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
Greater Europe
Investment Trust plc
BlackRock Greater Europe Investment Trust plc Annual Report and Financial Statements 31 August 2022
Annual Report and Financial Statements 31 August 2022
www.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
Keeping in touch
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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
Ordinary share price
-33.4%
2,3
475.72p
NAV per ordinary share
-29.2%
2,3
6.60p
Total 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 performance 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 Trust plc
Why BlackRock
Greater Europe
Investment Trust plc?
Investment objective
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.



Reasons to invest
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 performance 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 performance
 1
 2
Performance record 4
Chairman’s Statement 
 9
Section 2: Portfolio
 16
Ten 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 ordinary shareholders 
Historical record 106
Management and other service providers 107
 
Other  112
 113
Glossary 114
Section 6: Annual general meeting
Notice of annual general meeting 120
Share fraud warning 124
Why BlackRock
Greater Europe
Investment Trust 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 Trust plc
Performance 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
Ordinary 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%
Ordinary 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
Total 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
FTSE World Europe ex UK Index
Performance over the ten years to 31 August 2022
1
The change in net assets reflects proceeds from share issuance, 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 performance 
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 very 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 performance
of our portfolio remains strong.
Market overview
European markets have faced a
challenging environment during the
Company’s financial year, dominated by
significant geo-political uncertainty 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 shortages due
to the pandemic.
Performance

net asset value per share (NAV)
decreased by 29.2%, significantly

the reference

this underperformance was directly
attributable to the write down of our

6.1% of the Company’s net assets as
at 31 January 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.
Chairman’s Statement

6 BlackRock Greater Europe Investment Trust 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 NAV has decreased by
1.4% compared with a 
0.8% over
the same period.
Revenue earnings and
dividends
Your 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 NAV. 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 ordinary shares and

from treasury at an average premium
over NAV 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 ordinary 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 treasury.


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 NAV

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. To supplement our
European equities
continue to trade
at a discount
to global peers,
providing attractive
investment
opportunities
for our Portfolio
Managers.

Section 1: Overview and performance 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 Trust 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
Your 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 performance 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
Investment
Manager’s
Report
Overview
The Company’s performance was negative over the year as the share price
decreased by 33.4% and the underlying NAV 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 start of 2022, turned out quite

Our market outlook for 2022 assumed gradual normalisation of growth in earnings
post the strong recovery 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 perfect 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 monetary 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 Trust 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 January to the end of August


distributions within the market: of 20
industry 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 serve 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%, very
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.
Too often, 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 growth year-on-year.


Section 1: Overview and performance 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 assessment 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 January
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 contrary, the operational
performance of these businesses
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 trajectory 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, issuing,
acquiring and settlement – on a single
platform and does that via multiple sales
channels (online, mobile and offline
channels) and via different currencies.

is straightforward 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
industry overall.

investment in NetCompany is an

fundamentals deteriorated and is

love’ with a stock. A key element of our
process is the constant reassessment

to gain deeper and deeper insights
and being prepared to change our
assessment 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
performance came through.
More positive to see are some of our
high conviction names that performed


a position in diabetes specialist Novo
Nordisk which was the top performer

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 Trust 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 support the
investment case.

companies with impressive brand
management and pricing power are
Hermès and LVMH, both amongst the
top performers 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
conservative 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 sticky 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 powerful 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

powerful 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 outperformance 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 assessment.

