buy assets that have the potential to create significant amounts of shareholder  would encourage investors to think like owners in businesses rather than traders of shares, as there is no doubt in our minds that this will deliver the strongest returns over time.     sentiment and positioning towards European equities, leaving the market, as well as many of the best-in-class companies we own, trading at highly depressed valuations not seen in years.  adding risk to the portfolio appears prudent for now , we are also cognisant      certainly feels like fear is abundant right now when histor y has proven time and again that capitalism and human ingenuity finds answers to what appear to be insurmountable problems. Here is to 2023 turning out more profitably than currently forecast by some  are absolutely intent on capitalising on opportunities that may be presented in European equities by keeping a positive mindset and a firm view on the medium to long-term income streams under writing our investments. Stefan Gries and Sam Vecht    3 November 2022 Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Section 2: Portfolio 15 P or tfolio Luxury goods multinational LVMH Moët Hennes sy was a notable performer during the year under review . Its Louis Vuitton and Christian Dior brands generate two-thirds of group operating prot. 16 BlackRock Greater Europe Investment T rust plc  l Annual Report and Financial Statements 31 August 2022 Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 In v estment process and philosoph y Inv estment objective and strategy The Company’s objective is the achievement of capital growth, primarily through investment in a focused portfolio constructed from a combination of the securities of large, mid and small capitalisation European companies, together with some investment in the developing markets of Europe. The Company is a concentrated, high conviction portfolio with a long investment horizon and can have up to 25% of its overall risk allocation from developing European stocks. The Company is managed by Stefan Gries, who is supported by BlackRock ’ s Fundamental Equity European team, and by Sam Vecht, who is supported by BlackRock’s F undamental Emerging Europe team. Inv estment philosophy The Portfolio Managers believe there is a scarcity of truly exceptional businesses in Europe which have financially sustainable business models that can compound earnings at attractive rates over time. This leads us to running a high conviction, concentrated portfolio which seeks to invest in the best wealth creating businesses on a three to five-year view . The portfolio has a core exposure to businesses in the developed European markets that we believe offer predictable and diversified sources of earnings and cash flows. Portfolio Manager Stefan Gries and the European team focus on identifying companies that fit the following investment criteria: • Quality management: a company which has a clearly defined strategy , which can be articulated by management, and a strong track record of value creation. • High and predictable return on capital with strong free cash flow conversion: high-quality earnings which are backed by cash and where there is good visibility on the business trajectory . • Inv estment in growth: companies which have optionality to invest in growth. Return on invested capital (ROIC) is an important measure in this regard, particularly marginal ROIC. • A unique aspect, protecting the business from future competition: whether a product, brand or contract structure, we look for a differentiated factor that supports a competitive advantage for a company , allowing them to have superior pricing power and a protected/ growing market share. Opportunistically, we can allocate to developing European stocks, where Portfolio Manager Sam Vecht and his Emerging European team deliver insights. He is also involved in decision making around the gearing of the portfolio which we use to enhance returns. Inv estment process The Company invests mostly in European large and mid-cap securities with a market capitalisation in excess of €5 billion and can hold approximately 30 to 70 stocks, although we are typically centred towards the bottom of the range. Primar y in vestment criteria Predictability Businesses with high and more predictable returns on capital and strong Free Cash Flow conversion Inv estment in growth An option to deploy cash in areas of high and sustainable return A focused portfolio, significantly different from the reference inde x Quality Management Management with a clearly defined strategy and track record in value creation Unique aspect A product, brand or contract structure which shields a business and allows for sustainable returns Section 2: Portfolio 17 Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 The European team adopts a common framework that can ser ve all the team ’ s strategies. Our aim is to own businesses on behalf of our clients in order to preser ve their capital and grow their wealth over the long term. We look to do this through focusing on three lenses - Wealth Creation, Resilience and Change. We concentrate our analysis on: • Wealth Creation – companies which we believe can create superior value for shareholders over the long term. • Resilience – understanding the resilience of the business model through a cycle. • Change – identif ying changes within a business that could drive future earnings and cashflow . As a close-knit investment team, we believe a strong investment-led culture is vital to delivering alpha to our clients. We aim to be highly collaborative and work together as a group to drive results. We embrace diverse perspectives and believe they drive better results. We aim to be dynamic and work through a wide range of investment ideas to source the ver y best stocks in our universe. Innovation is vital to being ahead of our competition and we believe that accurate use of alternative data tools and the integration of Environmental, Social and Governance (ESG) considerations are an important component of our investment process. Research is central to the investment process and a key source of alpha for the portfolio. The team has a structured framework in place which includes: • Dedicated Research Co-Leads , who are responsible for the day-to- day management of the research schedule and for ensuring the investment process functions efficiently . • ‘Pod’ structure to ensure senior members of the team can direct others to the most attractive parts of the market and provide ‘peer reviews’ of research before it is presented to the team. • Research pipeline which prioritises research and ensures effective use of team resources. • Proprietary Research template that provides a comprehensive and consistent framework for each stock containing price target and rating. The team has a structured process as follows: 1. Idea generation: this primarily derives from meeting companies, their suppliers, competitors and customers. We also meet industr y experts and use internal and external data and resources to ensure there is a continuous pipeline of new ideas. This pipeline is managed by our co-heads of research to ensure ideas are timely and relevant. 2. In-depth company analy sis: this is conducted collaboratively by portfolio managers and analysts within a ‘research pod’ . It involves meeting company management teams, industr y experts, and undertaking financial modelling and ESG integration using our proprietar y research template. 3. T eam debate: analysts present the investment case and recommendation to the whole team in our daily investment meeting where the idea is debated extensively . Each portfolio manager determines whether the recommendation is suitable for their portfolio and determines position sizing and point of purchase (or sale). We believe the Company’s greatest advantage is the robust resource that we have. The Company is supported by BlackRock’s 20-person European Equity team – one of the largest research teams in the European equity market – as well as BlackRock’s seven- person Emerging Europe team which is part of the wider Global Emerging Markets team at BlackRock. The teams are able to leverage the firm ’ s global resources to produce proprietar y research focusing on high conviction investment ideas. They benefit from exceptional access to networks at BlackRock, external exper t networks and, impor tantly , corporate access, conducting 1,500 company meetings ever y year . The teams also each have a dedicated data scientist who is tasked with sourcing and tailoring alternative data inputs into the fundamental research process. Additionally , we believe BlackRock’s global research resource across equities, credit, cash and alternatives, combined with a culture of information sharing, is a distinct advantage. The team benefits from frequent ad-hoc interaction with other BlackRock investment teams, particularly the Strategic, UK, US, Global and Natural Resources equity teams, as well as fixed income and other internal thought leaders. These inputs, combined with the experience and knowledge of the team sector analysts and senior portfolio managers, coupled with our strong external network of research and broker contacts, helps us to identify factor and thematic trends in the market which complement our in-depth company research. * References in this section to ‘us’ and ‘we’ are to the Portfolio Managers and/ or the Investment Manager (as applicable). Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 10 7 4 1 9 6 3 8 5 2 PHOTOS COURTESY OF NOVO NORDISK, L ONZA GROUP , DSV PANALPINA, ROY AL UNIBREW, SIKA, IMCD. Section 2: Portfolio 19 Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 T en largest in v estments The Company’ s ten largest in vestments represented 53.7% of the Company’ s portfolio as at 31 August 2022 (31 August 2021: 46.7%). 