Issue of Equity

24 February 2012

                 BlackRock Greater Europe Investment Trust plc                 

Issue of Equity in connection with the Reconstruction and Winding-up of Charter
                              European Trust plc                               

The board of BlackRock Greater Europe Investment Trust plc (the "Company")
refers to the Circular and the Prospectus published by the Company on 26
January 2012 concerning the proposed issue of up to 40 million New Ordinary
Shares and 8 million New Subscription Shares in the Company, in connection with
the recommended proposals for the reconstruction and winding-up of Charter
European Trust plc ("Charter").

Under the terms of the Proposals, the FAVs of the Company and Charter were
calculated as at 5.00pm on 22 February 2012. The FAV per Ordinary Share was
187.860303526p and the FAV per Charter Share was 228.640598932p.

Under the terms of the Proposals and conditional upon the Proposals becoming
effective, Qualifying Charter Shareholders will be issued with such number of
New Ordinary Shares as have (at the FAV per Ordinary Share) an aggregate FAV
equal to the Total Charter FAV of their Charter Shares (subject to rounding
down in respect of fractional entitlements). Accordingly, Qualifying Charter
Shareholders shall receive 1.2171 New Ordinary Shares for every existing
Charter Share held. Fractions of New Ordinary Shares which would otherwise
arise will not be issued to Charter Shareholders, with fractional entitlements
being rounded down to the nearest whole number of Ordinary Shares.

Qualifying Charter Shareholders will also receive one New Subscription Share
for every 5.1742670705 New Ordinary Shares. Fractions of Subscription Shares
will not be allotted or issued and will be rounded down to the nearest whole
number of Subscription Shares.

Conditional upon the Proposals becoming effective, 26,890,598 New Ordinary
Shares and 5,196,398 New Subscription Shares are being issued by the Company as
consideration for the transfer to the Company of the assets of Charter valued
at approximately £50.5m in accordance with the Scheme.

Application has been made for the admission of 26,890,598 New Ordinary Shares
and 5,196,398 New Subscription Shares to the Official List of the UK Listing
Authority and to trading on the London Stock Exchange's main market for listed
securities. Dealings in the New Ordinary Shares and New Subscription Shares are
expected to commence at 8.00 a.m. on 27 February 2012. The New Ordinary Shares
are expected to be admitted to the Official List with a Premium Listing and the
New Subscription Shares are expected to be admitted to the Official List with a
Standard Listing.

The New Ordinary Shares will rank pari passu in all respects with the existing
issued Ordinary Shares and the New Subscription Shares will rank pari passu in
all respects with the existing issued Subscription Shares.

Voting rights

Following the issue of New Ordinary Shares and New Subscription Shares pursuant
to the Proposals, the Company will have 121,769,700 Ordinary Shares and 
23,533,121 Subscription Shares in issue (excluding 2,734,952 treasury shares). 
The Ordinary Shares each carry one voting right per share which, in aggregate, 
upon completion of the Proposals, will total 121,769,700 voting rights in the
Company. Ordinary Shareholders may use this figure as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company under the Disclosure
and Transparency Rules.

Enquiries:

Will Rogers - Cenkos Securities 020 7397 1920

Simon White - BlackRock - 0207 743 5284

Notes:

Terms defined in the prospectus and circular relating to BlackRock Greater
Europe Investment Trust plc, each dated 26 January 2012, shall have the same
meanings in this announcement unless the context otherwise requires.