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 history 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
underwriting 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
Portfolio
Luxury goods multinational LVMH Moët Hennessy 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 Trust 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
Investment process
and philosophy
Investment 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 Fundamental Emerging
Europe team.
Investment 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.
• Investment 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.
Investment 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.
Primary investment criteria
Predictability
Businesses with
high and more
predictable returns
on capital and
strong Free Cash
Flow conversion
Investment 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 serve all the
team’s strategies. Our aim is to own
businesses on behalf of our clients in
order to preserve 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 – identifying 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 very 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
industry 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 analysis: this
is conducted collaboratively by
portfolio managers and analysts
within a ‘research pod’. It involves
meeting company management
teams, industry experts, and
undertaking financial modelling
and ESG integration using our
proprietary research template.
3. Team 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
proprietary research focusing on high
conviction investment ideas. They
benefit from exceptional access to
networks at BlackRock, external expert
networks and, importantly, corporate
access, conducting 1,500 company
meetings every 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, LONZA GROUP, DSV PANALPINA, ROYAL 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
Ten largest
investments
The Company’s ten largest investments represented 53.7% of
the Company’s portfolio as at 31 August 2022 (31 August 2021:
46.7%).
1
Novo 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)
Technology 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
opportunity coming from growth in mobile devices and microchip
components. High barriers to entry within the industry 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 Trust 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
Ten largest investments
continued
3
LVMH (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.
LVMH’s business 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.
LVMH’s management team also has an impressive 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 business model allows for a high rate of cash flow
conversion with repeatable revenues built on subscription-based
models. The business also benefits from the structurally increasing
usage of data globally, which supports 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, perfumery,
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
Investments
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
VAT 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
PolyPeptide Group Switzerland 4,933 1.0
102,048 21.3
Consumer Discretionary
LVMH 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
Technology
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 Trust 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 – –
– –
Total investments
477,816 100.0
* The investments in Ozon Holdings, Fix Price Group, Sberbank and Lukoil have been valued at a nominal value of £0.01 as
secondary listings of the depositary receipts on Russian companies have been suspended from trading.
All investments are in ordinary shares unless otherwise stated. The total number of investments held at 31 August 2022 was
39 (31 August 2021: 44).
Industry classifications in the table above are based on the Industrial Classification Benchmark standard for categorisation of
companies by industry 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.
Investments
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
Investment exposure
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
2.83
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
Technology
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
Governance



Section 3: Governance 25

Job No:  Proof Event: 5 Black Line Level: 
Customer: Project Title: T:F:
Governance structure





The Board
5 full scheduled meetings each year
Five non-executive Directors (NEDs), all independent of the Manager
Chairman
Objectives:
• 

• 


• 

• 
Audit and Management
Engagement Committee
2 scheduled meetings each year
Membership:
Chairman:
Key objectives:
• 
• 

• 

• 
• 


• 
• 
Nomination Committee
1 scheduled meeting each year
Membership:
Key objectives:
• 
• 
• 
 BlackRock Greater Europe Investment Trust 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 Trust 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 Report










Principal activity






Investment objective










Strategy, business model and investment
policy
Strategy










Business model



















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Investment policy
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 BlackRock Greater Europe Investment Trust 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 Slavery Act











Directors, gender representation and
employees





Key performance indicators












Strategic Report


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 Trust 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

























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
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

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



Strategic Report


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
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














Operational





































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



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

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



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




 BlackRock Greater Europe Investment Trust 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

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



Marketing













Viability Statement
















• 

• 


• 

• 
• 
• 
• 





• 


• 



• 


• 

• 


• 
• 






Strategic Report


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













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













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







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
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








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

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


























 BlackRock Greater Europe Investment Trust 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
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







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

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
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

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


























Strategic Report


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 
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
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
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
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
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
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

 BlackRock Greater Europe Investment Trust 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
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



Strategic Report


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
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
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
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
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 BlackRock Greater Europe Investment Trust 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
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Strategic Report


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 Governance issues and approach
The Company’s approach to ESG
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

BlackRock Greater Europe Investment Trust plc – BlackRock Investment Stewardship
Engagement with portfolio companies for the year ended 31 August 2022











Year ended
31 August
2022

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24
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 
2
 

42 BlackRock Greater Europe Investment Trust 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








































Investment 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 Report


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
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
Market-specific proxy voting guidelines
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



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
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
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


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














BlackRock’s reporting and disclosures













CAROLINE DRISCOLL





44 BlackRock Greater Europe Investment Trust 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



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

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

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
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


Information to be disclosed in accordance
with Listing Rule 9.8.4 (information to be
included in Annual Report and Financial
Statements)


Facilitating retail investments
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








The Common Reporting Standard





















GDPR







Shareholder Rights Directive II









Dividends


Directors’ Report

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
Investment management and
administration




















