Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 30 June 2011 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*           0.7%     2.9%    38.8%    42.9%         151.6%
(Undiluted)                                                           
Net asset value*           0.6%     2.5%    34.6%    38.6%         143.9%
(Diluted)                                                             
Share price               -0.2%     0.5%    39.8%    43.7%         132.8%
FTSE World Europe ex UK    1.1%     3.1%    29.6%     7.3%         101.1%
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):          218.77p     
Net asset value (including income):      225.58p**   
** Includes net revenue of 6.81p                   
Net asset value (capital only)***:       212.95p     
Net asset value (including income)***:   218.65p     
Share price:                             208.00p     
Discount to NAV (capital only):             4.9%     
Discount to NAV (including income):         7.8%     
Discount to NAV (capital only)***:          2.3%     
Discount to NAV (including income)***:      4.9%     
Subscription share price:                 27.50p     
Gearing (including income):                 5.7%     
Net yield:                                  1.6%     
Total assets (including income):         £227.8m     
Ordinary shares in issue:             95,205,963#    
Subscription shares in issue:         18,515,026     
                                                   
*** Diluted for subscription shares.               
# Excluding 2,229,788 shares held in treasury.     

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

Industrials                25.5      14.1  France                     20.7 
Consumer Goods             21.0      16.3  Switzerland                17.2 
Oil & Gas                  12.7       9.2  Germany                    13.0 
Financials                 10.8      22.5  Finland                     7.0 
Health Care                 9.5       9.4  Denmark                     6.6 
Basic Materials             8.1       8.6  Netherlands                 6.2 
Telecommunications          4.7       5.9  Sweden                      6.0 
Consumer Services           3.1       4.7  Norway                      5.3 
Technology                  2.8       3.3  Russia                      4.3 
Utilities                   1.1       6.0  Italy                       2.8 
Net current assets          0.7         -  Ireland                     2.2 
                          -----     -----  Portugal                    2.1 
                          100.0     100.0  Spain                       0.9 
                          =====     =====  Belgium                     0.6 
                                           Other                       4.4 
                                           Net current assets          0.7 
                                                                     ----- 
                                                                     100.0 
                                                                     ===== 

Ten Largest Equity Investments (in alphabetical order)          
                                                               
Company                            Country of Risk             
Atlas Copco                        Sweden                      
Compagnie Financière Richemont     Switzerland                 
Kone                               Finland                     
Legrand                            France                      
LVMH                               France                      
Nestlé                             Switzerland                 
Novartis                           Switzerland                 
Novo Nordisk                       Denmark                     
Schneider Electric                 France                      
Vallourec                          France                      


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

Fund Performance & Attribution
During the month, the Company's NAV gained by 0.7% and its share price fell by
0.2%. This compares with a return of 1.1% for the FTSE World Europe ex UK
index.

European equity markets were volatile in June as concerns about a fall in
global industrial production caused concern and Greek political unrest pushed
the country near to the brink of default. However, the eventual approval of the
Greek austerity budget and a better than expected ISM number in the US caused
markets to rally at the end of the month, reversing much of the negative
performance.

Positions in the financials, telecoms and utilities sectors proved the worst
performers in the month, when compared with the FTSE World Europe ex UK index.
A holding in Norwegian bank DNB Nor, which we view as one of the more
attractive companies in a sector that offers very little growth and higher
levels of exposure to a potential peripheral default, detracted from returns,
as did a holding in Swiss asset manager Gam. Within the utilities sector, a
holding in Finnish company Fortum suffered from concerns over a windfall tax
brought in by the new government, although we believe that these concerns may
be overdone and remain positive on the stock.

On a more positive note, positions in the autos industry performed well for the
Company during June, with holdings in Continental and Nokian Renkaat both
continuing to perform better than the sector. In addition, the Company's
holdings in the oil & gas services industry contributed strongly to returns, as
did a position in luxury goods company LVMH.

At the end of the period, the Company had higher weightings (relative to the
reference index) in the industrials, oil & gas, consumer goods and basic
materials sectors, and lower weightings in the financials, utilities, consumer
services, technology and health care sectors. The Company was geared by 5.7% at
the end of June.

Outlook
While macro economic headwinds have increased somewhat, we continue to favour
companies with exposure to global growth trends and those with access to higher
levels of domestic growth in selected areas, whilst avoiding exposure to the
periphery and companies that are likely to face increasing headwinds from
higher soft and hard commodities prices. Peripheral debt concerns within the
region have not yet subsided but we believe that much of the potential downside
associated with a peripheral default is reflected in valuations. Moreover, we
continue to see strong economic data across core and northern Europe.
Exceptions to this include the UK, Greece, Ireland, Portugal and Spain, as
these economies continue to address their debt imbalances.

20 July 2011

ENDS

Latest information is available by typing www.blackrock.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.