Result of Tender offer

Not for release, publication or distribution in or into the United States,
Canada, Australia or Japan

20 May 2008

                 BlackRock Greater Europe Investment Trust plc                 
                          Results of the Tender Offer                          

Background

The Company offered to repurchase up to 20 per cent. of its issued Ordinary
Shares excluding any Shares held in treasury (115,117,791).

The Tender Offer was under subscribed and 2,728,833 Ordinary Shares (2.37% of
the issued Ordinary Shares excluding treasury shares) were tendered. The Tender
will be satisfied in full.

Expected timetable of events

Calculation date                         close of business on 2 June 2008
Tender price announced                   3 June 2008
Cheques despatched and payments
made through CREST                       as soon as practicable after 5 June 2008
Balancing Ordinary Share certificates
despatched and CREST accounts settled    as soon as practicable after 5 June 2008

Definitions

Terms defined in the Circular have the same meaning when used herein unless the
context otherwise requires.

Enquiries

BlackRock Investment Management (UK) Limited    020 7743 3000
Jonathan Ruck Keene
Caroline Driscoll

UBS Investment Bank                             020 7567 8000
Joseph Winkley

UBS Limited is acting for the Company in connection with the Tender Offer and
no one else and will not be responsible to anyone other than the Company for
providing the protections offered to clients of UBS Limited nor for providing
advice in relation to the Tender Offer.