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
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

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



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




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





Appointment of the Manager













Depositary and Custodian






























Registrar





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 BlackRock Greater Europe Investment Trust 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

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Exercise of voting rights in investee
companies
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







Principal risks


Going concern





















 




















Directors











Directors’ Report


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








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Tender offers
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Share repurchases
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

 BlackRock Greater Europe Investment Trust 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

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Treasury 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 General Meeting is important and
requires your immediate attention. If you are in any doubt
about the action you should take, you 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 have 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 Proxy) 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’ Report


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 Trust 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 governance



Audit information








Independent auditor









CAROLINE DRISCOLL




Directors’ Report


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


Year ended 31 August 2022 Year ended 31 August 2021
Directors
Fees
Taxable
benefits
1
Total Fees
Taxable
benefits
1
Total
£ £ £ £ £ £
  –   – 

  –   – 
     – 
  –   – 


    – 
Total 150,071 708 150,779 129,500 – 129,500

 

 







Directors’ Remuneration Report

 BlackRock Greater Europe Investment Trust 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 Report


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
FTSE World Europe ex UK Index
%
2012 2013 2014 2015 2016 2017
2018 2019 2020 2021 2022

 BlackRock Greater Europe Investment Trust 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
















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






























Consideration of shareholders’ views













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
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






Shareholder voting











Directors’ Remuneration Policy

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

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
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











































Maximum levels
























 BlackRock Greater Europe Investment Trust 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










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





Compliance

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
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

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

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
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










The Board













Board structure and management

















Corporate Governance 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






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
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

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
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
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


 BlackRock Greater Europe Investment Trust 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
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
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









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
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




 
The Company Secretary







Committees of the Board
Nomination Committee











Audit and Management Engagement Committee




Remuneration Committee









Internal controls














Corporate Governance 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
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









Financial reporting




Socially responsible investment

















Bribery prevention policy












Criminal Finances Act 2017


Communications with shareholders


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 BlackRock Greater Europe Investment Trust 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
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





Packaged Retail and Insurance-Based
Investment Products (PRIIPs) Regulation
(The Regulation)





















Disclosure Guidance and Transparency
Rules


44



ERIC SANDERSON


Corporate Governance 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 service providers
• 

• 


Report of the Audit and Management
Engagement Committee

 BlackRock Greater Europe Investment Trust 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 services





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Significant issues considered regarding the
Annual Report and Financial Statements

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United Kingdom Single Electronic Format
regulatory technical standard (UKSEF)
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
Report of the Audit 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
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






 











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











Auditor and audit tenure








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 BlackRock Greater Europe Investment Trust 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

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Assessment of the effectiveness of the
external audit process
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










































Conclusions in respect of the Annual Report
and Financial Statements


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• 
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

• 
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• 
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Report of the Audit 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
• 
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
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
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

PETER BAXTER




 BlackRock Greater Europe Investment Trust 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



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
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


















ERIC SANDERSON


Statement of Directors’ Responsibilities
in respect of the Annual Report 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 Trust 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 Auditor’s Report


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 overview of the scope of our audit
Tailoring the scope









Climate change




















Key audit matters












 BlackRock Greater Europe Investment Trust 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 Auditor’s Report


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 investment
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 Trust 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 misstatement 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.










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
66
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
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

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





Opinions on other matters prescribed by the Companies
Act 2006





• 



• 









• 


Independent Auditor’s Report


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



























• 



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

• 


 BlackRock Greater Europe Investment Trust 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

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


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
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


 



Other matters we are required to address










Use of our report










Matthew Price



Independent Auditor’s Report


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 Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000

  –   –  
 –   –  

      – 
Total income 10,394 (204,876) (194,482) 5,951 196,528 202,479
Expenses
 4      
       
Total operating expenses (1,788) (3,947) (5,735) (1,618) (3,344) (4,962)
Net profit/(loss) on ordinary activities before finance
costs and taxation 8,606 (208,823) (200,217) 4,333 193,184 197,517
 6      
Net profit/(loss) on ordinary activities before taxation 8,538 (209,093) (200,555) 4,282 192,980 197,262
   –   – 
Net profit/(loss) on ordinary 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 Trust 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 Changes in Equity

