BlackRock Greater Europe Investment Trust plc · meetings in 2016) Valuation based on several perspectives 10 Source: BlackRock. Current process for selecting investments in the fund’sportfolio

BlackRock Greater Europe Investment Trust plcStefan Gries, CFA, Director and Co-Portfolio Manager

Simon White, Managing Director, BlackRock Closed End Funds

MATERIAL IS CONFIDENTIAL, NOT AN OFFER TO THE PUBLIC AND THE MATERIAL IS NOT FOR DISTRIBUTION

FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY

13–17 November 2017

This material is only distributed to South African investors for information purposes and subject to the following restrictions:

(a) the South African investor is: a bank; a person whose ordinary business, or part of whose ordinary business, is to deal in securities (whether as principals or agents); the PublicInvestment Corporation (SOC) Limited; an authorised financial services provider; a financial institution; a wholly owned subsidiary of a bank, a financial services provider or financialinstitution acting as agent in the capacity of an authorised portfolio manager for a registered pension fund or as manager of a registered collective investment scheme; or a combinationof the abovementioned entities; or(b) the South African investor is a single addressee acting as principal who is willing to subscribe for BlackRock Greater Europe Investment Trust plc to the value of at least ZAR 1,000,000(one million Rand); or(c) this offer is a non-renounceable offer made only to South African investors who are existing holders of the BlackRock Greater Europe Investment Trust plc or persons related toexisting holders of the BlackRock Greater Europe Investment Trust plc.

Recipients who accept this offer warrant that they have obtained the relevant exchange control approval.

Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the SouthAfrican Financial Services Board, FSP No. 43288.

AE1017E-293694-875310

BlackRock Greater Europe Investment Trust plc South Africa Listing –

Opportunity and Rational

2FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY

BlackRock is committed to the South African Market:

• It set up the office in Cape Town in 2012

• For over two decades BlackRock has been marketing its global investment capabilities to the institutional

and intermediated investment community

• The FSB has Licensed BlackRock as an FSP (license number 43288) and has registered under the

CISCA act a number of ETFs and Index Mutual Funds

• BlackRock continues to focus on deepening relationships with the investment community in South Africa

The listing of BRGE on the JSE will:

• Give South African investors access to an actively managed listed vehicle of which we believe are the

best ideas listed European equities managed by BlackRock

• Give South African investors an entry point into the steady and ongoing economic recovery in Europe

• Allow South African investors to obtain European listed equity exposure without using offshore

allowances

MATERIAL IS CONFIDENTIAL, NOT AN OFFER TO THE PUBLIC AND THE MATERIAL IS NOT FOR DISTRIBUTION AE1017E-293694-875310

BlackRock at a glance

As of 30 September 2017. All figures are represented in USD.

• Established in 1988

• NYSE: BLK

• $5.97 trillion assets under management

• More than 13,500 employees

• More than 2,500 investment professionals

• Offices in over 34 countries

• 25 primary investment centers globally

• Clients in over 100 countries

• Over 800 iShares® ETFs Globally

• Through BlackRock Solutions, the Firm provides risk management and enterprise investment services for over 200 clients

• Financial Markets Advisory business managed or advised on over $8 trillion in asset and derivative portfolios

• Transition Management team partners with clients to save costs

and reduce risks when changing investment exposures

BlackRock facts $5.97 trillion managed across asset classes

Create a better financial future for our clients by building

the most respected investment and risk manager in the world

BlackRock Mission Statement

Assets as of 30 September 20171 Includes commodity and currency mandates

Active Equity 300 bn

Passive Equity2.8 tn

Alternatives1

130 bn

Active Fixed Income

797 bn

Passive Fixed Income

990 bn

Multi-Asset 457 bn

Cash Management

425 bn

Advisory2 bn


FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY 3AE1017E-293694-875310

BlackRock in South Africa


BlackRock is committed to asset management in

South Africa, and it aims to achieve success in

partnership with clients across the region.

We have a long-term interest in maintaining a

strong South African presence so that we can

continue offering our local clients a comprehensive

range of innovative market-leading investment

solutions.

From active to passive products, our clients can

expect high-quality investment solutions tailored to

their specific objectives.

For more information on BlackRock please visit our

website: www.blackrock.com/za

BlackRock South Africa Team

Barbara VintcentHead of BlackRock South Africa

Khoabane PhoofoloBlackRock South Africa

Source: BlackRock, 30 September 2017


https://mail.scangroup.biz/owa/redir.aspx?C=Y4inFYNk4PP3kA-yg2vpfimj5p5uRMEeXq8E3lZgE34LwDhddM_UCA..&URL=http://www.blackrock.com/za

5

BlackRock’s extensive platform helps investors deliver client returns

Scope and Breadth

• Deep market insights from local footprint

• Collaboration and debate through the

BlackRock Investment Institute (BII)

• Cross asset-class expertise globally

Scale

• Superior corporate access and research

• Trading infrastructure & expertise

• Access to market participants and clients

• Global Capital Markets capability

Talent

• Top leaders and investors in active equities

globally

• Developing talent for the future across

investing, data science, and global research

Innovation & Technology

• Insights and expertise on static factors

• “Big data” and information research focus

• Specialization in risk management globally and

enterprise Aladdin platform

What advantages does BlackRock bring to clients?

