Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 30 September 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)    2.0%      6.6%    17.9%    13.7%         119.5%
Net asset value* (Diluted)      1.7%      6.0%    17.2%    13.1%         118.2%
Share price                     4.0%      7.9%    14.0%    16.0%         111.1%
FTSE World Europe ex UK         1.6%      6.6%    12.6%    -1.2%          71.5%
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):        185.29p
Net asset value (including income):    190.25p
Net asset value (capital only)**:      184.91p
Net asset value (including income)**:  189.06p
Share price:                           182.00p
Discount to NAV (including income):       4.3%
Discount to NAV (including income)**:     3.7%
Subscription share price:                2.75p
Gearing:                                   Nil
Net yield:                                1.9%
Total assets (including income):       £227.9m
Ordinary shares in issue:          119,793,123
Subscription shares in issue:       23,484,013

**  Diluted for subscription shares.
*** Excluding 4,760,637 shares held in treasury.

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

Consumer Goods               18.6       18.8  Switzerland                  22.7
Industrials                  17.6       14.5  Germany                      18.1
Basic Materials              13.4        8.6  France                       15.1
Health Care                  11.4       12.5  Sweden                        6.1
Oil & Gas                    11.1        7.1  Spain                         5.6
Financials                   11.1       20.5  Denmark                       5.1
Consumer Services             8.6        5.0  Netherlands                   4.9
Telecommunications            4.5        4.8  Russia                        4.6
Technology                    3.4        3.4  Finland                       3.6
Utilities                      -         4.8  Belgium                       2.4
Net current assets            0.3         -   Hungary                       2.3
                            -----      -----  Ireland                       2.2
                            100.0      100.0  Italy                         2.1
                            =====      =====  Portugal                      1.3
                                              Norway                        1.3
                                              Other                         2.3
                                              Net current assets            0.3
                                                                          -----
                                                                          100.0
                                                                          =====

Ten Largest Equity Investments (in alphabetical order)

Company                            Country of Risk
BASF                               Germany
Electrolux                         Sweden
Linde                              Germany
Nestlé                             Switzerland
Novo Nordisk                       Denmark
Pernod Ricard                      France
Roche                              Switzerland
SAP                                Germany
Swiss Re                           Switzerland
Zurich Insurance                   Switzerland

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

During the month, the Company's NAV rose 2.0% and the share price rose 4.0%.
For reference, the FTSE World Europe ex UK Index increased by 1.6% during the
same period.

September saw further significant policy announcements in the Eurozone, with
Mario Draghi's announcement of unlimited 'outright monetary transactions', the
German Constitutional Court's ratification of the European Stability Mechanism
and a supportive result in the Dutch elections all providing help to Draghi's
previous rhetoric regarding his support of the Euro.  While we still lack a
fundamental turning point in the economy, Eurozone tail risk has been removed
and European equities now look increasingly cheap.  Investor allocation to the
region has increased as a consequence.

The Company's strong performance during the month was primarily driven by stock
selection, with sector weightings also benefiting returns.  At a sector level,
a lower weighting in financials detracted from returns, but the decision to
allocate more capital to basic materials companies proved more successful.

The best performing position during September was seismic services company CGG
Veritas.  The company benefited from further tightening in the pricing cycle
for seismic surveys, as initially flagged by the positive profit warning
announced by its competitor PGS during the second quarter.  A position in
Russian oil & gas producer Lukoil also performed strongly, as did a holding in
OTP Bank.  Within the consumer services sector, a position in Spanish retailer
Inditex performed strongly after the company announced strong like-for-like
growth for the first half of the year.  A holding in elevator and escalator
company Kone also performed well as the share price rebounded following a
period of disappointing performance.

On a more negative note, the Company's position in EADS underperformed during
September.  The stock fell on the announcement of a proposed merger with BAE
Systems in the UK.

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

Outlook
Europe is still faced with a heavy political agenda in the coming months and
the crisis could still escalate if we see a lack of delivery by Eurozone
politicians.  Economic activity will remain subdued given the need to resolve
long term structural issues and country indebtedness in some Eurozone countries
presents a significant headwind to progress.

However, it is our belief that Draghi's apparently unequivocal support for the
Eurozone is a significant step towards removing uncertainty and the tail risk
surrounding a Eurozone break up.   A formal application by Spain for funding
support would further reduce the concerns that have been weighing on European
markets.  In recent months, we have seen investors return to European equities,
but despite a return of optimism global allocations remain at historical lows. 
We could see further allocations back to Europe driven by relative valuations'
attraction and further positive policy action.

11 October 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.