98
Notes
Called
up share
capital
Share
premium
account
Capital
redemption
reserve
Special
reserve
Capital
reserves
Revenue
reserve Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000
For the year ended 31 August 2022
       

 – – – –   


  4  – – – – 
  –  –   – 
  – – –  – – 
  –  – – – – 
  – – –   – 
  – – –  – – 
 – – –  – – 


8 – – – – –  
At 31 August 2022 117 85,325 130 71,572 315,960 10,695 483,799
For the year ended 31 August 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

 
   
  –
Total current assets 9,487 7,664
Creditors – amounts falling due within one year

  
   
Total current liabilities (3,504) (38,707)
Net current assets/(liabilities) 5,983 (31,043)
Net assets 483,799 651,731
Capital and reserves

  
   
   
   
   
   
Total 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 Trust 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 Flows

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



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 
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 
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







(b) Presentation of Income Statement





(c) Segmental reporting



(d) Income




















(e) Expenses



• 


88
• 


• 





Notes to the Financial Statements


 BlackRock Greater Europe Investment Trust 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) Taxation


























(g) Investments held at fair value through profit
or loss






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
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















(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:
  
  
  
Total investment income 10,394 5,951



4. Investment management fee
2022 2021
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
      
Total 977 3,907 4,884 831 3,325 4,156




84 BlackRock Greater Europe Investment Trust 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
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’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. Taxation
(a) Analysis of charge in year
2022 2021
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Current taxation:
  –   – 
  –  – – –
Total taxation charge (note 7 (b)) 810 – 810 687 – 687
(b) Factors affecting total taxation charge for the year


2022 2021
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
      

      
Effects of:
  –   – 
  –  – – –
 –   –  
  –   – 
  –   – 

      

   69   
  –   – 
 – 8 8 – 4 4
 –   –  
Total taxation charge (note 7(a)) 810 – 810 687 – 687








86 BlackRock Greater Europe Investment Trust 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 ordinary share


2022 2021
  
  
Total (loss)/profit attributable to ordinary shareholders (£’000) (201,365) 196,575
Total shareholders’ funds (£’000) 483,799 651,731
Earnings per share

  

  
Calculated on weighted average number of ordinary shares:
  
  
Total (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 Trust 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. Investments held at fair value through profit or loss
2022 2021
£’000 £’000
  
  
Valuation of listed investments 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
Treasury
shares
Total
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. Reserves
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 Trust 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. Reserves 
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
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 









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) Market risk

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
(i) Market risk arising from foreign currency risk
Exposure to foreign currency risk
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
2022 2021
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
      
  – –   
  –  – – –
 – – –  – 
Total foreign currency exposure on net monetary items 7,592 775 585 (27,054) (7,146) (51)
      
Total net foreign currency exposure 267,860 82,838 136,070 294,709 135,450 218,364

 BlackRock Greater Europe Investment Trust 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) Market risk arising from interest rate risk
Exposure to interest rate risk







Interest rate exposure


 
 
2022 2021
Within
one
year
More
than one
year Total
Within
one
year
More
than one
year Total
£’000 £’000 £’000 £’000 £’000 £’000
Exposure to floating interest rates:
  –  – – –
  –   – 
Total exposure 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) Market 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 Trust 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










Year
Total number of
counterparties
Maximum
exposure
to any one
counterparty
1
Total exposure
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





 

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
 

 

 



(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 Trust 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) Valuation of financial instruments








Level 1 – Quoted market price for identical instruments in active markets



Level 2 – Valuation techniques using observable inputs


Level 3 – Valuation 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 Total
at 31 August 2022 £’000 £’000 £’000 £’000
  –  
Total 477,813 – 3 477,816
Financial assets at fair value through profit or loss Level 1 Level 2 Level 3 Total
at 31 August 2021 £’000 £’000 £’000 £’000
  – – 
Total 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. Transactions with the Investment Manager and AIFM