1 Nov o Nordisk (2021: 6th) Health care company Market value: £40,152,000 Share of investments: 8.4% A Danish multinational pharmaceutical company which is a leader in diabetes care. We expect Novo Nordisk to post strong growth in earnings and cashflows driven by demand for ‘Ozempic’ which treats Type 2 diabetes, as well as by its weight management drug Wegovy , which came to the market last year . Overall, we believe Novo Nordisk offers attractive long-term growth potential at high returns and sector leading cash flow conversion with any excess in cash being returned to shareholders. 2 ASML (2021: 1st ) T echnology company Market value: £35,170,000 Share of investments: 7.4% A Dutch company which specialises in the supply of photolithography systems for the semiconductor industry. The company is at the forefront of technological change, investing in leading research and development to capture the structural growth opportunit y coming from growth in mobile devices and microchip components. High barriers to entry within the industr y give ASML a protected position with strong pricing power allowing growth in margins whilst they continue to innovate. The company is run by an exceptional management team which aims to create long-term value whilst returning excess cash to shareholders. 20 BlackRock Greater Europe Investment T rust plc  l Annual Report and Financial Statements 31 August 2022 Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 T en largest in v estments continued 3 L VMH (2021: n/ a) Consumer Discretionary company Market value: £33,904,000 Share of investments: 7.1% A French multinational holding corporation specialising in luxury goods. The group has a strong and well-diversified portfolio of luxury brands ranging from handbags to spirits to cosmetics. L VMH’ s busines s model enjoys high barriers to entry due to the heritage, provenance and exquisite quality of its product offering. Its consistent brand investment through economic cycles has helped to spur brand desirability and allowed for significant pricing power . L VMH’ s management team also has an impres sive track record of taking over struggling brands and accelerating their growth and returns profile over time. 4 RELX (2021: 7th) Consumer Discretionary company Market value: £28,542,000 Share of investments: 6.0% A multinational information and analytics company which has high barriers to entry in most of its divisions, including scientific publishing. This capital light busines s model allows for a high rate of cash flow conversion with repeatable revenues built on subscription-based models. The busines s also benefits from the structurally increasing usage of data globally , which suppor ts their data analytics business. 5 Lonza Group (2021: 2nd) Health Care company Market value: £25,810,000 Share of investments: 5.4% A Swiss health care services and life-sciences company which has established itself as one of the leading contract manufacturers of high-end biological drugs, as well as cell and gene therapy . The company’s competitive advantages stem from the complexity of the production process – where few peers can match its offering. This is cemented by high barriers to entry given that all production facilities are required to be certified by the Food and Drug Administration. Overall, we expect the company’s biologics business to grow in the mid-teens every year for the next ten years with positive pricing, as there is generally a shortage of capacity in the market. 6 DSV Panalpina (2021: 5th) Industrials company Market value: £23,697,000 Share of investments: 5.0% A Danish freight forwarding and logistics company run by an excellent management team with a strong track record in creating value through acquisitions and by instilling a best-in-class culture in its organisation. Their success in making acquisitions has been facilitated by a strong technology platform which drives operational efficiencies leading to high conversion margins. 7 Royal Unibrew (2021: 8th) Consumer Staples company Market value: £18,465,000 Share of investments: 3.9% A brewing and beverage company based in Denmark. Through a number of well-timed acquisitions, the group has transformed itself into a multi-beverage company offering attractive growth in soft drink niches at high returns with significant potential to export their brands with strong European heritage into international markets. 8 Sika (2021: 3rd) Industrials company Market value: £17,276,000 Share of investments: 3.6% A specialty chemical company with a leading position in both construction chemicals and in bonding agents for the automotive industry. The company has proprietary technology within adhesives, which has an increasing array of applications as technology advances. The company benefits from structural drivers of urbanisation and has exposure to multiple points in the construction cycle including new infrastructure projects, as well as maintenance or refurbishment of existing buildings. It is also likely to benefit from the EU Recovery Fund and the EU Green Deal channelling funds towards sustainable infrastructure projects. The company’s decentralised structure of subsidiaries and strong culture of new product innovation continues to drive pricing power . 9 Hermès (2021: 15th) Consumer Discretionary company Market value: £17,083,000 Share of investments: 3.6% A French luxury design house established in 1837. It specialises in leather goods, lifestyle accessories, home furnishings, perfumer y, jewellery, watches and ready-to-wear. Due to deliberate brand management and craftsmanship, this ultimate high-end brand is supply constraint and enjoys strong earnings visibility given some of its most iconic products are sold on allocation via waiting lists. Hermès is a largely family-owned business and has been run in a conservative fashion for generations with any strategic decisions taken with the longest of time frames in mind. This business should prove resilient also during economic downturns as Hermès’ client base is typically less sensitive to weaker macro environments. 10 IMCD (2021: 12th) Basic Materials company Market value: £16,003,000 Share of investments: 3.3% A Dutch distributor of specialty chemicals and ingredients. The company is one of the largest pure play global specialty chemical distributors with a strong geographic footprint in Europe and North America and a growing presence in Asia Pacific and Latin America. Management has a strong track record on execution and delivering on value enhancing acquisitions. A combination of above average levels of growth from a diverse range of end markets and an asset light model should generate attractive returns for equity holders. All percentages reflect the value of the holding as a percentage of total investments. Section 2: Portfolio 21 Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 In v estments as at 31 August 2022 Country of operation Market value £’000 % of investments Industrials DSV Panalpina Denmark 23,697 5.0 Sika Switzerland 17,276 3.6 Safran France 14,344 3.0 Adyen Netherlands 12,480 2.6 Atlas Copco Sweden 8,438 1.8 Epiroc Sweden 7,243 1.5 Rational Germany 5,772 1.2 ALD France 5,641 1.2 Kingspan Ireland 5,495 1.2 VA T Group Switzerland 3,789 0.8 104,175 21.9 Health Care Novo Nordisk Denmark 40,152 8.4 Lonza Group Switzerland 25,810 5.4 ChemoMetec Denmark 14,545 3.0 DiaSorin Italy 8,362 1.8 Straumann Switzerland 8,246 1.7 PolyP eptide Group Switzerland 4,933 1.0 102,048 21.3 Consumer Discretionary L VMH France 33,904 7.1 RELX United Kingdom 28,542 6.0 Hermès France 17,083 3.6 Ferrari Italy 13,615 2.8 Ozon Holdings Russia 2 – Fix Price Group Russia – – 93,146 19.5 T echnology ASML Netherlands 35,170 7.4 Amadeus IT Group Spain 11,768 2.5 BE Semiconductor Netherlands 10,735 2.2 Hexagon Sweden 10,584 2.2 ASM International Netherlands 7,115 1.5 75,372 15.8 Financials KBC Groep Belgium 12,531 2.6 Partners Group Switzerland 9,523 2.0 National Bank of Greece Greece 8,566 1.8 FinecoBank Italy 7,695 1.6 Bank Pekao Poland 7,520 1.6 Allfunds Group United Kingdom 5,446 1.1 Avanza Bank Holding Sweden 4,838 1.0 Sberbank Russia 1 – 56,120 11.7 22 BlackRock Greater Europe Investment T rust plc  l Annual Report and Financial Statements 31 August 2022 Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Country of operation Market value £’000 % of investments Consumer Staples Royal Unibrew Denmark 18,465 3.9 Lindt Switzerland 12,487 2.6 30,952 6.5 Basic Materials IMCD Netherlands 16,003 3.3 16,003 3.3 Energy Lukoil Russia – – – – T otal in vestments 477,816 100.0 * The investments in Ozon Holdings, Fix P rice Group, Sberbank and Lukoil have been valued at a nominal value of £0.01 as secondar y listings of the depositary receipts on Russian companies have been suspended from trading. All investments are in ordinar y shares unles s otherwise stated. The total number of investments held at 31 August 2022 was 39 (31 August 2021: 44). Industr y clas sifications in the table above are based on the Industrial Classification Benchmark standard for categorisation of companies by industr y and sector . As at 31 August 2022, the Company did not hold any equity interests comprising more than 3% of any company ’ s share capital. In v estments continued Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 In v estment e xposure as at 31 August 2022 Market capitalisation 0 5 10 15 20 25 30 35 40 45 >€50bn €20bn to €50bn €10bn to €20bn €1bn to €10bn % % of portfolio 26.7 7.3 39.5 26.5 0 10 20 30 40 50 60 70 80 >£10m £5m to £10m £3m to £5m <£1m Number of investments % of portfolio 13 4 2.8 3 0.0 20.0 77.2 19 % Investment size Section 2: Portfolio 23 Distribution of investments Source: BlackRock. 