Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 May 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*           -1.5%     4.3%    34.2%    31.4%         149.8%
(Undiluted)                                                           
Net asset value*           -1.2%     3.8%    30.3%    27.6%         142.6%
(Diluted)                                                             
Share price                -1.0%     3.7%    35.5%    30.8%         133.4%
FTSE World Europe ex UK    -2.3%     3.6%    24.2%     7.8%          98.9%
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):          218.05p     
Net asset value (including income):      223.98p**   
** Includes net revenue of 5.93p                   
Net asset value (capital only)***:       212.45p     
Net asset value (including income)***:   217.44p     
Share price:                             208.50p     
Discount to NAV (capital only):             4.4%     
Discount to NAV (including income):         6.9%     
Discount to NAV (capital only)***:          1.9%     
Discount to NAV (including income)***:      4.1%     
Subscription share price:                 30.75p     
Gearing (including income):                 2.0%     
Net yield:                                  1.6%     
Total assets (including income):         £222.7m     
Ordinary shares in issue:             97,435,751#    
Subscription shares in issue:         18,515,026     
                                                   
*** Diluted for subscription shares.               
# Excluding 2,898,166 shares held in treasury.     

Benchmark                                                                      
Sector Analysis    Total Assets  Index (%)  Country Analysis   Total Assets
                            (%)                                         (%)
                                                                               
Industrials                24.4       14.1  France                     26.1 
Consumer Goods             21.0       15.8  Switzerland                17.9 
Financials                 15.4       22.6  Germany                    11.3 
Health Care                 9.7        9.5  Finland                     7.3 
Oil & Gas                   9.1        9.5  Denmark                     6.7 
Basic Materials             7.5        8.4  Sweden                      6.1 
Consumer Services           4.7        4.7  Netherlands                 5.6 
Technology                  3.8        3.3  Norway                      3.8 
Telecommunications          3.2        5.9  Russia                      3.4 
Utilities                   1.2        6.2  Italy                       2.8 
Net current liabilities       -          -  Ireland                     2.1 
                          -----      -----  Portugal                    1.0 
                          100.0      100.0  Spain                       0.9 
                          =====      =====  Belgium                     0.6 
                                            Other                       4.4 
                                            Net current liabilities       - 
                                                                      ----- 
                                                                      100.0 
                                                                      ===== 

Ten Largest Equity Investments (in alphabetical order)          
                                                               
Company                            Country of Risk             
Atlas Copco                        Sweden                      
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 fell by 1.5% and its share price decreased
by 1.0%. However, during the same period, the reference index fell 2.3%.

European markets ended the month in slightly negative territory as persistent
sovereign debt concerns and softer U.S. economic data unnerved investors. The
Euro currency also weakened as speculation of a Greek debt restructuring
intensified. As a result of receding risk appetite the European market
experienced another sector rotation, this time towards more defensive areas
including health care which was the best performing sector. Commodities were
also generally weaker as the market fretted about signs of a slowdown in
leading indicators.

The Company's relative performance during May was driven by individual stock
selection. In particular, positions in the oil & gas and industrials sectors
performed well for the Company. A position in CGG Veritas, the French seismic
services company, recovered from a typically slow start to the year, with the
company winning its first contract in the Gulf of Mexico following last year's
Macondo incident. In addition, positions in the health care sector performed
well as the market moved into more defensive names, with positions in Novartis,
Teva and Okey Group benefiting from the rotation.

Within the industrials sector, positions in Swedish company Atlas Copco and
Finnish elevator and escalator company Kone performed well for the Company,
although other positions such as Konecranes and Schneider Electric suffered
as the sector underperformed in general during the month. Within the consumer
goods sector, a position in Swiss luxury goods name Richemont benefited as
the industry continued to experience strong demand.

At the end of the period, the Company had higher weightings (relative to the
reference index) in the industrials, consumer goods, oil & gas and technology
sectors and lower weightings in the financials, utilities, telecoms, consumer
services, basic materials and health care sectors. The Company was geared by 2%
at the end of the month.

Outlook
While macro economic headwinds have increased somewhat, we remain positively
tilted towards continued economic growth while avoiding companies 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 Europe. Exceptions to this include the UK, Greece, Ireland, Portugal and
Spain, as these economies continue to address their debt imbalances.

14 June 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.