Active

Equities

Source: BlackRock, 30 September 2017



Extensive coverage across European markets

BlackRock European Equity Team: Overview

Team AUM €36.2bn as at 30 September 2017

20 PM / sector analysts

2 graduates

6 product strategists

Highly Experienced, Rigorous Approach, Global Reach

All Fund Managers & analysts

conduct research

Team produces proprietary research,

not reliant on broker recommendations

What we believe are the ‘best ideas,’

delivered through team debate &

collaboration

Leverage BlackRock’s Global

resources

Bottom-up fundamental

investors with macro awareness

Building portfolios around high conviction ideas

Joe Williams

Product Strategist

Laurence Gallo

Product Strategist

Matt Williams

Product Strategist

Rebecca Inkster

Product Strategist

Aislinn Bunning

Product Strategist

Lucie Weigel

Product Strategist

Nigel Bolton

Head of European Equity Team,

PM

Alice Gaskell

PM/Analyst

Alister Hibbert

PM/Analyst

Andreas Zoellinger

PM/Analyst

Peter Hopkins

Analyst

Brian Hall

PM/Analyst

David Tovey

PM/Analyst

Divyang Patel

Analyst

Giles Rothbarth

PM/Analyst

Matthew Yates

Analyst

Michael Constantis

PM/Analyst

Simon Hunter

PM/Analyst

Stefan Gries

PM/Analyst

Tom Joy

Analyst

Barry Zeitoune

Analyst

Lance Enguehard

Analyst

Chris Sykes

Analyst

Alistair Ceurvorst

Analyst

6

Sarah Thomas

Analyst

Source: BlackRock, 30 September 2017.

Luca Manzi

Analyst



How are we different?

High conviction approach

230 years of collective investment experience

7 PMs with over years of experience each15Tension and debate key to investment process

Multiple portfolio managers have freedom to invest but use world-class platform to aid investment process

Fundamental investment with macro awareness: key

for attempting to capture turning points

Structured process

7

Source: Blackrock, all data as at 30 September 2017. Left hand side: Illustration of research template. For illustrative purposes only.



European Equity Team: Sector Responsibilities

* Denotes research pod leader. **Works in two pods.

Energy

Chemicals

Metals & Mining

Paper & Packaging

Utilities

I.T.

Telcos

Media

Pharma

Medtech

Luxury & Apparel

Food Producers

Beverages & Tobacco

Aerospace & Defence

Capital Goods

Construction & Housebuilders

Infrastructure

Support Services

Travel & Leisure

Airlines

Transport

Industrial Transportation

HPC

Autos

Retail &Food Retail

Alister Hibbert* Alice Gaskell* M. Constantis* Sarah Thomas* Stefan Gries*Brian Hall*A. Zoellinger*

Divyang Patel

Chris Sykes Luca Manzi

David Tovey Alistair CeurvorstTom Joy**Matthew Yates

Financials Commodities Infrastructure Healthcare ConsumerBusiness

Services

Capital

Investment

Giles Rothbarth Barry Zeitoune

Tom Joy**

8

Lance EnguehardAlex Dangoor

(graduate on rotation)

Simon Hunter

Peter Hopkins

Real Estate

Banks

Insurance

Speciality Financials

Marija Vukojevic(graduate on rotation)



BlackRock European Equity Team: Investment Process Overview

Source: BlackRock – For illustration purposes only

In-Depth

Company

Analysis

Team Sector Analysts

Screening

External Research

Macro/Thematic

Sophisticated risk

systems to aid risk

awareness and

portfolio construction

Rating 1-5Research

Pipeline

Structured, disciplined research framework



In-Depth Company Analysis: Defining the Opportunity

Clear & timely conclusions

Stock rating system (1 to 5)

Specific price targets

(12 month horizon)

Rigorous, Efficient, Collaborative

Efficient, automated

research template

Diligent approach

covering multiple

aspects of investment

case

Diversity of viewpoint

key to team debate

Direct feed to external

sources

Automated download of historical

financials

Clear view of BlackRock European

Team vs Consensus

Exceptional

access to

management (over

1000 company

meetings in 2016)

Valuation based

on several

perspectives

10

Source: BlackRock. Current process for selecting investments in the fund’s portfolio in accordance with its stated investment objective and policies. Process subject to change based on

market conditions, portfolio manager’s opinion and other factors. For illustrative purposes only. Reference to the name of each company mentioned is merely explaining the investment

strategy and should not be construed as investment advice or investment recommendations of those companies.



Portfolio Construction

Diverse, deliberate and scaled positioning

Sample ex-ante risk report

Powerful interactive Risk & Portfolio Management

Systems

Integrated portfolio & risk systems

Pre-trade risk modelling & compliance checking

Connectivity to trading platform

Live attribution analysis

3 broad guidelines to help ensure effective diversification

of risk

Maximise stock-specific risk

Minimise unintended risks- ‘no blind spots’

Maintain diverse range of exposures

11

Source: BlackRock, Green Package, Impact. Current process for selecting investments in the fund’s portfolio in accordance with its stated investment objective and policies. Process

subject to change based on market conditions, portfolio manager’s opinion and other factors. For illustrative purposes only.



A globally synchronised recovery


Source: BlackRock BII, 30 September 2017.

