Circ re Redesignation of Outstanding Subscripti...

BlackRock Greater Europe Investment Trust plc

Proposed redesignation of Outstanding Subscription Shares and purchase and
cancellation of the resulting Deferred Shares

The Company has today published a shareholder circular and notice of General
Meetings for Ordinary Shareholders and Subscription Shareholders, both of which
will be held on 29 November 2012 following the conclusion or adjournment of the
2012 Annual General Meeting, seeking shareholder approval for the redesignation
of the Outstanding Subscription Shares (if any) as Deferred Shares following
the expected lapse of the Subscription Share Rights on 14 November 2012, the
subsequent repurchase and cancellation of the Deferred Shares immediately
following such redesignation, and amendment to the Articles of Association to
remove all references to Subscription Shares (together the "Proposals").

The purpose of the Proposals is to enable the Company to continue to be in a
position to be approved as a UK investment trust should there be any
Outstanding Subscription Shares following the lapse of the Subscription Share
Rights.

On 30 July 2010, the Company issued Subscription Shares as a bonus issue to
Ordinary Shareholders on the basis of one Subscription Share for every five
Ordinary Shares held. In addition, following the acquisition of the assets of
Charter European Trust plc, qualifying shareholders were issued Subscription
Shares on 27 February 2012 on the same basis. The final date for the exercise
of Subscription Share Rights by Subscription Shareholders is 31 October 2012.

As at 29 October 2012 (the latest practicable date prior to the publication of
this announcement) the mid-market price of an Ordinary Share was 182.12 pence
compared to the exercise price of the Subscription Shares of 183 pence and
23,484,013 Subscription Shares were in issue.

The Company has requested that the UK Listing Authority suspend the listing of
the Subscription Shares from 7.30am on 1 November 2012, following the passing
of the final exercise date. In the event that a final subscription trustee
appointed in accordance with the Company's Articles of Association does not
exercise any outstanding Subscription Share Rights, the Subscription Share
Rights will lapse on 14 November 2012. If both Resolutions are passed at the
General Meetings, the Company will purchase all of the Deferred Shares
immediately following the redesignation and the Deferred Shares will then be
cancelled by the Company.

Full details of the background to, and details of, the Proposals, which require
the approval of Ordinary Shareholders in general meeting and of Subscription
Shareholders at a separate class meeting and notices of the General Meetings
are set out in the shareholder circular. A copy of the circular has been posted
to all shareholders today and will shortly be available for inspection at the
National Storage Mechanism which is located at www.hemscott.com/nsm.do.

30 October 2012

For further information, please contact:

Caroline Driscoll
BlackRock Investment Management (UK) Limited - Company Secretary
Telephone [phone]