Conversion of Securities

BlackRock Greater Europe Investment Trust plc

30 December 2011

Reminder of your right to subscribe for Ordinary Shares at 183p per share on 
31 January 2012

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 and 31 October in 2012 (and if any
such date is not a Business Day, the succeeding Business Day) at 183p per share
if you choose not to do so on this occasion.

If you are in any doubt about the action you should take, you are recommended
immediately to seek your own personal financial advice from your independent
financial adviser, stockbroker, solicitor, accountant, bank manager or from an
appropriately qualified independent adviser authorised pursuant to the
Financial Services and Markets Act 2000. All Shareholders are strongly advised
to consult their professional advisers regarding their own tax position.

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, 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 2012).

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 2012). Shares will be
allotted within ten business days of the relevant Subscription Date (by 
14 February 2012).

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 2012 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 2012. Shares arising from the exercise of
Subscription Share Rights will be issued within ten business days of the
relevant Subscription Date (by 14 February 2012).

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                  Ordinary           Subscription     
                asset                Share              Share            
2011            value (pence)        Price (pence)      Price (pence)     
                                                                         
1 July          219.76               206.75             28.00            
1 August        203.57               197.00             24.875           
1 September     185.14               184.00             15.25            
3 October       164.48               166.50             11.25            
1 November      167.33 xd            170.00 xd          10.75            
1 December      169.81 xd            166.00 xd           7.50             
29 December     167.69               164.00              6.75             

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].

If you are in any doubt about the action you should take, you should
immediately consult your stockbroker, bank manager, solicitor, accountant or
other independent financial adviser, authorised under the Financial Services
and Markets Act 2000 (FSMA).

Ms C Driscoll
BlackRock Investment Management (UK) Limited
Secretary

END

The forms in respect of the exercise of Subscription Share Rights of
Subscription Shares held within the BlackRock Savings Plan and Stocks and
Shares ISA are available from www.blackrock.co.uk/brge. 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.