Conversion of Securities

BlackRock Greater Europe Investment Trust PLC

5 January 2011

Reminder of your right to subscribe for Ordinary Shares at 183p per share

This announcement is issued by way of reminder only and is not to be read as a
recommendation to Subscription Shareholders to exercise their Subscription
Share Rights or otherwise. You will still have further opportunities to
subscribe for all or any of the Ordinary Shares to which your Subscription
Shares relate on each of 30 April, 31 July, 31 October and 31 January (and if
any such date is not a Business Day, the succeeding Business Day) between 30
April 2011 and 31 October 2012 (both dates inclusive) at 183p per share if you
choose not to do so on this occasion.

Exercise of Subscription Share Rights held in Certificated form

Shareholders wishing to exercise their Subscription Share Rights, who hold
their shares in Certificated form, should refer to the instructions on the
reverse of their Subscription Share Certificate(s). Shareholders must lodge the
relevant Subscription Share certificate(s) at the office of Computershare
Priority Applications, Corporate Actions, Bristol BS99 6AJ during the period of
28 days ending at 5.00 pm on the relevant Subscription Date (31 January 2011),
having completed the notice of exercise of Subscription Share Rights, and a
remittance for the aggregate Subscription Price for the Ordinary Shares in
respect of which the Subscription Share Rights are being exercised. Shares will
be allotted within ten business days of the relevant Subscription Date (by 14
February 2011).

Exercise of Subscription Share Rights held through CREST

Shareholders wishing to exercise their Subscription Share Rights, who hold
their Shares through CREST, should send a USE (Unmatched Stock Event)
instruction as set out below together with a remittance for the aggregate
Subscription Price in respect of which the Subscription Share Rights are being
exercised. When sending a USE instruction Shareholders should use the following
participation and member account IDs when processing their applications:

CREST Participant ID = 0RA36
CREST Member Account ID = GREATER

The USE instruction should be inputted to settle in accordance with the CREST
timetable on the relevant Subscription Date (31 January 2011). Shares will be
allotted within ten business days of the relevant Subscription Date (by 14
February 2011).

All times referred to relate to the normal CREST daily timetable. It is a
Subscription Shareholder's responsibility to monitor that timetable for changes
until 2.00 p.m. on 31 January 2011 and to take appropriate action if any of the
events are brought forward.

Exercise of Subscription Share Rights held through the BlackRock Stocks &
Shares ISA or Savings Plan

Savings Scheme Participants wishing to exercise their Subscription Share Rights
should download the Savings Plan Notice of Exercise of Subscription Share
Rights Form or the Stocks & Shares ISA Notice of Exercise of Subscription Share
Rights Form which will shortly be available from the BlackRock website,
complete and return it to the address given at the top of the form. Forms must
be received at least seven business days before the relevant Subscription Date
on which the exercise of Subscription Share Rights are applicable and therefore
should be received by 20 January 2011. Shares arising from the exercise of
Subscription Share Rights will be issued within ten business days of the
relevant Subscription Date (by 14 February 2011).

Net asset value and share price information

The net asset value per Ordinary Share (fully diluted, cum income) and the 
closing prices for the Company's Ordinary Shares and Subscription Shares, taken
from the Daily Official List of the London Stock Exchange on the first dealing
day in each of the six months prior to the date of this announcement and on the
latest practicable date prior to the date of this announcement, were as follows:
   
                Net asset value      Ordinary Share     Subscription Share            
2010            (pence)              Price (pence)      Price (pence)     
1 July          164.50               152.00             N/A              
2 August        181.59               165.75             12.00            
1 September     180.80               164.00             10.75            
1 October       190.21               182.00             16.25            
1 November      194.49 XD            189.25 XD          20.75            
1 December      193.12 XD            187.25 XD          23.00            
31 December     205.42               195.75             24.50            

Taxation

On exercise of the right to convert any Subscription Shares into Ordinary
Shares, the Ordinary Shares issued pursuant to the Subscription Share Rights
will be treated as the same asset in respect of which the Subscription Share
Rights are exercised. The base cost of each such Ordinary Share will be the
deemed base cost of the Subscription Share that it replaces, plus the
Subscription Price. Further information relating to taxation can be found at
Part V of the Combined Prospectus and Circular dated 24 June 2010.

Capitalised terms have the meanings given to them in the Combined Prospectus
and Circular dated 24 June 2010.

If you have any enquiries regarding the procedures described above, these
should be referred, in the case of CREST sponsored members, to their CREST
sponsor and, in the case of other members including CREST sponsors, to the
Receiving Agent, at Computershare Investor Services PLC, PO Box 859, The
Pavilions, Bridgwater Road, Bristol BS99 1XZ, telephone [phone].

Ms C Driscoll
BlackRock Investment Management (UK) Limited
Secretary

                                                                                                                                                          es ISA are available from www.blackrock.co.uk/its. Neither the contents of
the Manager's website nor the contents of any website accessible from the
hyperlinks on the Manager's website (or any other website) is incorporated
into, or forms part of, this announcement.