0 5 10 15 20 25 Basic Materials Consumer Staples Financials T echnology Consumer Discretionary Health Care Industrials % 21.9 21.3 19.5 15.8 11.7 6.5 3.3 Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 G o v ernance      Section 3: Governance 25 Job No:  Proof Event: 5 Black Line Level:   Customer:  Project Title:  T:  F:  G o v ernance structure         The Board 5 full scheduled meetings each year Five non-ex ecutive Directors (NEDs), all independent of the Manager Chairman  Objectives: •       •        •      •       Audit and Management Engagement Committee 2 scheduled meetings each year Membership:  Chairman:  Key objectiv es: •     •       •      •    •       •     •     Nomination Committee 1 scheduled meeting each year Membership:  Key objectiv es: •   •    •    BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Section 3: Governance  Directors’ biographies Peter Baxter                         Attendance record:    Eric Sanderson                  Attendance record:    Davina Curling                       Attendance record:    Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600  BlackRock Greater Europe Investment T rust plc       Ian Sayers                            Attendance record:    Paola Subacchi                         Attendance record:    Directors’ biographies    Section 3: Governance  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Strategic Repor t                  Principal activity        Inv estment objective              Strategy , business model and inv estment policy Strategy                  Business model                                                        Investment policy     €5                                        BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600                           Performance              Results and dividends                     Future prospects              Social, community and human rights issues            4  Modern Slav ery Act                    Directors, gender representation and employ ees      K ey per formance indicators                    Strategic Repor t  Section 3: Governance  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600             As at 31 August 2022 As at 31 August 2021                    2                2           Principal risks                                                                                       BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Principal risk Mitigation/Control Counterparty         Investment performance    •      •       •     •   •     •      •    •      •       •             Legal & Compliance                                                 Strategic Repor t  Section 3: Governance  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Principal risk Mitigation/Control Market                                                Operational                                                                                            BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Principal risk Mitigation/Control Financial        Marketing              Viability Statement                      •    •      •    •  •   •    •         •      •       •       •      •       •   •            Strategic Repor t  Section 3: Governance  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Section 172 Statement: promoting the success of the Company               Stakeholders Shareholders Manager and Investment Manager Other key service providers Investee companies                                                                                            BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600     Area of Engagement Issue Engagement Impact Investment mandate and objective                                                  Strategic Repor t  Section 3: Governance  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Area of Engagement Issue Engagement Impact Shareholders                                                                                                                  BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Area of Engagement Issue Engagement Impact Responsible investing                                                              Management of share rating                                                                      Strategic Repor t  Section 3: Governance  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Area of Engagement Issue Engagement Impact Service levels of third-party providers                                                                      BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Area of Engagement Issue Engagement Impact Board composition                                                                              4   4                 Strategic Repor t  Section 3: Governance  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Environmental, Social and Gov ernance issues and approach The Company’ s approach to ESG                                BlackRock Greater Europe Inv estment T rust plc – BlackRock In vestment Stewardship Engagement with portfolio companies for the year ended 31 August 2022                     Y ear ended 31 August 2022      24  2                2    42 BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 BlackRock’s approach to ESG integration                                                                         Inv estment stewardship           Global Principles              Engagement themes Governance Social Environmental Social engagement themes Human Capital Management Social Risks and Opportunities Board Composition and Effectiveness Corporate Strategy Governance Structure Governance engagement themes Business Oversight/Risk Management Executive Management Remuneration Environmental Impact Management Climate Risk Management Operational Sustainability Environmental engagement themes Strategic Repor t  Section 3: Governance  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600              Mark et-specific pro xy v oting guidelines                                                                                                              BlackRock’s reporting and disclosures                         CAROLINE DRISCOLL       44 BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600    Status of the Company                                        Information to be disclosed in accordance with Listing Rule 9.8.4 (information to be included in Annual Report and Financial Statements)   Facilitating retail in v estments                                 The Common Reporting Standard                           GDPR          Shareholder Rights Directive II             Dividends     Directors’ Repor t Section 3: Governance  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Inv estment management and administration                                                                    Appointment of the Manager                   Depositar y and Custodian                                                          Registrar                     BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Change of control     Ex ercise of voting rights in inv estee companies                                                                  Principal risks   Going concern                                                                 Directors               Directors’ Repor t  Section 3: Governance  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600                                    Directors’ liability insurance and Directors’ indemnity                       Conflicts of interest                    Directors’ Remuneration Report and Policy              Substantial share interests   Share capital                       T ender offers                       Share repurchases               BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600      Share issues                  T reasury shares                       Streamlined energy and carbon reporting (SECR) statement: Greenhouse gas (GHG ) emissions and energy consumption disclosure           Articles of Association   Annual General Meeting The following information to be discussed at the forthcoming Annual G eneral Meeting is important and requires your immediate attention. If you are in an y doubt about the action you should take, y ou should seek advice from your stockbroker , bank manager , solicitor , accountant or other financial adviser authorised under the Financial Services and Markets Act 2000 (as amended). If you hav e sold or transferred all of your ordinary shares in the Company , you should pass this document, together with any other accompanying documents (but not the personalised Form of Pro xy) as soon as possible to the purchaser or transferee, or to the stockbroker , bank or other agent through whom the sale or transfer was effected, for onward transmission to the purchaser or transferee.       Resolution 1 – Approval of the Annual Report and Financial Statements      Resolution 2 – Approval of the Directors’ Remuneration Report      Resolution 3 – Approval of a final dividend   Resolutions 4 to 8 – Re-election of Directors                  Resolution 4                   Directors’ Repor t  Section 3: Governance  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Resolution 5                     Resolution 6            Resolution 7                  Resolution 8                Resolutions 9 and 10 – Re-appointment of the external auditor and the auditor’s remuneration               Resolution 11 – Authority to allot shares                 Resolution 12 – Authority to disapply pre-emption rights                         Resolution 13 – Authority to buy back ordinary shares                                  BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600         Resolutions 14 and 15 – Regular tender offers          Recommendation       Corporate gov ernance     Audit information         Independent auditor             CAROLINE DRISCOLL       Directors’ Repor t  Section 3: Governance  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600                      Statement by the Chairman                                   Remuneration Committee           Remuneration implementation report   Y ear ended 31 August 2022 Y ear ended 31 August 2021 Directors Fees T axable benefits 1 T otal Fees T axable benefits 1 T otal £ £ £ £ £ £   –   –     –   –       –    –   –         –   T otal 150,071 708 150,779 129,500 – 129,500                   Directors’ Remuneration Repor t  BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Relative importance of spend on remuneration      2022 2021 Change £’000 £’000 £’000                            Annual percentage change in Directors’ remuneration  31 August 2022 31 August 2021 31 August 2020 31 August 2019 31 August 2018                      Performance          Directors’ Remuneration Repor t  Section 3: Governance  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Shareholdings          31 August 2022 31 August 2021        – –     –       Implementation of the remuneration policy in the 2022/2023 financial year      Retirement of Directors   ERIC SANDERSON   Performance from 1 September 2012 to 31 August 2022 100 120 140 160 180 200 220 240 260 280 300 320 340 360 380 400 420 440 460 480 Sources: BlackRock and Datastream. Performance with dividends reinvested in Sterling terms, rebased to 100 at 1 September 2012. Share price NAV F TSE World Europe ex UK Index % 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022  BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Directors’ Remuneration Policy                                                                 Consideration of shareholders’ views                              Shareholder voting                Directors’ Remuneration P olicy Section 3: Governance  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Policy table Purpose and link to strategy      Fees Discretionary fees Benefits Description                                                                                  Maximum levels                            BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Chairman’ s Introduction                                                     Compliance                 •  •  •  •                       The Board                   Board structure and management                              Corporate G o v ernance Statement Section 3: Governance  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Board independence and tenure                              Diversity                 Directors’ appointment, retirement and rotation                          Directors’ induction, training and development                       Directors’ liability insurance    Board’ s responsibilities                                           BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Performance evaluation                             Delegation of responsibilities Management and administration                                             The Company Secretary          Committees of the Board Nomination Committee              Audit and Management Engagement Committee     Remuneration Committee            Internal controls                 Corporate G o v ernance Statement  Section 3: Governance  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600                                                                          Financial reporting       Socially responsible inv estment                              Briber y prev ention policy                      Criminal Finances Act 2017   Communications with shareholders                            BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600                                                       Packaged Retail and Insurance-Based Inv estment Products (PRIIPs) Regulation ( The Regulation)                                    Disclosure Guidance and Transparency Rules     44      ERIC SANDERSON   Corporate G o v ernance Statement  Section 3: Governance  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600      Composition                  Performance evaluation   Role and responsibilities                 Internal controls, financial reporting and risk management systems •      •     •   •     •        •    •     Narrative reporting •            External audit •      •     •     •       •        •     •     •    Management engagement •    •    •     Third-party ser vice providers •     •      Repor t of the A udit and Management Engagement Committee  BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Reporting responsibilities •      •    Internal audit •                Whistleblowing policy         Non-audit ser vices                      Significant issues considered regarding the Annual Report and Financial Statements             United Kingdom Single Electronic Format regulator y technical standard (UKSEF )             Repor t of the A udit and Management Engagement Committee  Section 3: Governance  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Significant issue How the issue was addressed                                                                   Auditor and audit tenure                                               BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600        Assessment of the effectiveness of the external audit process          •     •    •   •   •     •       •   •    •      •   •                                                                   Conclusions in respect of the Annual Report and Financial Statements          •      •          •            Repor t of the A udit and Management Engagement Committee  Section 3: Governance  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 •                        PETER BAXTER     BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600                 •    •    •     •    •     •                                    •      •                                   ERIC SANDERSON   Statement of Directors’ Responsibilities in respect of the Annual Repor t and Financial Statements Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Financial statements         Section 4: Financial statements 69 Job No:  Proof Event:  Black Line Level:   Customer:  Project Title:  T:  F:   BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Opinion                   •     •    •    Basis for opinion             Independence            Conclusions relating to going concern        •          •        •             •                •            •                            Independent A uditor ’ s Repor t   Section 4: Financial statements  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Overview of our audit approach Key audit matters •      •    Materiality •      An ov erview of the scope of our audit T ailoring the scope               Climate change                          Key audit matters                BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Risk Our response to the risk Key observations communicated to the Audit and Management Engagement Committee Risk of incomplete or inaccurate revenue recognition, including the classification of special dividends as revenue or capital items in the Income Statement Refer to the Report of the Audit and Management Engagement Committee (page 63); Accounting policies (page 81); and Note 3 of the Financial Statements (page 83).                            We performed the following procedures:                                                                      Independent A uditor ’ s Repor t  Section 4: Financial statements  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Risk Our response to the risk Key observations communicated to the Audit and Management Engagement Committee Risk of incorrect valuation or ownership of the inv estment portfolio Refer to the Report of the Audit and Management Engagement Committee (page 63); Accounting policies (page 82); and Note 10 of the Financial Statements (page 88).                                          We performed the following procedures:                                             BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Our application of materiality     Materiality The magnitude of an omission or mis statement that, individually or in the aggregate, could reasonably be expected to influence the economic decisions of the users of the financial statements. Materiality provides a basis for determining the nature and extent of our audit procedures.      Performance materiality                           Reporting threshold An amount below which identified misstatements are considered as being clearly trivial.            Other information   66                            Opinions on other matters prescribed by the Companies Act 2006       •      •               •     Independent A uditor ’ s Repor t  Section 4: Financial statements  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 •     •    •    Corporate Governance Statement              •      46   •       •      •      66  •       •       •     Responsibilities of Directors    66                  Auditor’s responsibilities for the audit of the financial statements                                        •             •           •      BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600        •                   Other matters we are required to address           Use of our report                  Matthew Price         Independent A uditor ’ s Repor t  Section 4: Financial statements  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Income Statement  2022 2021 Notes Revenue Capital T otal Rev enue Capital T otal £’000 £’000 £’000 £’000 £’000 £’000     –   –    –   –          –  T otal income 10,394 (204,876) (194,482) 5,951 196,528 202,479 Expenses  4               T otal operating e xpenses (1,788) (3,947) (5,735) (1,618) (3,344) (4,962) Net profit/(loss) on ordinar y activities before finance costs and taxation 8,606 (208,823) (200,217) 4,333 193,184 197,517  6       Net profit/(loss) on ordinar y activities before taxation 8,538 (209,093) (200,555) 4,282 192,980 197,262     –   –  Net profit/(loss) on ordinar y activities after taxation 9 7,728 (209,093) (201,365) 3,595 192,980 196,575 Earnings/(loss) per ordinary share (pence) 9 7.65 (207.09) (199.44) 4.13 221.66 225.79              98   BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Statement of C hanges in E quity   98  Notes Called up share capital Share premium account Capital redemption reserve Special reserve Capital reserves Revenue reserve T otal £’000 £’000 £’000 £’000 £’000 £’000 £’000 For the year ended 31 A ugust 2022              – – – –          4  – – – –     –  –   –     – – –  – –    –  – – – –    – – –   –    – – –  – –    – – –  – –    8 – – – – –   At 31 August 2022 117 85,325 130 71,572 315,960 10,695 483,799 For the year ended 31 A ugust 2021   –         – – – –           – – – –    –  –  – –   –  – – – –   – – –  – –    – – –  – –    8 – – – – –   At 31 August 2021 113 48,340 130 71,541 522,321 9,286 651,731             Section 4: Financial statements  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Notes 2022 2021 £’000 £’000 Fixed assets     Current assets          – T otal current assets 9,487 7,664 Creditors – amounts falling due within one year         T otal current liabilities (3,504) (38,707) Net current assets/(liabilities) 5,983 (31,043) Net assets 483,799 651,731 Capital and reserves                             T otal shareholders’ funds 9 483,799 651,731 Net asset value per ordinary share (pence) 9 475.72 678.49  98        Balance Sheet   98   BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Statement of Cash Flo w s  Note 2022 2021 £’000 £’000 Operating activities                                     9  Net cash used in operating activities (3,126) (71,560) Financing activities              –  8   Net cash generated from financing activities 36,871 64,338 Increase/(decrease) in cash and cash equivalents 33,745 (7,222)       Cash and cash equivalents at the end of the year 7,166 (27,721) Comprised of:   –    –    7,166 (27,721)       98  Section 4: Financial statements  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 1. Principal activity      2. Accounting policies   (a) Basis of preparation                                                            (b) Presentation of Income Statement       (c) Segmental reporting    (d) Income                      (e) Expenses    •      88  •     •          Notes to the Financial Statements   BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 2. Accounting policies  (f ) T axation                             (g) Investments held at fair value through profit or loss                                        (h) Debtors         (i) Creditors            ( j) Dividends payable          (k ) Cash and cash equivalents      (l) Foreign currency translation                   (m) Share repurchases, share reissues and new share issues   Notes to the Financial Statements  Section 4: Financial statements  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600              •        •            (n) Bank borrowings    (o) Critical accounting estimates and judgements               3. Income 2022 2021 £’000 £’000 Investment income:          T otal in vestment income 10,394 5,951    4. Inv estment management fee 2022 2021 Revenue Capital T otal Revenue Capital Total £’000 £’000 £’000 £’000 £’000 £’000        T otal 977 3,907 4,884 831 3,325 4,156      84 BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 5. Other operating expenses 2022 2021 £’000 £’000 Allocated to revenue:  46 48                84                   4          811 787 Allocated to capital:  6   851 806                    4        6        6. Finance costs 2022 2021 Revenue £’000 Capital £’000 T otal £’000 Revenue £’000 Capital £’000 T otal £’000  68      68 270 338 51 204 255    Notes to the Financial Statements  Section 4: Financial statements  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 7. T axation (a) Analy sis of charge in year 2022 2021 Revenue £’000 Capital £’000 T otal £’000 Revenue £’000 Capital £’000 T otal £’000 Current taxation:   –   –    –  – – – T otal taxation charge (note 7 (b)) 810 – 810 687 – 687 (b) Factors affecting total taxation charge for the y ear     2022 2021 Revenue £’000 Capital £’000 T otal £’000 Revenue £’000 Capital £’000 T otal £’000                 Effects of:   –   –    –  – – –  –   –     –   –    –   –              69      –   –   – 8 8 – 4 4  –   –   T otal taxation charge (note 7( a)) 810 – 810 687 – 687          86 BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 8. Dividends 2022 2021 Divi dends paid on equity shares Record date Payment date £’000 £’000    –     –      –     – 6,319 5,250   8        2022 2021 Dividends paid or proposed on equity shares £’000 £’000       6,689 6,069       Notes to the Financial Statements  Section 4: Financial statements  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 9. Earnings and net asset value per ordinar y share    2022 2021         T otal (loss)/ profit attributable to ordinary shareholders (£’000) (201,365) 196,575 T otal shareholders’ funds (£’000) 483,799 651,731 Earnings per share         Calculated on weighted average number of ordinary shares:        T otal (loss)/ earnings per share (pence) – basic and diluted (199.44) 225.79 As at 31 August 2022 As at 31 August 2021        88 BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 10. Inv estments held at fair value through profit or loss 2022 2021 £’000 £’000       Valuation of listed inv estments at 31 August 477,816 682,774       Opening fair value 682,774 409,802 Analysis of transactions made during the year:           Closing fair value 477,816 682,774       Closing fair value 477,816 682,774           11. Debtors 2022 2021 £’000 £’000  –   –     220 6,424 12. Creditors – amounts falling due within one year 2022 2021 £’000 £’000  –    –  –     3,322 10,986 Notes to the Financial Statements  Section 4: Financial statements 89 Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 13. Called up share capital Ordinary shares T reasury shares T otal shares Nominal value number number number £’000 Allotted, called up and fully paid share capital comprised: Ordinary shares of 0.1 pence each:        –  4     – –     – – At 31 August 2022 101,698,853 16,230,085 117,928,938 117                              14. Reser v es Distributable Reserves Share premium account Capital redemption reserve Special reserve 1 Capital reserve (arising on investments sold) Capital reserve (arising on revaluation of investments held) Revenue reserve £’000 £’000 £’000 £’000 £’000 £’000             – – –          – – – – –    –   – –   – –  – – –   – – – – –  – –   – –  – –  – – –   – –  – – –  – – – – –  At 31 August 2022 85,325 130 71,572 261,370 54,590 10,695  BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 14. Reser v es  Distributable Reserves Share premium account Capital redemption reserve Special reserve 1 Capital reserve (arising on investments sold) Capital reserve (arising on revaluation of investments held) Revenue reserve £’000 £’000 £’000 £’000 £’000 £’000  –          – – –          – – – – –    –  – – –   – – – – –  – –  – – –   – –  – – –  – – – – –  At 31 August 2021 48,340 130 71,541 233,571 288,750 9,286                           15. Risk management policies and procedures          Risk management framework    8  9   66                            Notes to the Financial Statements  Section 4: Financial statements  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600                   Risk exposures  (a) Mark et risk                               (i) Mark et risk arising from foreign currency risk Exposure to foreign currency risk         2022 2021 Euro Swiss Franc Other Euro Swiss Franc Other £’000 £’000 £’000 £’000 £’000 £’000           – –      –  – – –  – – –  –  T otal foreign currency e xposure on net monetary items 7,592 775 585 (27,054) (7,146) (51)        T otal net foreign currency e xposure 267,860 82,838 136,070 294,709 135,450 218,364  BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 15. Risk management policies and procedures  Concentration of exposure to foreign currency risks      Management of foreign currency risk                       (ii) Mark et risk arising from interest rate risk Exposure to interest rate risk        Interest rate exposure       2022 2021 Within one year More than one year T otal Within one year More than one year T otal £’000 £’000 £’000 £’000 £’000 £’000 Exposure to floating interest rates:   –  – – –   –   –  T otal e xposure to interest rates 7,166 – 7,166 (27,721) – (27,721)  Notes to the Financial Statements  Section 4: Financial statements  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Management of interest rate risk             (iii) Mark et risk arising from other price risk Exposure to other price risk                                        Management of other price risk      (b) Counterparty credit risk         94 BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 15. Risk management policies and procedures  Depositary                                            Counterparties/brokers                          Y ear T otal number of counterparties Maximum exposure to any one counterparty 1 T otal e xposure to all other counterparties¹ Lowest credit rating of any one counterparty² £’000 £’000 2022 2 6,244 1,104 AA-     BBB+           Debtors           2022 2021 £’000 £’000    220 6,424 Notes to the Financial Statements  Section 4: Financial statements  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Management of counterparty credit risk                                                         (c) Liquidity risk       Liquidity risk exposure   2022 Within 1 year 2021 Within 1 year £’000 £’000 Current liabilities:       (3,504) (38,707) Management of liquidity risk            96 BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 15. Risk management policies and procedures  (d) V aluation of financial instruments           Level 1 – Quoted mark et price for identical instruments in active mark ets          Level 2 – V aluation techniques using observable inputs      Level 3 – V aluation techniques using significant unobservable inputs                            Fair values of financial assets and financial liabilities  Financial assets at fair value through profit or loss Level 1 Level 2 Level 3 T otal at 31 August 2022 £’000 £’000 £’000 £’000   –   T otal 477,813 – 3 477,816 Financial assets at fair value through profit or loss Level 1 Level 2 Level 3 T otal at 31 August 2021 £’000 £’000 £’000 £’000   – –  T otal 682,774 – – 682,774  Notes to the Financial Statements  Section 4: Financial statements  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600   