98 BlackRock Greater Europe Investment Trust 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. Transactions with the Investment Manager and AIFM 








18. Related party disclosure



Significant holdings

 
 

As at 31 August 2022
Total % of shares held by Related
BlackRock Funds
Total % of shares held by
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
Total % of shares held by Related
BlackRock Funds
Total % of shares held by
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
Additional
information





Job No: 45458 Proof Event:  Black Line Level: 0 
Customer: Project Title: T:F:

 BlackRock Greater Europe Investment Trust 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 reinvestment 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 proxy voting












Nominee code


• 


• 





Publication of net asset value/portfolio
analysis










Individual Savings Account (ISA)






Online access














• 

• 

• 
• 


• 


• 


104 BlackRock Greater Europe Investment Trust 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
 
Analysis of ordinary shareholders


 BlackRock Greater Europe Investment Trust 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
Year ended
31 August
Ordinary
shares in
issue ex.
Treasury
Treasury
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



Investment Manager and Secretary





Alternative Investment Fund Manager



Depositary, Custodian, Banker and
Fund Accountant



Registrar





Auditor





Stockbrokers



Solicitors




Management and other service providers
 

108 BlackRock Greater Europe Investment Trust 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 Report 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

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
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

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




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










Control functions













Link between pay and performance




• 

• 


• 



• 

• 


• 

• 

• 



















• 

• 



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110 BlackRock Greater Europe Investment Trust 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
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







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

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



















Identified Staff











• 
• 
• 
• 
• 
AIFM Report on Remuneration

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 


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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
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




 BlackRock Greater Europe Investment Trust 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






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




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

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
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








Commitment
leverage as at
31 August
2022
Gross
leverage
as at
31 August
2022
  
Other risk disclosures



Pre investment disclosures




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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
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
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consideration
(£)
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premium
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     
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
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CAROLINE DRISCOLL




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with Listing Rule 9.8.4

114 BlackRock Greater Europe Investment Trust 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 Performance Measure (APM)







Closed-end company













Discount and premium*




















Gearing and borrowings*



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
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
Net gearing
calculation
Page
31 August
2022
£’000
31 August
2021
£’000
    
    
   
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1
   


    

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   
Net gearing
(g = (c - f - a)/ a) nil 4.8% (g)
1
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Leverage
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
Glossary
 

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
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




Net asset value per share (Capital only NAV)*






















Net asset value per share (Cum income NAV)














NAV and share price return (Return with
dividends reinvested)*










NAV total return
Page
31 August
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31 August
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
   


   


  

   

    
NAV performance
(c = ((a - b)/b))
(%) (29.2) 49.4 (c)
Share total return
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
   


   


  


   

    
Share price
performance
(c = ((a - b)/b))
(%) (33.4) 56.8 (c)
 

 BlackRock Greater Europe Investment Trust 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 revenue reserves









