Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 30 June 2012 and unaudited.

Performance at month end with net income reinvested
                                 One     Three      One    Three   Since launch
                               Month    Months     Year    Years    (20 Sep 04)
Net asset value* (Undiluted)    5.1%     -5.4%   -18.2%    47.9%         105.9%
Net asset value* (Diluted)      5.1%     -5.0%   -15.6%    47.9%         105.9%
Share price                     4.9%     -8.8%   -16.0%    53.8%          95.6%
FTSE World Europe ex UK         6.7%     -6.9%   -20.0%    20.0%          60.8%
Sources: BlackRock and Datastream

* Net asset value and share price performance includes the subscription share
reinvestment, assuming the subscription share entitlement per share was sold
and the proceeds reinvested on the first day of trading.

At month end
Net asset value (capital only):        173.57p
Net asset value (including income):    178.43p
Net asset value (capital only)**:      173.57p
Net asset value (including income)**:  178.43p
Share price:                           168.63p
Discount to NAV (including income):       5.5%
Discount to NAV (including income)**:     5.5%
Subscription share price:                3.50p
Gearing:                                   Nil
Net yield***:                             2.1%
Total assets (including income):       £213.7m
Ordinary shares in issue****:      119,776,919
Subscription shares in issue:       23,500,217

**  Diluted for subscription shares.
*** Based on final ordinary dividend of 3.50p per share in respect of the year
ended 31 August 2011.
**** Excluding 4,760,637 shares held in treasury.

Benchmark
Sector Analysis  Total Assets (%)  Index (%)  Country Analysis  Total Assets (%)

Consumer Goods               18.1       19.2  Switzerland                   22.1
Industrials                  15.3       14.5  France                        13.8
Oil & Gas                    12.8        7.0  Germany                       11.8
Basic Materials              11.6        8.3  Spain                          7.0
Financials                   11.4       19.7  Denmark                        5.9
Health Care                  11.1       12.6  Russia                         5.6
Consumer Services             8.7        5.2  Italy                          5.6
Telecommunications            4.0        5.0  Netherlands                    5.6
Technology                    3.3        3.4  Finland                        4.5
Utilities                       -        5.1  Sweden                         4.4
Net current assets            3.7          -  Belgium                        2.3
                            -----      -----  Ireland                        2.1
                            100.0      100.0  Poland                         1.5
                            =====      =====  Portugal                       1.4
                                              Other                          2.7
                                              Net current assets             3.7
                                                                           -----
                                                                           100.0
                                                                           =====

Ten Largest Equity Investments (in alphabetical order)

Company                            Country of Risk
BASF                               Germany
Eni                                Italy
LVMH Moet Hennessy Louis Vuitton   France
Novo Nordisk                       Denmark
Pernod Ricard                      France
Roche                              Switzerland
SAP                                Germany
Swiss Re                           Switzerland
Syngenta                           Switzerland
Zurich Insurance                   Switzerland

 
Commenting on the markets, Vincent Devlin, representing the Investment Manager
noted:

During the month, the Company's NAV rose 5.1% and the share price rose 4.9%.
For reference, the FTSE World Europe ex UK Index rose 6.7% during the same
period.

Despite the deterioration in fundamentals in June, markets rallied as a
'positive' result from the Greek elections and an EU summit helped to increase
investor risk appetite.  Banks and insurance rallied but the 'risk on' move was
not broad-based as high beta sectors such as autos, basic resources and
industrials still lagged the market.  The IBEX in Spain rallied by 16.6% during
June and proved the strongest performing market in Europe.

The Company's relative underperformance when compared with the broad market can
be primarily attributed to weak sector allocation within the utilities and
financials sectors.  This was somewhat offset by strong stock selection within
the industrial and oil & gas sectors.  The decision to own shares in BASF and
Lanxess as selected cyclical names within the chemicals sector contributed to
negative returns on a relative basis as the global economic outlook weakened.
In addition, the Company's performance, when compared with the market, was
hurt by not owning large cap Spanish banks including Banco Santander and BBVA.

Offsetting that, many of the most successful individual stock positions proved
to be in Spanish focused companies.  Inditex was a top performer for the month
as it posted strong Q1 results, showing robust outperformance of other European
retailers and the resilience of the business given its exposure to Spain.  A
position in travel booking operator Amadeus IT also performed strongly,
benefiting from the rally in Spanish stocks during June.  The decision not to
own food producer Danone contributed strongly to performance, as the company
issued a profit warning citing lack of investment in marketing and an overly
large price gap between their products and private label brands in Spain.
Company positioning at a stock level was generally more successful than at a
sector level; however, the decision to implement less exposure to consumer
goods and more exposure to consumer services proved successful.

At the end of the month, the Company had higher weightings (when compared with
the FTSE World Europe ex UK Index) in oil & gas, basic materials, industrials,
consumer services and lower weights in financials, utilities, consumer goods,
health care, telecoms and technology.

Outlook
Europe continues to offer amongst the cheapest valuations of all the developed
equity regions and we believe that the current valuation levels, driven by euro
crisis risk aversion, provide attractive entry levels for long term investors
who are prepared to tolerate shorter term volatility.  Corporate balance sheets
remain robust in Europe and we do not expect a collapse in earnings while the
global economy continues to expand (albeit at a slower pace).  European
equities offer a very attractive dividend yield of close to 4% - the highest
yield of any developed market region and significantly higher than the yield
currently offered by a number of other asset classes.

Investors are pricing in a significant risk premium for the current political
and economic uncertainties and we believe our strategy of building positions in
the long term winners - companies with highly differentiated business models,
strong balance sheets and structural growth driven largely by international
demand - will deliver attractive returns over the medium term.  Further
progress around the sovereign debt crisis could allow a reduction in the equity
risk premium attached to Europe.

16 July 2012

ENDS

Latest information is available by typing www.brgeplc.co.uk on the internet,
"BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).  Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.