… with continued inflection in the Euro zone

Source: Credit Suisse, 30 September 2017

Strength of global lead indicators is broad-based…

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2010 2012 2014 2016

% s

hare

Share of countries with PMI new orders > 52, average mfg & svs

Improving confidence, growth and lower inflation point to a continued positive stance for equities

0

20

40

60

80

100

120

140

-4

-3

-2

-1

0

1

2

Jan-0

0

Feb

-01

Ma

r-0

2

Apr-

03

Ma

y-0

4

Jun-0

5

Jul-0

6

Aug-0

7

Sep-0

8

Oct-

09

No

v-1

0

De

c-1

1

Jan-1

3

Feb

-14

Ma

r-1

5

Apr-

16

Ma

y-1

7

Ind

ex

Ind

ex

Business Climate Indicator (lhs)

Economic Confidence Indicator (rhs)


European earnings reflecting global improvement…

Earnings improvements providing a stock picker’s

market

Realised results and expectations have moved up over the year

Quarterly Eurozone EPS growth since Q1 2012

Source: Goldman Sachs, Euro Stoxx Index, September 2017. Index used for

representation only, you cannot invest in an index

Source: JPMorgan, 7 August 2017, based on euro area company earnings

reporting.

13

16%

11%

-22%

-19%

-12%

-14%

8%

-33%

-4%

1%1%

12%

-10%

8%9%

4%

13%

18%

4%

-5%

-14%

-4%

1%

12%

23%

11%

-45%

-35%

-25%

-15%

-5%

5%

15%

25%

1Q '11 1Q '12 1Q '13 1Q '14 1Q '15 1Q '16 1Q '17

EP

S G

row

th %

EPS Growth, % y/y


-60%

-40%

-20%

0%

20%

40%

60%

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17 Y

TD

Retu

rn (

%)

Valuation change Earnings change


Fading political risk in the Eurozone helps sentiment…


Source: Bloomberg, JPMorgan, 31 July 2017. Data representation and based on the 25 biggest ETF's with a mandate to invest in a particular region. Data start point 1 Jan 2016

Significant outflows from the region begin to turn…

Source: PEW Research centre, Spring 2017 Global Attitudes Survey, Q12f. Image Source: Angela Merkel – www.theleader.info 30 June 2017, Emmanuel Macron –Associated Press 30 June 2017

Favourable view of the EU

-15%

-5%

5%

15%

25%

35%

45%

55%

Jan 16 Apr 16 Jul 16 Oct 16 Jan 17 Apr 17 Jul 17

Flo

w a

s a

% o

f A

UM

US ETF flow % of AUM UK Eurozone Japan EM

% in f

avour

of E

U

…and is starting to drive flows back into the asset class


0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

Q1 2

009

Q1 2

010

Q1 2

011

Q1 2

012

Q1 2

013

Q1 2

014

Q1 2

015

Q1 2

016

Q1 2

017

Q1 2

018

Q1 2

019

Infl

ati

on

fo

recast

%Central bank support in Europe…

15

ECB consumer price index inflation ECB inflation forecasts through time

…likely to persist as overly simplistic models fail to capture real change

Core

inflation

Previous

ECB

projections

Latest ECB

projection

Source: BlackRock, ECB, 30 September 2017.


Source: BlackRock, Thomson Reuters Datastream, 15 September 2017.

1.5

1.2

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

Jan 0

2

De

c 0

2

No

v 0

3

Oct 04

Sep 0

5

Aug 0

6

Jul 07

Jun 0

8

Ma

y 0

9

Apr

10

Ma

r 11

Feb

12

Jan 1

3

De

c 1

3

No

v 1

4

Oct 15

Sep 1

6

Aug 1

7

Y/Y

% i

nfl

ati

on

CPI CPI ex Food and Energy Target


Valuations: a relative game?

Relative valuations remain supportiveSource: Chart 1: Morgan Stanley, 31 July 2017, IBES estimates on MSCI Europe constituents Chart 2: Source: Credit Suisse- shows valuation discount of Europe versus US using Shiller PE. 31 July 2017. Chart 3: Source: Barclays, 31 August 2017 based on realised market yields

MSCI Europe: 12 month forward price to

earningsEquity, Sovereign and credit yieldsShiller P/E versus US Equities

6

8

10

12

14

16

18

20

22

24

26

889092949698000204060810121416

Price t

o E

arn

ings

N12M PE Median

15.1

16

5

10

15

20

25

30

35

40

45

1985 1989 1994 1998 2003 2008 2012 2017

Shill

er

P/E

US: Shiller's P/E = 30.5x

Europe: Shiller's P/E = 14.8x



-1

0

1

2

3

4

5

6

7

8

9

19

99

20

01

20

03

20

05

20

07

20

09

20

11

20

13

20

15

20

17

Yie

ld (

%)

Bund 10yr yieldIboxx Euro Corp bond yieldMSCI Europe: Dividend Yield

AE1017E-293694-875310

Eastern Europe – turning tide


1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

11%

12%

13%

14%

EM capex to sales (%) EM free cash flow yield (%, rhs)

Cash flow inflection in emerging Europe

Source chart 1: BlackRock, Bloomberg, as at end June 2017 based on IBES consensus forward estimates on each index. Chart 2 Source: Credit Suisse HOLT, Credit Suisse research,

as of end March 2017. EM represented by the MSCI EM index. It is not possible to invest directly in an index. There is no guarantee that any forecasts made will come to pass.

