Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 March 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*           2.1%     4.5%    17.5%    37.7%         144.4%
(Undiluted)                                                           
Net asset value*           1.8%     3.8%    14.4%    34.0%         138.0%
(Diluted)                                                             
Share price                3.0%     5.7%    17.1%    35.8%         131.7%
FTSE World Europe ex UK    1.6%     5.7%     7.5%    12.2%          95.0%
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):         218.36p     
Net asset value (including income):     219.17p**   
** Includes net revenue of 0.81p                   
Net asset value (capital only)***:      212.64p     
Net asset value (including income)***:  213.32p     
Share price:                            207.00p     
Discount to NAV (capital only):            5.2%     
Discount to NAV (including income):        5.6%     
Discount to NAV (capital only)***:         2.7%     
Discount to NAV (including income)***:     3.0%     
Subscription share price:                28.50p     
Gearing (including income):                2.1%     
Net yield:                                 1.6%     
Total assets (including income):        £217.5m     
Ordinary shares in issue:            97,208,326#    
Subscription shares in issue:        18,742,451     
                                                   
*** Diluted for subscription shares.               
# Excluding 2,898,166 shares held in treasury.     


Benchmark                                                                      
Sector Analysis      Total Assets   Index (%)   Country Analysis   Total Assets
                              (%)                                           (%)
                                                                               
Industrials                 21.0         14.1   France                     29.0 
Consumer Goods              20.0         15.1   Switzerland                13.8 
Financials                  15.1         23.0   Germany                    13.2 
Oil & Gas                    9.8         10.3   Finland                    10.3 
Health Care                  9.5          8.3   Denmark                     8.4 
Basic Materials              9.2          8.4   Netherlands                 4.1 
Consumer Services            7.4          4.7   Russia                      3.7 
Utilities                    3.3          6.5   Norway                      3.5 
Telecommunications           3.2          6.2   Sweden                      3.2 
Technology                   2.7          3.4   Spain                       2.6 
Net current liabilities     (1.2)           -   Ireland                     2.1 
                           -----        -----   Italy                       1.2 
                           100.0        100.0   Portugal                    1.0 
                           =====        =====   Czech Republic              1.0 
                                                Belgium                     0.6 
                                                Other                       3.5 
                                                Net current liabilities    (1.2)
                                                                          ----- 
                                                                          100.0 
                                                                          ===== 

Ten Largest Equity Investments (in alphabetical order)          
                                                               
Company                            Country of Risk             
Compagnie Financiere Richemont     Switzerland                 
Eutelsat                           France                      
Kone                               Finland                     
Legrand                            France                      
LVMH                               France                      
Nokian Renkaat                     Finland                     
Novartis                           Switzerland                 
Novo Nordisk                       Denmark                     
Schneider Electric                 France                      
Technip                            France                      


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

Fund Performance & Attribution
During the month, the Company's NAV increased by 2.1% and its share price by
3.0%. Both therefore performed better than the reference index, the FTSE World
Europe ex UK Index, which gained 1.6% in March.

Despite posting positive gains for the month, European equity markets were
particularly volatile during March. The tragic earthquake that hit Japan at the
beginning of the month caused global markets to decline, although markets
recovered later in the month as confidence was restored. Simultaneously,
European policy makers attended a summit to agree further measures aimed at
solving the sovereign debt crisis.

During the month, the decision to have higher weightings in the industrials,
oil & gas and basic materials sectors benefited returns, as did a lower
exposure in the financials sector, which performed less well during the month.

At a stock level, positions in the utilities sector proved strong performers
for the Company. The sector in general benefited from rising power prices as
the energy complex tightened following the Japanese earthquake. In particular,
a position in Scandinavian hydroelectric and nuclear energy company Fortum
performed well, as did a holding in Czech electricity company Cez.

Following February's sharp rise, the oil price remained high during March as
political unrest in North Africa remained unresolved. Positions in the oil
services industry, which we have generally favoured over oil majors, performed
well for the Company in this context, particularly French onshore and offshore
construction company Technip. Elsewhere, holdings in Kone, the Finnish elevator
company, and Nokian Renkaat, the Finnish winter tyre company, both performed
well during March.

Despite the significant global events that have occurred during the first
quarter of 2011, our view on the market remains broadly unchanged and the
Company remains positive on global growth trends. At the end of the period, the
Company had higher weightings (relative to the reference index) in the
industrials, consumer goods, oil & gas, consumer services and basic materials
sectors and lower weightings in the financials, utilities, telecommunications
and technology sectors.

Outlook
Despite the macro concerns that have prevailed in the first quarter of this
year, we continue to believe that core and Northern Europe remain healthy and
expect to see continued positive growth this year. It is worth reiterating
that Germany is currently experiencing the lowest levels of unemployment in
twenty years and materially positive year on year GDP growth. The corporate
profit cycle in Europe remains fundamentally strong and we believe that
valuations remain attractive in the European region, both relative to history
and to other developed equity markets. Although the peripheral European debt
issues have not been resolved, we believe that the problem is not systemic and
we believe that Portugal's capitulation at the beginning of April removes a
long-standing uncertainty from the region. 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.

18 April 2011

ENDS

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website) is incorporated into, or forms part of, this announcement.