Level 3 Financial assets at fair value through profit or loss 2022 2021 £’000 £’000  – –    – Closing balance 3 –          16. Capital management policies and procedures                                         17. T ransactions with the In vestment Manager and AIFM              98 BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 17. T ransactions with the In vestment Manager and AIFM                  18. Related party disclosure     Significant holdings         As at 31 August 2022 T otal % of shares held b y Related BlackRock Funds T otal % of shares held b y Significant Investors who are not affiliates of BlackRock Group or BlackRock, Inc. Number of Significant Investors who are not affiliates of BlackRock Group or BlackRock, Inc. 1.8 n /a n /a As at 31 August 2021 T otal % of shares held b y Related BlackRock Funds T otal % of shares held b y Significant Investors who are not affiliates of BlackRock Group or BlackRock, Inc. Number of Significant Investors who are not affiliates of BlackRock Group or BlackRock, Inc. 1.4 n /a n /a 19. Contingent liabilities  20. Subsequent events       Notes to the Financial Statements  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Section 5: Additional information 101 A dditional information        Job No: 45458 Proof Event:  Black Line Level: 0  Customer:  Project Title:  T:  F:   BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Financial calendar    April     May  November    December  December  Dividend – 2022               Payment of dividends                          Dividend reinv estment scheme (DRIP)              Share price            ISIN/SEDOL numbers   Ordinary shares         Dividend tax allowance                 Share dealing            CREST          Risk factors •      •     Shareholder information Section 5: Additional information  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 •            Electronic communications                           Electronic pro xy voting                 Nominee code   •     •         Publication of net asset value/ portfolio analysis                        Individual Savings A ccount (ISA )       Online access                     •      •     •   •      •     •       104 BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 •      Shareholder enquiries                            General enquiries           Shareholder information  Section 5: Additional information 105 Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 By type of holder Number of shares % of total 2022 % of total 2021 Number of holders % of total 2022 % of total 2021                      101,825,411 100.0 100.0 7,216 100.0 100.0 By size of holding Number of shares % of total 2022 % of total 2021 Number of holders % of total 2022 % of total 2021                                    101,825,411 100.0 100.0 7,216 100.0 100.0     Analy sis of ordinar y shareholders   BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Y ear ended 31 August Ordinary shares in issue ex. T reasury T reasury shares Net assets attributable to ordinary shareholders Net asset value per ordinary share – undiluted Ordinary share price Revenue attributable to ordinary shareholders Revenue earnings per share Dividend per share £’000 p p £’000 p p                                                                                                                                                 2022 101,698,853 16,230,085 483,799 475.72 456.00 7,728 7.65 6.60     Historical record Section 5: Additional information  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Registered Office    Inv estment Manager and Secretary        Alternative In vestment F und Manager    Depositar y , C ustodian, Bank er and Fund A ccountant      Registrar          Auditor         Stockbrok ers       Solicitors     Management and other ser vice providers   108 BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600                               Remuneration Governance            (a) MDCC   •               •          •            •                              (b) The Manager ’ s Board       Decision-making process                                      AIFM Repor t on Remuneration Section 5: Additional information  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600                                    Control functions                  Link between pa y and performance      •     •     •        •     •        •     •      •                                      •       •        •    •     •  •  110 BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600                                                                               1                                  Identified Staff                 •  •   •  •  •  AIFM Repor t on Remuneration  1              Section 5: Additional information 111 Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Quantitative Remuneration Disclosure                                                                             BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Quantitative remuneration disclosure     Leverage                                         Commitment leverage as at 31 August 2022 Gross leverage as at 31 August 2022    Other risk disclosures    Pre inv estment disclosures                      CAROLINE DRISCOLL       Other AIFMD disclosures Section 5: Additional information  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600                            Allottee Number of transactions T otal shares issued Price range (p) T otal consideration (£) Average premium (%)                        CAROLINE DRISCOLL       Information to be disclosed in accordance with Listing Rule 9.8.4 114 BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Alternative P erformance Measure ( APM)          Closed-end company              Discount and premium                               Gearing and borrowings                                          Net gearing calculation Page 31 August 2022 £’000 31 August 2021 £’000                  1                   Net gearing (g = (c - f - a)/ a) nil 4.8% (g) 1     Leverage          =    G lossar y   Section 5: Additional information 115 Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600                Net asset value per share (Capital only NA V )                                Net asset value per share (Cum income NA V)                        NA V and share price return (Return with dividends reinv ested)                  NA V total return Page 31 August 2022 31 August 2021                            NA V performance (c = ((a - b)/b)) (%) (29.2) 49.4 (c) Share total return Page 31 August 2022 31 August 2021                              Share price performance (c = ((a - b)/b)) (%) (33.4) 56.8 (c)    BlackRock Greater Europe Investment T rust plc  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Ongoing charges ratio  =                         Ongoing charges calculation Page 31 August 2022 £’000 31 August 2021 £’000       1 84                 Ongoing charges (c = a/b) 0.98% 1.02% (c) 1      Quoted securities and unquoted securities      Revenue profit and rev enue reserves              T reasury shares                      Yield        31 August 2022 31 August 2021    1          Yield (c = a/b) (%) 1.4 0.9 (c) 1      G lossar y  Job No:  Proof Event: 5 Black Line Level: 0  Customer:  Project Title:  T:  F:  Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Section 6: Notice of annual general meeting 119 Annual general meeting Danish freight forwarding and logistics specialist DSV was the por tfolio’ s largest industrials holding at year end. Its capable management team has a strong track record of creating value through acquisitions. PHOTO COURTESY OF DSV Job No: 45458 Proof Event: 3 Black Line Level: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2021 T: 0207 055 6500  F: 020 7055 6600 120 BlackRock Greater Europe Investment T rust plc  l Annual Report and Financial Statements 31 August 2022 Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Notice is hereby given that the eighteenth Annual General Meeting of BlackRock Greater Europe Investment T rust plc will be held at 12 Throgmorton Avenue, London EC2N 2DL on Thursday , 8 December 2022 at 12.00 noon to consider and, if thought t, pass Resolutions 1 to 11 inclusive as ordinar y resolutions and Resolutions 12 to 15 as special resolutions. More information in respect of the contribution of each Director to support their re-election is given in the Directors’ Report on pages 48 and 49 . Ordinar y business 1. T o receive the repor t of the Directors and the nancial statements for the year ended 31 August 2022, together with the report of the auditor thereon. 2. T o approve the Directors’ Remuneration Repor t for the year ended 31 August 2022, excluding the remuneration policy of the Company . 3. T o declare a nal dividend for the year ended 31 August 2022 of 4.85p for each ordinar y share in the capital of the Company . 4. T o re-elect Mr P Baxter as a Director . 5. T o re-elect Ms D C Curling as a Director . 6. T o re-elect Mr E F Sanderson as a Director . 7. T o re-elect Dr P Subacchi as a Director . 8. T o elect Mr I R Sayers as a Director . 9. T o reappoint Ernst & Y oung LLP as auditor of the Company to hold ofce until the conclusion of the next Annual General Meeting of the Company . 