3.0

6.0

9.0

12.0

15.0

18.0

21.0

Jan 0

7

Jan 0

8

Jan 0

9

Jan 1

0

Jan 1

1

Jan 1

2

Jan 1

3

Jan 1

4

Jan 1

5

Jan 1

6

Jan 1

7

Fo

rward

P/E

Rati

o

MSCI World MSCI Emerging Markets

MSCI Emerging Europe

Emerging Europe offers value relatvie


BlackRock Greater Europe Investment Trust plc – Key Features

Objective: to achieve long term capital growth

• Guideline of c.30-70 European securities –

portfolio run more concentrated at 35-40 stocks;

investable universe >2,000 stocks

• All Cap capability

• Ability to invest in developing Europe (max 25%)

• Ability to invest in unquoted securities (max 5%)

• Gearing (max 15% of NAV)

• Discount managed via bi-annual tender

mechanism*

• Fund primary listing and management in the UK

Fee: 0.85%, ongoing charge 1.10% (31/08/2017)

A performance orientated approach to European equities

Source: BlackRock as at 30 September 2017. *At the discretion of the Board

18

BlackRock Greater Europe Investment

Trust

Investment

RegionEurope with Emerging Europe

Manager Stefan Gries, Sam Vecht

Vehicle

(Domicile)Investment Trust

Benchmark FTSE World Europe ex UK

LARGE

MID

SMALL

Style Flexible

Ma

rke

t C

ap

itali

sa

tio

n

30-70

shares



Primary investment criteria we look for

Aiming to

deliver the

best ideas

from the

European

team

Quality management

with clearly defined

strategy and strong track

record in value creation

High and

predictable return on

capital and strong free

cash flow conversion

Investment in growth –

options to deploy cash in

areas of high and

sustainable returns

Unique aspect – e.g. a

product, brand or contract

structure which shields a

business and allows

sustainable returns

Focus on sustainable cash returns and unique franchises

19

Source: BlackRock – for illustrative purposes only



BlackRock Greater Europe Investment Trust plc - Performance


Cumulative share price and NAV return 3 year stock attribution

Stock

Portfolio

Total

Return

Average

Active

Weight

Total Effect

Adidas 118.7% 0.5% 2.3%

Straumann 167.1% 1.4% 2.0%

Ryanair 73.2% 1.3% 2.0%

Sberbank

Rossii129.2% 1.5% 1.8%

Lonza 134.2% 1.3% 1.6%

Stock

Portfolio

Total

Return

Average

Active

Weight

Total Effect

Turkiye Halk

Bankasi-38.1% 1.1% -1.7%

Bank of

Ireland-17.1% 1.2% -1.2%

Anheuser-

busch Inbev-10.4% -0.7% -1.1%

Ahold

Delhaize -11.3% 0.7% -1.0%

Luxoft 3.1% 0.8% -1.0%

Source: BlackRock, Bloomberg, 30 September 2017. Total return GBP, undiluted NAV, net of expenses. Past performance is not a reliable indicator of future results and should not be the

sole factor of consideration when selecting a product Please also add the following when displaying share price and NAV performance: Net Asset Value (NAV) performance is not the

same as share price performance, and shareholders may realise returns that are lower or higher than NAV performance. Returns stated in GBP The return of your investment may

increase or decrease as a result of currency fluctuations. Reference to the names of each company mentioned in this communications is merely for explaining the investment strategy, and

should not be construed as investment advice or investment recommendation of those companies.


0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

-60

-40

-20

0

20

40

60

80

100

120

140

160

Fe

b-0

8

Au

g-0

8

Fe

b-0

9

Au

g-0

9

Fe

b-1

0

Au

g-1

0

Fe

b-1

1

Au

g-1

1

Fe

b-1

2

Au

g-1

2

Fe

b-1

3

Au

g-1

3

Fe

b-1

4

Au

g-1

4

Fe

b-1

5

Au

g-1

5

Fe

b-1

6

Au

g-1

6

Fe

b-1

7

Au

g-1

7

NA

V (

£)

Share

Cum

ula

tive R

etu

rn

FTSE World Europe ex UK BRGE Share Price NAV

AE1017E-293694-875310

BlackRock Greater Europe Investment Trust plc:

Active sector weight changes

Source: BlackRock. Green Package , 30 September 2016 – 30 September 2017. Weightings as of date shown and not necessarily represent current or future portfolio holdings.

7.2

%

4.2

% 6.3

%

-3.8

%

-4.3

%

-1.1

%

-2.4

%

-3.8

% -1.3

%

-0.3

%

9.8

%

2.9

%

8.2

%

-7.0

% -4.6

%

-1.3

%

-2.9

%

-3.6

% -1.1

%

-1.5

%

12

.4%

3.6

% 5.0

%

-4.3

%

-3.1

% -1.2

%

-1.0

%

-3.7

%

-3.2

%

-2.8

%

7.3

%

7.8

%

5.6

%

3.0

%

3.1

%

-1.2

%

-0.5

%

-3.8

%

-8.4

%

-7.4

%

15

.5%

8.8

%

7.6

%

5.8

%

0.5

%

-3.7

%

-3.8

%

-4.0

%

-6.0

%

-15

.6%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Sep-16 Dec-16 Mar-17 Jun-17 Sep-17

21

Sector positions relative to FTSE World Europe ex UK as at 30 September 2017



Areas of Conviction

22

EU/US Construction & Infrastructure

EM Consumer

MedTech

Selected Banks

• Positive contracting trends in domestic Europe supporting top line acceleration

• Tailwinds from domestic and global policy towards infrastructure

• Inflection in Emerging Market growth providing support for luxury retailers’ revenues

• Selective luxury companies exposed to these end markets have true pricing power

• Preference for MedTech over large-cap Pharma

• Strong earnings growth in select MedTech names which we expect to persist over multiple years

• Identifying challenger banks in favourable markets

• Remain underweight eurozone banks where significant pressures remain for NII

Source: BlackRock, Image source: company websites 30 September 2017. Reference to the names of each company mentioned in this communications is merely for explaining the

investment strategy, and should not be construed as investment advice or investment recommendation of those companies.



