Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 30 April 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* (Undiluted)    3.7%     8.0%    25.7%    38.0%         153.5%
Net asset value* (Diluted)      3.2%     6.9%    21.7%    33.7%         145.6%
Share price                     1.7%     5.5%    23.1%    34.6%         135.6%
FTSE World Europe ex UK         4.4%     7.4%    16.9%    15.1%         103.7%
                                                                    
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):          223.10p     
Net asset value (including income):      227.31p**   
** Includes net revenue of 4.21p                   
Net asset value (capital only)***:       216.62p     
Net asset value (including income)***:   220.15p     
Share price:                             210.50p     
Discount to NAV (capital only):             5.6%     
Discount to NAV (including income):         7.4%     
Discount to NAV (capital only)***:          2.8%     
Discount to NAV (including income)***:      4.4%     
Subscription share price:                 31.75p     
Gearing (including income):                11.8%     
Net yield:                                  1.6%     
Total assets (including income):         £250.5m     
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                 22.7         14.2  France                    29.5 
Consumer Goods              20.6         15.4  Switzerland               16.4 
Financials                  16.8         22.8  Germany                   11.6 
Basic Materials              9.4          8.6  Finland                    8.5 
Health Care                  8.3          8.7  Denmark                    7.3 
Oil & Gas                    7.9          9.9  Netherlands                5.4 
Consumer Services            6.4          4.6  Norway                     3.5 
Telecommunications           3.7          6.0  Sweden                     3.0 
Utilities                    2.9          6.4  Russia                     2.9 
Technology                   1.9          3.4  Spain                      2.4 
Net current liabilities     (0.6)           -  Italy                      2.0 
                           -----        -----  Ireland                    1.9 
                           100.0        100.0  Portugal                   0.9 
                           =====        =====  Czech Republic             0.9 
                                               Belgium                    0.5 
                                               Other                      3.9 
                                               Net current liabilities   (0.6)
                                                                        ----- 
                                                                        100.0 
                                                                        ===== 

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


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

Fund Performance & Attribution
During the month, the Company's NAV increased by 3.7% and its share price
gained 1.7%. This performance proved worse than the reference index, which
returned 4.4%.

April was a positive month for European equities as markets recovered from an
initial pull back to ultimately end the month up more than 4%. The first
quarter results season was encouraging overall with the majority of companies
beating market expectations. Globally, geopolitical concerns continued to cause
uncertainty for investors with the oil price remaining high on the back of
further conflict in North Africa and the Middle East.

Although the Company did produce positive gains during April, the relative
under-performance when compared with the market was caused primarily by
positions in the health care and oil & gas sectors. Within oil & gas, positions
in oil services suffered from investors taking profits after a period of strong
performance. The end of the first quarter is typically a consolidation period
for these companies but we remain positive on the mid-to-long term potential
for these holdings, especially due to the benefits of increased capital
expenditure in the industry.

Elsewhere, a position in Novo Nordisk also detracted during April. Novo Nordisk
is a high quality pharmaceutical company specialising in diabetes treatment,
but suffered from a rotation out of mid-cap companies within the industry into
the large cap space, which had performed badly and which is viewed as a less
risky option within the health care sector. In addition, a position in Russian
retailer Okey fell after the announcement of disappointing sales and revenue
growth from the company's first quarter trading update.

On a more positive note, a position in Finnish winter tyre company Nokian
Renkaat continued to perform well for the Company after issuing a positive
profit statement. The company continues to expand its margins, particularly
within Russia, where profitability has nearly reached its pre-crisis peak. The
Company also benefited from the use of gearing during April in a rising equity
market.

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
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 May 2011

ENDS

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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.