Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 May 2013 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)     3.8%      3.5%    43.3%    49.0%         177.2%
Net asset value (Diluted)       3.4%      3.1%    42.8%    48.5%         176.3%
Share price                     3.7%      1.0%    43.7%    53.4%         164.1%
FTSE World Europe ex UK         3.2%      5.0%    43.3%    34.9%         116.0%
Sources: BlackRock and DataStream

At month end
Net asset value (capital only):        231.85p
Net asset value (including income):    238.18p
Net asset value (capital only)*:       232.05p
Net asset value (including income)*:   237.31p
Share price:                           225.75p
Discount to NAV (including income):       5.2%
Discount to NAV (including income)*:      4.9%
Susbcription share price                20.00p
Gearing:                                 11.1%
Net yield:                                1.9%
Total assets (including income):       £307.7m
Ordinary shares in issue:          116,285,355**
Subscription shares in issue        23,254,813

*  Diluted for subscription shares.
** Excluding 6,052,299 shares held in treasury.

Benchmark

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

Consumer Goods               19.8       18.3  Switzerland                  20.6
Financials                   18.8       22.1  Germany                      18.3
Health Care                  13.2       12.3  France                       17.2
Consumer Services            10.0        5.5  Netherlands                   8.9
Basic Materials               8.8        8.7  Belgium                       5.2
Industrials                   7.3       14.0  Russia                        4.4
Technology                    6.5        3.6  Denmark                       4.1
Oil & Gas                     4.4        7.7  Ireland                       3.1
Telecommunications            2.9        4.0  Portugal                      1.8
Utilities                       -        3.8  Spain                         1.8
Net current assets            8.3         -   Hungary                       1.6
                             -----     -----  Italy                         1.6
                             100.0     100.0  Sweden                        1.4
                             =====     =====  Finland                       1.0
                                              Ukraine                       0.7
                                              Net current assets            8.3
                                                                          -----
                                                                          100.0
                                                                          =====

Ten Largest Equity Investments (in alphabetical order)

Company
Anheuser Busch                     Belgium
Bayer                              Germany
Cie Financière Richemont           Switzerland
Continental                        Germany
Novo Nordisk                       Denmark
Roche                              Switzerland
Sanofi                             France
Société Générale                   France
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 by 3.8% and the share price increased
by 3.7%.  For reference, the FTSE World Europe ex UK Index gained 3.2% during
the same period.

European equities produced a positive return in May; however, the headline
returns somewhat hide a stronger performance at the start of the month.  The
last week of the month saw investor sentiment turn more cautious after Fed
chairman Ben Bernanke spoke on the possibility of QE tapering.  At a sector
level, autos were the strongest performer over the month, with the more
economically sensitive areas such as materials, industrials and financials also
performing strongly as investors were in a risk-on phase at the start of the
month moving out of defensive names.

Both sector allocation and stock selection benefited the Company's returns
during May.  Positions in consumer goods performed especially well, including
German auto supplier Continental and French auto major Renault.  Ryanair was
also a strong contributor to relative performance.  The company reported good
results, seeing strong growth in its 'ancillary' charges.  Within luxury goods,
Richemont performed well after reporting solid results and announcing a dividend
increase.  Jewellery sales were very strong in April, and we remain positive on
the stock as the year-on-year comparisons for trading become easier in the second
half of the year.

Positions in 'defensive' businesses generally detracted, including Novo Nordisk
and Jeronimo Martins.  A position in re-insurer Swiss Re also lost ground.

At the end of the month, the Company was positioned overweight in consumer
services, basic materials, health care, consumer goods and technology and
underweight in oil & gas, industrials, telecoms, utilities and financials.

Outlook
With the European Central Bank ready to act in the bond markets to support a
distressed sovereign in the Eurozone, the European economy stands to benefit
from the transition from severe austerity to structural reform for growth and
most forecasters expect the region to return to growth towards the end of the
year.  Europe continues to be home to global leaders, available at attractive
valuations thanks to the domicile of their listing as opposed to the customer
base.  However, the political momentum remains fragile and improvements in the
US labour market could lead to a tapering of QE in the US in the near future.
We therefore continue our focus on the long term winners and high quality
companies within the sector.

17 June 2013

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.