Stock opportunities in EU construction – Eiffage

23

Healthy order books with further tailwinds from potential Government reform and spending

10,000

10,500

11,000

11,500

12,000

12,500

Q114

Q214

Q314

Q414

Q115

Q215

Q315

Q415

Q116

Q216

Q316

Q416

Q117

Ord

ers

(€

m)

12-mth trailing order intake

12-mth trailing Contracting revenues exc. R.E.

Source: Exane BNP Paribas, as at 25 July 2017 based on company data since January 2014. Reference to the names of each company mentioned in this communications

is merely for explaining the investment strategy, and should not be construed as investment advice or investment recommendation of those companies.

Contracting orders pointing to further top line accelerationInfrastructure - robust book-to-bill ratio supporting revenues

Book-to-bill >1x

3,000

3,500

4,000

4,500

5,000

5,500

Q114

Q214

Q314

Q414

Q115

Q215

Q315

Q415

Q116

Q216

Q316

Q416

Q117

Ord

ers

(€

m)

Order intake Revenues incl. BPL & Metal

Revenues exc. BPL



Europe's leading luxury brands have benefitted from turn in Emerging

Markets

24

Identifying strong brands and superior positioning in growing end markets

-20

-10

0

10

20

30

40

50

Org

anic

gro

wth

(%

)

Gucci LVMH FLG Burberry

Prada Hermes

Accelerating organic growth at Gucci Remy Cointreau: strong organic growth and margin expansion

56

58

60

62

64

66

68

-15

-10

-5

0

5

10

15

20

25

30

March12

March13

March14

March15

March16

March17

Gro

ss M

arg

in (

%)

Org

anic

gro

wth

(%

)

Cognac organic growth (LHS)

Group Gross Margin (RHS)

Source: Bloomberg, BlackRock as at 1 August 2017, data from 1 Jan 2010 Source: Bloomberg, BlackRock, 1 August 2017, company data from January 2012


Reference to the names of each company mentioned in this communications is merely for explaining the investment strategy, and should not be construed as investment advice or

investment recommendation of those companies.


Stock opportunities in MedTech – Straumann

25

(8%)

(4%)

0%

4%

8%

12%

16%

Q1

10

Q2

10

Q3

10

Q4

10

Q1

11

Q2

11

Q3

11

Q4

11

Q1

12

Q2

12

Q3

12

Q4

12

Q1

13

Q2

13

Q3

13

Q4

13

Q1

14

Q2

14

Q3

14

Q4

14

Q1

15

Q2

15

Q3

15

Q4

15

Q1

16

Q2

16

Q3

16

Q4

16

Q1

17

Org

an

ic g

row

th (

%)

Straumann Sector

We see a significant growth opportunity, which is underestimated by the market in outer years

Organic sales growth outpacing competitors Market share gains to drive high growth in high margin areas

Source: Exane BNP Paribas, 3 August 2017, company and market data since Jan 2010 Source: Straumann FY16 results presentation, February 2017

Combined implant market US & Germany (c. 3.2m implants)





- Dental implants

AE1017E-293694-875310

European Banks – reasons to be selective

26

75

80

85

90

95

100

105

Jan

-10

Ma

y-1

0

Se

p-1

0

Jan

-11

Ma

y-1

1

Se

p-1

1

Jan

-12

Ma

y-1

2

Se

p-1

2

Jan

-13

Ma

y-1

3

Se

p-1

3

Jan

-14

Ma

y-1

4

Se

p-1

4

Jan

-15

Ma

y-1

5

Se

p-1

5

Jan

-16

Ma

y-1

6

Se

p-1

6

Jan

-17

Ma

y-1

7

Ind

ex

Margin Loans

Eurozone banks have continued to see margins fall…

We see selective opportunities in consolidated markets for well positioned players

… but Danske’s margins show a different picture

-600

-400

-200

0

200

400

600

800

1000

1200

1400

4Q

10

4Q

11

4Q

12

4Q

13

4Q

14

4Q

15

4Q

16

DK

K m

Margin Loans

Source: Deutsche Bank, 31 July 2017, data from January 2010 covering household and corporate loans Source: Barclays, 31 July 2017 data from September 2010

covering household and corporate loans





27

BlackRock Greater Europe Investment Trust plc: Active stock weights

3.9%3.7%

3.5% 3.5% 3.5%3.3% 3.3% 3.2% 3.2% 3.2%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%LO

NZ

A

FR

ES

EN

IUS

ME

DIC

AL

CA

RE D

SV

AS

ML

WA

RT

SIL

A

KE

RIN

G

UN

ILE

VE

R

SA

P

RE

LX

RIC

HE

MO

NT

% N

AV

Source: BlackRock, Weightings as of date shown and not necessarily represent current or future portfolio holdings.

Reference to the names of each company mentioned in this communications is merely for explaining the investment strategy, and should not be construed as investment advice or investment

recommendation of those companies.

