Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 March 2012 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)    1.5%     12.3%   -10.9%    69.3%         117.7%
Net asset value* (Diluted)      1.3%     11.8%    -8.9%    68.6%         116.7%
Share price                     0.8%     13.4%    -7.4%    82.4%         114.5%
FTSE World Europe ex UK        -0.3%      9.8%   -11.4%    41.7%          72.8%
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):        187.88p
Net asset value (including income):    188.70p
Net asset value (capital only)**:      187.09p
Net asset value (including income)**:  187.77p
Share price:                           185.00p
Discount to NAV (including income):       2.0%
Discount to NAV (including income)**:     1.5%
Subscription share price:                9.25p
Gearing:                                  2.5%
Net yield:                                1.9%
Total assets (including income):       £235.6m
Ordinary shares in issue:          121,769,700***
Subscription shares in issue:       23,533,121

**  Diluted for subscription shares.
*** Excluding 2,734,952 shares held in treasury.

                                  FTSE World
                                      Europe
Sector                      Total      ex UK  Country                    Total
Analysis               Assets (%)  Index (%)# Analysis              Assets (%)

Consumer Goods               21.3       18.8  Switzerland                 24.9
Industrials                  15.1       14.6  Germany                     15.5
Financials                   13.8       20.5  France                      13.1
Basic Materials              12.0        8.3  Sweden                       7.5
Oil & Gas                    11.8        7.3  Italy                        5.8
Health Care                   9.7       11.3  Denmark                      5.0
Consumer Services             6.7        5.1  Netherlands                  4.8
Telecommunications            5.0        5.2  Finland                      4.4
Technology                    3.5        3.7  Russia                       4.0
Utilities                     1.4        5.2  Spain                        3.7
Net current liabilities      (0.3)         -  Belgium                      3.2
                            -----      -----  Ireland                      2.2
                            100.0      100.0  Kazakhstan                   1.6
                            =====      =====  Portugal                     1.5
                                              Other                        3.1
                                              Net current liabilities     (0.3)
                                                                         -----
                                                                         100.0
                                                                         =====

# Sector analysis is presented relative to FTSE World Europe ex UK Index.
Sector analysis in previous announcements has been against FTSE All World
Europe ex UK Index.

Ten Largest Equity Investments (in alphabetical order)

Company                    Country of Risk
Anheuser-Busch             Belgium
BASF                       Germany
ENI                        Italy
LVMH                       France
Novo Nordisk               Denmark
Roche                      Switzerland
Swiss Re                   Switzerland
Syngenta                   Switzerland
Technip                    France
Zurich Financial           Switzerland

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

Market
During March, equity market sentiment was dampened slightly by mixed economic
data, signs that central banks are looking to reduce "free" liquidity measures
and escalating geopolitical tensions in the Middle-East which caused the oil
price to rise. Nevertheless, March still rounded off a very strong quarter in
which European equities rose almost 10%.

Fund Performance & Attribution
During the month, the Company's NAV rose by 1.5% and the share price by 0.8%.
For reference, the FTSE World Europe ex UK Index was down 0.3% during the same
period.

Strong stock selection was the key driver of positive returns in the portfolio
during March. This was somewhat offset by weaker sector allocation. From a
sector perspective, the continued lower weightings in the defensive telecoms
and utilities sectors benefited performance, as they performed less well than
the market. However, this was fully offset by a higher weighting in the
consumer services sector and a lower weighting in the oil & gas sector, both of
which detracted from returns when compared with the market.

Despite the negative sector effect, strong stock selection within the oil & gas
sector proved successful. The Kazakhstan based KasMunaiGas Exploration
Production was the top performer in the portfolio over the month as the cash
rich company announced plans to return cash to shareholders via an increased
dividend policy. Technip was also a top performer as it posted strong results
confirming its solid industry positioning and strong order backlog. A holding
in chemicals company Lanxess performed strongly after the management team
issued a stronger than expected outlook statement for the coming period.

On a less positive note, the decision not to own a holding in Deutsche Bank
weighed on performance as the company benefited from stronger than expected
investment banking momentum and the market keenly anticipates the arrival of
the new management team. A holding in defensive food retailer Ahold also
continued to lose momentum, especially at the beginning of the month before the
position was sold.

During the month, the Company's exposure to the consumer goods, financials and
health care sectors was decreased. The funds were recycled and used to increase
positions in the telecommunications and oil & gas sectors. At the end of the
month, the Company had higher weightings (when compared with the FTSE World
Europe ex UK Index) in basic materials, consumer goods, consumer services,
industrials, oil & gas and lower weightings in financials, health care,
technology, telecoms and utilities.

Outlook
Europe continues to offer amongst the cheapest valuations of all the developed
equity regions and we believe that the current valuation levels, driven by euro
crisis risk aversion, provide attractive entry levels for long-term investors
who are prepared to tolerate shorter term volatility.

It is also worth noting that Europe remains out of favour in many investors'
eyes. When compared to history, current allocations to Europe are amongst the
lowest in a decade and a return to confidence in the region could help to move
the market to higher levels. Corporate balance sheets are generally strong,
valuations are attractive and European equities are under-owned. European
equities offer a very attractive dividend yield of close to 4% - the highest
yield of any developed market region and significantly higher than the yield
currently offered by a number of other asset classes.

Investors are pricing in a significant risk premium for the current political
and economic uncertainties and we believe our strategy of building positions in
the long-term winners - companies with highly differentiated business models,
strong balance sheets and structural growth driven largely by international
demand - will deliver attractive returns over the medium-term. Further progress
around the sovereign debt crisis could allow a reduction in the equity risk
premium attached to Europe.

23 April 2012

ENDS

Latest information is available by typing www.brgeplc.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.