Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 July 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)    2.3%     -1.4%   -10.2%    36.6%         110.5%
Net asset value* (Diluted)      2.3%     -1.2%    -8.3%    36.7%         110.6%
Share price                     2.4%     -2.1%    -8.8%    45.4%         100.3%
FTSE World Europe ex UK         1.2%     -0.4%   -12.8%     9.9%          62.7%

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):        177.58p
Net asset value (including income):    182.45p
Net asset value (capital only)**:      177.58p
Net asset value (including income)**:  182.45p
Share price:                           172.75p
Discount to NAV (including income):       5.3%
Discount to NAV (including income)**:     5.3%
Subscription share price:                1.50p
Gearing:                                 0.00%
Net yield***:                             2.0%
Total assets (including income):       £218.5m
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 for 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               20.9       19.6  Switzerland                   21.8
Basic Materials              15.3        8.4  Germany                       17.8
Industrials                  14.3       14.6  France                        15.0
Health Care                  10.9       13.0  Spain                          6.7
Consumer Services            10.4        5.2  Sweden                         5.7
Oil & Gas                    10.3        7.1  Denmark                        5.4
Financials                    9.9       19.0  Netherlands                    5.4
Telecommunications            4.1        4.8  Russia                         4.9
Technology                    3.6        3.6  Finland                        4.6
Utilities                      -         4.7  Italy                          4.0
Net current assets            0.3          -  Belgium                        2.3
                            -----      -----  Ireland                        2.1
                            100.0      100.0  Luxembourg                     1.5
                            =====      =====  Portugal                       1.3
                                              Other                          1.2
                                              Net current assets             0.3
                                                                           -----
                                                                           100.0
                                                                           =====

Ten Largest Equity Investments (in alphabetical order)

Company                            Country of Risk
BASF                               Germany
Linde                              Germany
LVMH Moet Hennessy Louis Vuitton   France
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 2.3% and the share price rose 2.4%.
For reference, the FTSE World Europe ex UK Index rose 1.2% during the same
period.

Expectations for further policy response from European authorities contributed
to the continuation of June's rally, combined with monetary policy easing in
global markets.  The rally was led by autos and tech in July, although other
cyclical sectors underperformed including construction and banks.  Some
lower-beta sectors such as healthcare also performed well.  Spanish and Italian
equities lagged following their strong performance in June.  The Euro also
depreciated against most other major currencies.

The Company's relative outperformance when compared with the broad market can
be primarily attributed to strong sector allocation combined with good stock
selection.  Higher weightings in basic materials and lower weightings in
financials and utilities in particular were rewarded.

Some of the most successful individual stock positions were in the autos and
oil services industries.  Seismic operator CGG Veritas was a key contributor to
performance, as the company experienced positive earnings revisions following a
robust outlook statement at mid-year results.  The company confirmed strong
tender activity and increased industry tightness enabling good pricing trends.
The deep-value French auto producer Renault was also a key contributor to
performance as the company reported results that confirmed they are on target
to meet full-year guidance despite weaker than expected volumes and produced a
profit in their auto division for the first half of the year.  The decision not
to own Spanish Telecoms operator Telefonica contributed strongly to performance
as the company cancelled its 2012 dividend and buy-back, intending to resume it
in the future.

On a less successful note, the decision to hold a position in Italian energy
producer ENI detracted from performance as the company failed to fulfil its
traditional, oil major-defensive position due to the Italian domestic market
remaining in sovereign turmoil.

At the end of the month, the Company had higher weights (when compared with the
FTSE World Europe ex UK Index) in basic materials, consumer services, oil &
gas, technology and consumer goods and lower weights in industrials,
financials, healthcare, utilities and telecoms.  The Company averaged a cash
weight of 1.8% in July.

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.

13 August 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.