Largest active stock weights as at 30 September 2017


Diversified stream of earnings and cash flows across top holdings


Executive Summary


• Blackrock is committed to South Africa with an aim to building business for the long-term

• JSE secondary listing of BlackRock Greater Europe Investment Trust plc gives local investors access to

an actively managed and concentrated portfolio of Europe’s leading businesses

• It offers exposure to highly experienced stock pickers with a rigorous investment process that are

supported by what we believe is one of the best resourced equity platforms in the market

• Europe as a region is showing a strong recovery in both its growth and reform agenda


Appendix


Portfolio Manager Biographies


Stefan Gries

Stefan Gries, CFA, Director and portfolio manager, is a member of BlackRock's European

Equity team and the co-portfolio manager of the European Absolute Return Strategy,

Continental ex UK strategies and the BlackRock Greater Europe Investment Trust plc. In

addition he is responsible for covering the business services sector on behalf of the team. Mr.

Gries joined BlackRock in 2008 from Scottish Widows Investment Partnership (SWIP), where he

was a research analyst and portfolio assistant with the European Equity team. Mr. Gries began

his career with SWIP in 2005.

Mr. Gries earned an MA degree, with honours, in economics and Spanish from the University of

St. Andrews in 2005. He is also a CFA charterholder.

Sam Vecht, CFA, Managing director and portfolio manager, is Head of the Emerging Europe &

Frontiers team within the Fundamental Active Equity division of BlackRock's Active Equities

Group. He is responsible for managing long-only and long/short portfolios in both Emerging and

Frontier markets.

Mr. Vecht's service with the firm dates back to 2000, including his years with Merrill Lynch

Investment Managers (MLIM), which merged with BlackRock in 2006.

Mr. Vecht earned a BSc degree, with honours, in international relations and history from the

London School of Economics.

Sam Vecht


The Board and Key Shareholders

Eric SandersonChairman, Appointed November 2016, is a chartered accountant and a banker and was chief executive of British Linen Bank from 1989 to 1997 and a member of the management board of Bank ofScotland in his role as head of group treasury operations from 1997 to 1999. He was formerly Audit and Management Engagement Committee Chairman for the BlackRock Greater EuropeInvestment Trust plc, chairman of MyTravel Group PLC, MWB Group Holdings and Dunedin Fund Managers Limited. He is presently chairman of Schroder UK Mid Cap Fund plc.

Carol FergusonAppointed June 2004, is a qualified accountant and has over twenty five years’ experience in the investment and financial services industry. She is also a non-executive director of Standard Life UKSmaller Companies Trust plc and Chairman of Invesco Asia Trust plc. She is also on the board of Vernalis plc. She will retire from the Board following the Annual General Meeting to be held on 29November 2017.

Davina CurlingAppointed December 2011, has over 25 years’ experience of investment management and was managing director and head of Pan European Equities at Russell Investments. Prior to this she washead of European Equities at F&C, ISIS, Royal & Sun Alliance and Nikko Capital Management (UK). She is also a non-executive director of Invesco Income Growth Trust plc and a member of the StJames’s Place Wealth Management Investment Committee.

Peter BaxterAppointed April 2015, has 30 years’ experience in the investment management industry. He was chief executive of Old Mutual Asset Managers (UK) and previously worked for Schroders and HillSamuel in a variety of investment strategy roles. He is a member of the Board of Trust for London, where he chairs the investment committee, and a member of the Financial Reporting Council’sConduct Committee.

Paola SubacchiAppointed July 2017, is an economist, writer and commentator on the functioning and governance of the international financial and monetary system. She is a senior fellow at Chatham House (TheRoyal Institute of International Affairs) in London, a visiting professor at the University of Bologna, and a non-executive director of Scottish Mortgage Investment Trust PLC. An Italian national, shestudied at Universitá Bocconi in Milan and at the University of Oxford.

Board - biographies

BlackRock Investment Management Saving Schemes (14.5%)Hargreaves Lansdown (8.3%)Alliance Trust Savings (5.3%)Charles Stanley (4.1%)1607 Capital Partners (3.7%)Brewin Dolphin (2.7%)Barclays Stockbrokers (2.4%)Legal & General IM (2.2%)Rathbones (2.2%)Other (54.6%)

Key Shareholders – 30 September 2017

FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY 31


Shareholders represented may not necessarily account for entire respective holding allocation, but allocations via underlying platforms

AE1017E-293694-875310


Absolute country and market cap weights and active currency weights

Source: BlackRock. Weightings as of date shown and not necessarily represent current or future portfolio holdings.