Treasury shares










Yield*





31 August
2022
31 August
2021



1
   

   
Yield (c = a/b) (%) 1.4 0.9 (c)
1
 
 
Glossary


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 portfolio’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 Trust 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 Trust 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
ordinary 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.
Ordinary business
1. To receive the report of the Directors and the nancial
statements for the year ended 31 August 2022, together
with the report of the auditor thereon.
2. To approve the Directors’ Remuneration Report for the
year ended 31 August 2022, excluding the remuneration
policy of the Company.
3. To declare a nal dividend for the year ended 31 August
2022 of 4.85p for each ordinary share in the capital of the
Company.
4. To re-elect Mr P Baxter as a Director.
5. To re-elect Ms D C Curling as a Director.
6. To re-elect Mr E F Sanderson as a Director.
7. To re-elect Dr P Subacchi as a Director.
8. To elect Mr I R Sayers as a Director.
9. To reappoint Ernst & Young LLP as auditor of the
Company to hold ofce until the conclusion of the next
Annual General Meeting of the Company.
10. To authorise the Audit and Management Engagement
Committee to determine the auditor’s remuneration.
Special business
Ordinary 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 treasury shares, of the Company
at the date of this notice) provided that this authority
shall (unless 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 expiry of this authority which
would or might require relevant securities to be allotted
after such expiry 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 (Ordinary Shares) with a maximum
nominal amount of £10,100 (representing 10%
of the aggregate nominal amount of the issued
ordinary 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 Ordinary 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 treasury shares, of the Company at the
date of this notice) held by the Company in treasury
(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 treasury for cash at a price which represents a
premium to the most recently published net asset
value per Ordinary 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 (unless 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 expiry of this
authority which would or might require Ordinary Shares
to be allotted after such expiry and the Directors may
allot such Ordinary 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 ordinary shares of 0.1p
each in the Company (Ordinary 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 Ordinary 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 Ordinary Shares which is
equal to 14.99% of the Company’s issued ordinary
share capital (excluding treasury shares) as at 8
December 2022;
(b) the minimum price which may be paid for any such
Ordinary Share shall be 0.1p;
(c) the maximum price which may be paid for any such
Ordinary 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) unless 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 Ordinary Shares under
the authority hereby conferred and may make a
purchase of Ordinary Shares pursuant to any such
contract notwithstanding such expiry.
All Ordinary Shares purchased pursuant to the above
authority shall be either:
(i) held, sold, transferred or otherwise dealt with as
treasury 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
(Ordinary 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 Ordinary Shares which is
equal to 20% of the Ordinary Shares in issue as at
31 May 2023 (excluding any Ordinary Shares held
in treasury);
(b) the price which may be paid for an Ordinary Share
shall be an amount equal to 98% of the net asset
value per Ordinary Share (calculated on a fully
diluted basis) as at 31 May 2023; and
(c) the authority hereby conferred shall expire on 31
July 2023 (unless such authority is renewed prior
to such time) save that the Company may, prior
to such expiry, enter into a contract to purchase
Ordinary Shares which will or may be completed or
executed wholly or partly after 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 (Ordinary 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 Ordinary Shares which is
equal to 20% of the Ordinary Shares in issue as at
30 November 2023 (excluding any Ordinary Shares
held in treasury);
(b) the price which may be paid for an Ordinary Share
shall be an amount equal to 98% of the net asset
value per Ordinary Share (calculated on a fully
diluted basis) as at 30 November 2023; and
(c) the authority hereby conferred shall expire on 31
January 2024 (unless such authority is renewed
prior to such time) save that the Company may, prior
to such expiry, enter into a contract to purchase
Ordinary Shares which will or may be completed or
executed wholly or partly after such expiry.
By order of the Board
CAROLINE DRISCOLL
For and on behalf of
BlackRock Investment Management (UK) Limited
Company Secretary
3 November 2022
Registered Ofce:
12 Throgmorton Avenue
London EC2N 2DL

122 BlackRock Greater Europe Investment Trust 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 proxy must be
appointed to exercise the rights attached to a different share
or shares held by the member.
2. To appoint a proxy you may use the Form of Proxy enclosed
with this Notice of Annual General Meeting. To be valid, the
Form of Proxy, 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 Forms
of Proxy. Alternatively, you can vote or appoint a proxy
electronically by visiting eproxyappointment.com. You 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. For further
information regarding Proxymity, please go to www.
proxymity.io. Your proxy 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 associated 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 Proxy 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. To 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 proxy 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 Transparency 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 proxy in respect of some or
all of those voting rights and so would otherwise have a
notication obligation under the Disclosure Guidance and
Transparency 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
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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 www.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 issued 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 service 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
Investment scams are designed
to look like genuine investments
Spot the warning signs
Have you been:
• contacted out of the blue
• promised tempting returns 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
Reject cold calls
Check the FCA Warning List
Get impartial advice
you hand over any money. Seek advice from someone
Report a scam
Find out more at www.fca.org.uk/scamsmart
1
2
3
Remember: if it sounds too good to
be true, it probably is!
The FCA Warning 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. You should treat the call with extreme 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. You 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 Trust 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
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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 Trust plc Annual Report and Financial Statements 31 August 2022
www.blackrock.com/uk/brge