10. T o authorise the Audit and Management Engagement Committee to determine the auditor ’ s remuneration. Special business Ordinar y resolution 11. That, in substitution for all existing authorities, the Directors of the Company be and are hereby generally and unconditionally authorised pursuant to Section 551 of the Companies Act 2006 (the Act ), to exercise all the powers of the Company to allot relevant securities in the Company (as described in that section) up to an aggregate nominal amount of £10,100 (being 10% of the aggregate nominal amount of the issued ordinary share capital, excluding treasur y shares, of the Company at the date of this notice) provided that this authority shall (unles s previously revoked) expire at the conclusion of the Company’s Annual General Meeting to be held in 2023, but the Company shall be entitled to make offers or agreements before the expir y of this authority which would or might require relevant securities to be allotted after such expir y and the Directors may allot such securities pursuant to any such offer or agreement as if the power conferred hereby had not expired. Special resolutions 12. That, in substitution for all existing authorities and subject to the passing of the resolution numbered 11, the Directors of the Company be and are hereby empowered pursuant to Sections 570 and 573 of the Companies Act 2006 (the Act ) to: (a) allot up to 10,100,016 ordinary shares of 0.1p each in the Company (Ordinar y Shares) with a maximum nominal amount of £10,100 (representing 10% of the aggregate nominal amount of the issued ordinar y share capital, excluding treasury shares, of the Company at the date of this notice) at a premium to the most recently published net asset value per Ordinar y Share prior to such allotment; and (b) resell up to 10,100,016 Ordinary Shares with a maximum nominal amount of £10,100 (representing 10% of the aggregate nominal amount of the issued ordinary share capital, excluding treasur y shares, of the Company at the date of this notice) held by the Company in treasur y (and, for the purposes of LR 15.4.11 R of the Listing Rules of the UK Listing Authority, such Ordinary Shares being permitted to be sold or transferred out of treasur y for cash at a price which represents a premium to the most recently published net asset value per Ordinar y Share prior to such sale); in each case wholly for cash as if Section 561(1) of the Act did not apply to any such allotment or sale provided that this power shall (unles s previously revoked) expire at the conclusion of the Company’s Annual General Meeting to be held in 2023, but the Company shall be entitled to make offers or agreements before the expir y of this authority which would or might require Ordinar y Shares to be allotted after such expir y and the Directors may allot such Ordinar y Shares pursuant to any such offer or agreement as if the power conferred hereby had not expired. 13. That, in substitution for the Company’s existing authority to make market purchases of ordinar y shares of 0.1p each in the Company (Ordinar y Shares), the Company be and is hereby generally and, subject as hereinafter appears, unconditionally authorised in accordance with Section 701 of the Companies Act 2006 (the Act ) to Notice of annual general meeting Section 6: Notice of annual general meeting 121 Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 make market purchases of Ordinar y Shares (within the meaning of Section 693 of the Act ) provided that: (a) the maximum number of Ordinary Shares hereby authorised to be purchased shall be 15,139,924 or , if less, that number of Ordinar y Shares which is equal to 14.99% of the Company’s is sued ordinary share capital (excluding treasur y shares) as at 8 December 2022; (b) the minimum price which may be paid for any such Ordinar y Share shall be 0.1p; (c) the maximum price which may be paid for any such Ordinar y Share shall be the higher of (i) 105% of the average of the middle market quotations (as derived from the Ofcial List ) of the Ordinary Shares for the ve dealing days prior to the date on which the market purchase is made and (ii) the higher of the price quoted for the last independent trade and the highest current independent bid for , any number of Shares on the trading venue where the purchase is carried out; and (d) unles s renewed, the authority hereby conferred shall expire at the conclusion of the next Annual General Meeting of the Company in 2023 save that the Company may , prior to such expiry, enter into a contract to purchase Ordinar y Shares under the authority hereby conferred and may make a purchase of Ordinar y Shares pursuant to any such contract notwithstanding such expir y . All Ordinary Shares purchased pursuant to the above authority shall be either: (i) held, sold, transferred or otherwise dealt with as treasur y shares in accordance with the provisions of the Act; or (ii) cancelled immediately upon completion of the purchase. 14. That, in addition to the authority given to the Company to purchase its own shares pursuant to the resolution numbered 13 above and in accordance with the terms and conditions of the Company’s regular tender offers, the Company be and is hereby authorised in accordance with Section 701 of the Companies Act 2006 (the Act ) to make market purchases (within the meaning of Section 693 of the Act ) of its ordinary shares of 0.1p each (Ordinar y Shares), provided that: (a) the maximum number of Ordinary Shares hereby authorised to be purchased shall be 20,200,032 or , if less, that number of Ordinar y Shares which is equal to 20% of the Ordinar y Shares in is sue as at 31 May 2023 (excluding any Ordinar y Shares held in treasur y); (b) the price which may be paid for an Ordinary Share shall be an amount equal to 98% of the net asset value per Ordinar y Share (calculated on a fully diluted basis) as at 31 May 2023; and (c) the authority hereby conferred shall expire on 31 July 2023 (unles s such authority is renewed prior to such time) save that the Company may , prior to such expir y , enter into a contract to purchase Ordinar y Shares which will or may be completed or executed wholly or partly af ter such expiry. 15. That, in addition to the authority given to the Company to purchase its own shares pursuant to the resolutions numbered 13 and 14 above and in accordance with the terms and conditions of the Company’s regular tender offers, the Company be and is hereby authorised in accordance with Section 701 of the Companies Act 2006 (the Act ) to make market purchases (within the meaning of Section 693 of the Act ) of its ordinary shares of 0.1p each (Ordinar y Shares), provided that: (a) the maximum number of Ordinary Shares hereby authorised to be purchased shall be 20,200,032 or , if less, that number of Ordinar y Shares which is equal to 20% of the Ordinar y Shares in is sue as at 30 November 2023 (excluding any Ordinar y Shares held in treasur y); (b) the price which may be paid for an Ordinary Share shall be an amount equal to 98% of the net asset value per Ordinar y Share (calculated on a fully diluted basis) as at 30 November 2023; and (c) the authority hereby conferred shall expire on 31 Januar y 2024 ( unless such authority is renewed prior to such time) save that the Company may , prior to such expir y , enter into a contract to purchase Ordinar y Shares which will or may be completed or executed wholly or partly af ter such expiry. By order of the Board CAROLINE DRISCOLL For and on behalf of BlackRock Investment Management (UK ) Limited Company Secretar y 3 November 2022 Registered Ofce: 12 Throgmorton Avenue London EC2N 2DL 122 BlackRock Greater Europe Investment T rust plc  l Annual Report and Financial Statements 31 August 2022 Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 Notes: 1. A member entitled to attend and vote at the meeting convened by the above Notice is entitled to appoint one or more proxies to exercise all or any of the rights of the member to attend, speak and vote in his place. A proxy need not be a member of the Company . If a member appoints more than one proxy to attend the meeting, each prox y must be appointed to exercise the rights attached to a different share or shares held by the member . 2. T o appoint a proxy you may use the Form of P roxy enclosed with this Notice of Annual General Meeting. T o be valid, the Form of P roxy, together with the power of attorney or other authority (if any) under which it is signed or a notarially certied or ofce copy of the same, must be completed and returned to the ofce of the Company’s registrar in accordance with the instructions thereon as soon as possible and in any event by not later than 12.00 noon on 6 December 2022. Amended instructions must also be received by the Company’s registrar by the deadline for receipt of F orms of Proxy . Alternatively , you can vote or appoint a proxy electronically by visiting eproxyappointment.com. Y ou will be asked to enter the Control Number , the Shareholder Reference Number and PIN which are printed on the Form of Proxy . The latest time for the submission of proxy votes electronically is 12.00 noon on 6 December 2022. 3. Proxymity Voting – if you are an institutional investor you may also be able to appoint a proxy electronically via the Proxymity platform, a process which has been agreed by the Company and approved by the Registrar . F or further information regarding Proxymity, please go to ww w . proxymit y .io. Y our prox y must be lodged by 12.00 noon on 6 December 2022 in order to be considered valid. Before you can appoint a proxy via this process you will need to have agreed to Proxymity ’ s as sociated terms and conditions. It is important that you read these carefully as you will be bound by them and they will govern the electronic appointment of your proxy. 4. Completion and return of the Form of P roxy will not prevent you from attending the meeting and voting in person. 5. Any person receiving a copy of this Notice as a person nominated by a member to enjoy information rights under Section 146 of the Companies Act 2006 (a Nominated Person) should note that the provisions in Notes 1 and 2 above concerning the appointment of a proxy or proxies to attend the meeting in place of a member , do not apply to a Nominated Person as only ordinary shareholders have the right to appoint a proxy. However , a Nominated Person may have a right under an agreement between the Nominated Person and the member by whom he or she was nominated to be appointed, or to have someone else appointed, as proxy for the meeting. If a Nominated Person has no such proxy appointment right or does not wish to exercise it, he/ she may have a right under such agreement to give instructions to the member as to the exercise of voting rights at the meeting. 