16.5% 16.1%13.7% 12.8% 12.3%

8.9%

5.7% 4.7%3.6% 3.3% 3.0%

1.7% 1.7% 1.1%

0%

5%

10%

15%

20%S

witzerl

and

Fra

nce

De

nm

ark

Germ

any

Ne

therl

and

s

Sw

ede

n

Belg

ium

Ru

ssia

nF

ed

era

tion

Fin

land

Spain

Irela

nd

Gre

ece

Isra

el

Ukra

ine

% N

AV

32

Absolute country positions as at 30 September 2017


Allocation resultant of bottom-up stock specific ideas

Active currency weights as at 30 September 2017

9.9%7.5%

2.6%

-0.1%-0.3%-0.8%-1.0%-1.1%-1.4%

-10.3%-15%

-10%

-5%

0%

5%

10%

15%

DKK USD SEK CZK HUF TRY PLN CHF NOK EUR

% N

AV

Active Weight %

Absolute market cap weights as at 30 September 2017

-10%

0%

10%

20%

30%

40%

50%

60%

< £2bn £2-£5bn £5-£10bn £10-£25bn >£25bn

% N

AV

% NAV Active %


BlackRock Greater Europe Investment Trust plc – Gearing

Inception to 30 September 2017

33

-10.0

-5.0

0.0

5.0

10.0

15.0

03

/01

/200

6

31

/03

/200

6

23

/06

/200

6

15

/09

/200

6

08

/12

/200

6

02

/03

/200

7

25

/05

/200

7

17

/08

/200

7

11

/9/0

7

2/1

/08

4/2

5/0

8

7/1

8/0

8

10

/10

/08

1/2

/09

3/2

7/0

9

6/1

9/0

9

9/1

1/0

9

11

/27

/200

9

12

/2/1

0

4/2

9/1

0

7/9

/10

10

/1/1

0

12

/17

/10

2/2

8/1

1

5/2

0/1

1

8/1

2/1

1

11

/4/1

1

1/2

7/1

2

4/2

0/1

2

7/1

3/1

2

10

/5/1

2

12

/21

/12

3/8

/13

5/3

0/1

3

8/1

6/2

013

10

/31

/201

3

1/1

0/2

014

3/3

1/2

014

6/2

0/2

014

08

/29

/201

4

11

/14

/201

4

1/3

0/2

015

4/1

7/2

015

3/7

/15

9/2

5/2

015

12

/04

/201

5

2/2

6/2

016

6/1

0/2

016

8/3

1/2

016

07

/12

/201

6

28

/02

/201

7

19

/05

/201

7

11

/08

/201

7

%

Gearing

Source: BlackRock, as at 30 September 2017. Gearing permissible up to 15%.


Utilising full gearing capacity opportunistically



DM/EM Exposure through time

34

92

.4

92

.9

93

.4

91

.7

92

.0

93

.4

91

.3

91

.4

92

.3

92

.4

93

.1

91

.9

92

.8

90

.9

92

.3

93

.0

92

.9

93

.2

94

.0

93

.7

94

.0

94

.5

94

.5

94

.4

94

.8

93

.9

95

.1

95

.5

94

.9

94

.1

93

.9

93

.2

92

.7

92

.6

93

.2

93

.0

93

.7

91

.7

91

.8

91

.7

91

.4

91

.2

91

.7

91

.3

90

.3

91

.6

90

.6

89

.4

85

.2

89

.0

92

.5

92

.9

7.6

7.1

6.6

8.3

8.0 6.6

8.7

8.6 7.7

7.6 6.9

8.1 7.2

9.1 7.7 7.0

7.1

6.8 6.0

6.3

6.0

5.5

5.5

5.6

5.2

6.1 4.9

4.6 5.1

5.9

6.1

6.8

7.3

7.4 6.8

7.0 6.3

8.3

8.2

8.3

8.6

8.8

8.3

8.7

9.7 8.4

9.4

10

.6

14

.8

11

.0 7.6

7.1

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jun

-13

Jul-

13

Au

g-1

3

Se

p-1

3

Oct-

13

Nov-1

3

Dec-1

3

Jan

-14

Fe

b-1

4

Ma

r-1

4

Ap

r-14

Ma

y-1

4

Jun

-14

Jul-

14

Au

g-1

4

Se

p-1

4

Oct-

14

Nov-1

4

Dec-1

4

Jan

-15

Fe

b-1

5

Ma

r-1

5

Ap

r-15

Ma

y-1

5

Jun

-15

Jul-

15

Au

g-1

5

Se

p-1

5

Oct-

15

Nov-1

5

Dec-1

5

Jan

-16

Fe

b-1

6

Ma

r-1

6

Ap

r-16

Ma

y-1

6

Jun

-16

Jul-

16

Au

g-1

6

Se

p-1

6

Oct-

16

Nov-1

6

Dec-1

6

Jan

-17

Fe

b-1

7

Ma

r-1

7

Ap

r-17

Ma

y-1

7

Jun

-17

Jul-

17

Au

g-1

7

Se

p-1

7

Developed Emerging

% N

AV

Source: BlackRock as at 30 September 2017. 2017 data from 30 June 2013



Active Management of Discount


Share price premium/discount to NAV (including income) over three years (%)

0

10

20

30

40

50

60

20

11

20

12

20

13

20

14

20

15

20

16

20

17

Costs

/pro

ceeds (

£m

)

Repurchases Allotments

Share buyback – repurchases and allotments

Source: BlackRock, Edison Research 30 September 2017


-12

-10

-8

-6

-4

-2

0

2

4

AE1017E-293694-875310

BlackRock Greater Europe Investment Trust plc Ongoing charges and

expenses


Expenses

Year ended

30-Sep-17

£ '000

Total investment management fee 2,573 0.86%

Custody fees 38 0.01%

Depositary fees 41 0.01%

Audit fees 24 0.01%

Registrars' fees 75 0.03%

Directors’ emoluments 117 0.04%

Marketing fees 90 0.03%

Other administration costs 335 0.11%

Total 3,293 1.10%

Average net assets for the year 299,483,483

Ongoing charges 1.10%


Source: BlackRock, company filings full year 2017. For illustrative purposes only and subject to change

AE1017E-293694-875310

Active selection versus passive allocation


Stoxx 50 Index composition

Financials24.10%

18.80%

13.92%

8.69%

7.46%

7.22%

6.05% Oil & Gas

5.26% Utilities

5.13% Telecoms3.37%

Financials Consumer Goods Industrials Basic Materials Health Care

Technology Oil & Gas Utilities Telecommunications Consumer Services

E.g. Total (4.5% of index):

• Minimal exploration

success in last 10 years

leaves portfolio empty –

may require riskier

acquisition

• Little room on balance

sheet – has used off

balance sheet project

finance to improve debt

metrics

• Cash flow negative –

potential dividend risk

Source: BlackRock, 31 July 2017



Over-ownership of banks

• Compressing profitability under

low rates

• Liquidity mismatch in Eurozone

and intense banking competition

structural headwinds on loan

pricing

Limited growth in insurers:

• e.g. AXA growth target 3-7%

• Many insurers boast capital

heavy business models

increasingly challenged by

regulation

• Highly regulated

industries with less room

for growth

• High capex requirements

within most businesses


South Africa Listing – Indicative Time Table



Meetings exclusively conducted for selected qualified and professional investors. *Subject to required approvals. Information accurate as at 30 October 2017.

Description Date

Meetings 13–17 November 2017

Opening of Book* 09:00 Monday 13 November 2017

Closing of Book* 17:00 Friday 17 November 2017

Allocations Announced* Monday 20 November 2017

Settlement and Listing of Shares* Friday 24 November 2017

Estimated Number of Shares being Placed 10.2 m shares (however, may be more)

Placing Price per ShareRand equivalent of NAV per share on the date the

book closes. NAV was 341.7 as at 29/09/2017

AE1017E-293694-875310

Contact


Johan Holtzhausen, PSG Capital, Managing Director

[email protected]

Tel: +27 21 887 9602

Mobile: +27 28 558 3623

Willie Honeyball, PSG Capital, Director

[email protected]

Tel: +27 21 887 9602

Mobile: +27 71 173 4729

Simon White, BlackRock Head of Investment Trusts, Managing Director

[email protected]

Tel: +44 20 7743 5824

Mobile: +44 7866 454 082

Barbara Vintcent, BlackRock Country Head of Southern Africa, Managing Director

[email protected]

Tel: +27 21 403 6446

Mobile: +27 79 304 0638

Khoabane Phoofolo, BlackRock South Africa, Vice President

[email protected]

Tel: +27 21 403 6441

Mobile: +27 72 296 3307


mailto:[email protected]





Important information


This material is only distributed to South African investors for information purposes and subject to the following restrictions:

(a) the South African investor is: a bank; a person whose ordinary business, or part of whose ordinary business, is to deal in securities (whether as

principals or agents); the Public Investment Corporation (SOC) Limited; an authorised financial services provider; a financial institution; a wholly owned

subsidiary of a bank, a financial services provider or financial institution acting as agent in the capacity of an authorised portfolio manager for a registered

pension fund or as manager of a registered collective investment scheme; or a combination of the abovementioned entities; or

(b) the South African investor is a single addressee acting as principal who is willing to subscribe for BlackRock Greater Europe Investment Trust plc to the

value of at least ZAR 1,000,000 (one million Rand); or

(c) this offer is a non-renounceable offer made only to South African investors who are existing holders of the BlackRock Greater Europe Investment Trust

plc or persons related to existing holders of the BlackRock Greater Europe Investment Trust plc.

Recipients who accept this offer warrant that they have obtained the relevant exchange control approval.

Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South

African Financial Services Board, FSP No. 43288.


Important information


This material is for distribution to Professional Clients (as defined by the FCA or MiFID Rules) and Qualified Investors only and should not be relied upon by any other

persons.

Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue,

London, EC2N 2DL. Tel: 020 7743 3000. Registered in England No. 2020394. For your protection telephone calls are usually recorded. BlackRock is a trading name

of BlackRock Investment Management (UK) Limited.

Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Board,

FSP No. 43288.

Past performance is not a guide to current or future performance. The value of investments and the income from them can fall as well as rise and is not

guaranteed. You may not get back the amount originally invested. Changes in the rates of exchange between currencies may cause the value of investments to

diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and

substantially. Levels and basis of taxation may change from time to time.

Net Asset Value (NAV) performance is not the same as share price performance, and shareholders may realise returns that are lower or higher than NAV performance.

Investment strategies, such as borrowing, used by the Trust can result in even larger losses suffered when the value of the underlying investments fall.

All the trusts are traded on the London Stock Exchange and dealing may only be through a member of the Exchange. The Trust has appointed BlackRock Investment

Management (UK) Limited as Investment Manager. It will not invest more than 15% of its gross assets in other listed investment trusts. SEDOL™ is a trademark of the

London Stock Exchange plc and is used under licence.

Investment trusts currently conduct their affairs so that their securities can be recommended by IFAs to ordinary retail investors in accordance with the FCA’s rules in

relation to non-mainstream investment products and intend to continue to do so for the foreseeable future. The securities are excluded from the FCA’s restrictions which

apply to non-mainstream investment products because they are securities issued by investment trusts.

Overseas investment will be affected by movements in currency exchange rates. Emerging market investments are usually associated with higher investment risk than

developed market investments. Therefore the value of these investments may be unpredictable and subject to greater variation. Investment strategies, such as

borrowing, used by the Trust can result in even larger losses suffered when the value of the underlying investments fall. The Fund’s investments may have low liquidity

which often causes the value of these investments to be less predictable. In extreme cases, the Fund may not be able to realise the investment at the latest market price

or at a price considered fair.

Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made

available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views

of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy.

This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in

connection with any such offer.

© 2017 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, iSHARES, BUILD ON BLACKROCK, SO WHAT DO I DO WITH MY MONEY

and the stylized i logo are registered and unregistered trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are

those of their respective owners.


Documents

BlackRock Greater Europe Investment Trust plc · meetings in 2016) Valuation based on several perspectives 10 Source: BlackRock. Current process for selecting investments in the fund’sportfolio