6. Nominated persons should also remember that their main point of contact in terms of their investment in the Company remains the member who nominated the Nominated Person to enjoy the information rights (or perhaps the custodian or broker who administers the investment on their behalf ). Nominated Persons should continue to contact that member , custodian or broker (and not the Company) regarding any changes or queries relating to the Nominated Person ’ s personal details and interest in the Company (including any administrative matter). The only exception to this is where the Company expressly requests a response from the Nominated Person. 7. Pursuant to regulation 41 of the Uncerticated Securities Regulations 2001, only ordinary shareholders registered in the register of members of the Company by not later than 6.00 p.m. two days prior to the time xed for the meeting shall be entitled to attend and vote at the meeting in respect of the number of shares registered in their name at such time. If the meeting is adjourned, the time by which a person must be entered on the register of members of the Company in order to have the right to attend and vote at the adjourned meeting is 6.00 p.m. two days prior to the time of the adjournment. Changes to the register of members after the relevant times shall be disregarded in determining the rights of any person to attend and vote at the meeting. 8. In the case of joint holders, the vote of the senior holder who tenders a vote whether in person or by proxy shall be accepted to the exclusion of the votes of the other joint holders and, for this purpose, seniority will be determined by the order in which the names stand in the register of members of the Company in respect of the relevant joint holding. 9. Shareholders who hold their shares electronically may submit their votes through CREST , by submitting the appropriate and authenticated CREST message so as to be received by the Company’s Registrar not later than 48 hours before the start of the meeting. Instructions on how to vote through CREST can be found by accessing the following website: euroclear .com/CREST . Shareholders are advised that CREST and the internet are the only methods by which completed proxies can be submitted electronically . 10. If you are a CREST system user (including a CREST personal member) you can appoint one or more proxies or give an instruction to a proxy by having an appropriate CREST message transmitted. T o appoint one or more proxies or to give an instruction to a proxy (whether previously appointed or otherwise) via the CREST system, CREST messages must be received by Computershare (ID number 3RA50) not later than 48 hours before the time appointed for holding the meeting. For this purpose, the time of receipt will be taken to be the time (as determined by the timestamp generated by the CREST system) from which Computershare is able to retrieve the message. CREST personal members or other CREST sponsored members should contact their CREST sponsor for assistance with appointing proxies via CREST . For further information on CREST procedures, limitations and system timings please refer to the CREST manual. The Company may treat as invalid a proxy appointment sent by CREST in the circumstances set out in Regulation 35(5)(a) of the Uncerticated Securities Regulations 2001. 11. If the Chairman, as a result of any prox y appointments, is given discretion as to how the votes subject of those proxies are cast and the voting rights in respect of those discretionary proxies, when added to the interest in the Company’s securities already held by the Chairman, result in the Chairman holding such number of voting rights that he has a notiable obligation under the Disclosure Guidance and T ransparency Rules, the Chairman will make the necessary notications to the Company and the Financial Conduct Authority. As a result, any member holding 3% or more of the voting rights in the Company , who grants the Chairman a discretionary prox y in respect of some or all of those voting rights and so would otherwise have a notication obligation under the Disclosure Guidance and T ransparency Rules, need not make a separate notication to the Company and the Financial Conduct Authority. 12. Any question relevant to the business of the meeting may be asked at the meeting by anyone permitted to speak at the meeting. A shareholder may alternatively submit a question in advance by a letter addressed to the Company Secretary at the Company’s registered ofce. Under Section 319A of the Companies Act 2006, the Company must answer any question a shareholder asks relating to the business being dealt with at the meeting, unless (i) answering the question would interfere unduly with the preparation for the meeting or involve the disclosure of condential information; (ii) the answer had already been given on a website in the form of an answer to a question; or (iii) it is undesirable in the interests of the Company or the good order of the meeting that the question be answered. Notice of annual general meeting continued Section 6: Notice of annual general meeting 123 Job No: 47846 Proof Event: 21 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 13. Any corporation which is a member can appoint one or more corporate representatives who may exercise on its behalf all of its powers as a member provided that, if it is appointing more than one corporate representative, it does not do so in relation to the same shares. It is therefore no longer necessary to nominate a designated corporate representative. 14. Under Section 527 of the Companies Act 2006, members meeting the threshold requirements set out in that section have the right to require the Company to publish on a website a statement setting out any matter relating to: (i) the audit of the Company’ s accounts (including the auditor’s report and the conduct of the audit ) that are laid before the meeting; or (ii) any circumstance connected with an auditor of the Company ceasing to hold ofce since the previous meeting at which annual accounts and reports were laid in accordance with Section 437 of the Companies Act 2006. The Company may not require the members requesting such website publication to pay its expenses in complying with Sections 527 or 528 of the Companies Act 2006. Where the Company is required to place a statement on a website under Section 527 of the Companies Act 2006, it must forward the statement to the Company’s auditor not later than the time when it makes the statement available on the website. The business which may be dealt with at the meeting includes any statement that the Company has been required under Section 527 of the Companies Act 2006 to publish on a website. 15. Further information regarding the meeting which the Company is required by Section 311A of the Companies Act 2006 to publish on a website in advance of the meeting (including this Notice), can be accessed at ww w .blackrock. com/ uk /brge. 16. As at 3 November 2022 (being the last practicable date prior to the publication of this Notice of Annual General Meeting), the Company’s is sued share capital comprised 101,000,161 ordinary shares of 0.1p each, excluding shares held in treasury. Each ordinary share carries the right to one vote and therefore the total number of voting rights in the Company as at 3 November 2022 is 101,000,161. 17. No ser vice contracts exist between the Company and any of the Directors, who hold ofce in accordance with letters of appointment and the Articles of Association. Be ScamSmart In ve s tmen t sc am s a r e de si gne d to l ook l i ke ge n uine inve st men ts Spot t he w arn i ng s i gn s Have you been: • contacted out of the blue • promised tempting r eturns and told the investment is safe • called repeatedly , or • told the offer is only available for a limited time? If so, you might have been contacted by fraudsters. Avoid investment fraud Re ject co ld cal ls Check the FCA Warning List Get imp a rtia l a dv ice you hand over any money . Seek advice from someone Report a scam Find out more at www .fca.org.uk/scamsmart 1 2 3 R emem b er : if i t s oun ds t oo good t o be tr ue, i t pro bab ly is! The FCA W arning List is a list of rms and individuals we know are operating without our authorisation. If you’ve received unsolicited contact about an investment opportunity , chances are it’ s a high risk investment or a scam. Y ou should treat the call with extr eme caution. The safest thing to do is to hang up. If you suspect that you have been approached by fraudsters please tell the FCA using the reporting form at www .fca.org.uk/consumers. Y ou can also call the FCA Consumer Helpline on 0800 111 6768 If you have lost money to investment fraud, you should report it to Action Fraud on 0300 123 2040 or online at www .actionfraud.police.uk SGN001 Share fraud warning 124 BlackRock Greater Europe Investment T rust plc  l Annual Report and Financial Statements 31 August 2022 Job No: 45458 Proof Event: 1 Black Line Level: 0 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2021 T: 0207 055 6500  F: 020 7055 6600 Printed by P ark Communications on FSC® certied paper . Park works to the EMAS standard and its Environmental Management System is certied to ISO 14001. This publication has been manufactured using 100% offshore wind electricity sourced from UK wind. 100% of the inks used are vegetable oil based, 95% of press chemicals are recycled for further use and, on average 99% of any waste associated with this production will be recycled and the remaining 1% used to generate energy . This document is printed on paper made of material from well-managed FSC®-certied forests and other controlled sources. Job No: 47846 Proof Event: 20 Black Line Level: 1 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: Greater Europe Annual Rpt 2022 T: 0207 055 6500  F: 020 7055 6600 BlackRock Greater Europe Investment T rust plc Annual Report and Financial Statements 31 August 2022 w ww.blackrock.com/ uk /brge