Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 30 April 2013 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)    1.7%      3.1%    26.8%    32.4%         167.0%
Net asset value* (Diluted)      1.7%      3.1%    27.0%    32.4%         167.1%
Share price                    -0.6%      1.5%    26.3%    33.1%         154.7%
FTSE World Europe ex UK         2.6%      3.2%    28.1%    20.1%         109.2%
Sources: BlackRock and DataStream

At month end
Net asset value (capital only):        225.47p
Net asset value (including income):    229.41p
Net asset value (capital only)**:      225.47p
Net asset value (including income)**:  229.41p
Share price:                           217.75p
Discount to NAV (including income):       5.1%
Discount to NAV (including income)**:     5.1%
Susbcriptionshare price                17.50p
Gearing:                                  3.9%
Net yield:                                1.9%
Total assets (including income):       £277.2m
Ordinary shares in issue:          116,285,355***
Subscription shares in issue        23,254,813

**  Diluted for subscription shares.
*** Excluding 6,052,299 shares held in treasury.

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

Consumer Goods               21.5       18.3  Switzerland                  25.6
Financials                   18.1       21.6  Germany                      20.1
Health Care                  16.6       12.6  France                       18.3
Consumer Services            11.9        5.6  Netherlands                   6.8
Basic Materials              11.8        8.6  Belgium                       6.3
Industrials                   8.0       13.7  Denmark                       5.4
Technology                    7.1        3.6  Russia                        4.5
Oil & Gas                     5.3        7.8  Ireland                       3.5
Telecommunications            2.0        4.3  Finland                       2.5
Utilities                       -        3.9  Portugal                      2.4
Net current liabilities      (2.3)         -  Spain                         2.3
                            -----      -----  Italy                         2.0
                            100.0      100.0  Hungary                       1.8
                            =====      =====  Ukraine                       0.8
                                              Net current liabilities      (2.3)
                                                                          -----
                                                                          100.0
                                                                          =====

Ten Largest Equity Investments (in alphabetical order)

Company
Anheuser-Busch                     Belgium
Bayer                              Germany
Cie Financière Richemont           Switzerland
Continental                        Germany
Novo Nordisk                       Denmark
Roche                              Switzerland
Sanofi                             France
SAP                                Germany
Swiss Re                           Switzerland
Zurich Insurance                   Switzerland

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

Market
During the month the Company's NAV rose by 1.7% and the share price fell by
0.6%.  For reference, the FTSE World Europe ex UK Index gained 2.6% during the
same period.

The successful formation of the Italian government after 2 months of political
stalemate helped compress European equity risk premia and drive performance for
higher beta sectors and the periphery.  Despite generally disappointing macro
releases (both from Europe itself and from key markets such as China), markets
continued to make progress.  We continued to see inflows into European
equities.

The Company's underperformance in April when compared with the broader market
was mainly caused by the allocation of funds at a sector level.  Telecoms,
utilities and financials all performed strongly in the market during the month,
and the Company's lower weightings in these sectors caused the portfolio to lag
in performance terms.  From a stock perspective, holdings in consumer goods
were the least successful.  In particular, holdings in German auto supplier
Continental and brewer Anheuser-Busch Inbev both underperformed during the
month.

Stock selection proved marginally more successful, especially within
industrials and health care.  Within health care, holdings in defensive growth
names Novo Nordisk and Grifols both delivered solid returns.  Within
industrials, avoiding conglomerates Siemens and Philips benefited the Fund as
the sector proved to be the worst performer during April.

At the end of the month, the Company had higher weightings (when compared to
the market) in consumer services, basic materials, consumer goods, technology
and health care and lower weightings in utilities, financials, telecoms,
industrials and oil & gas.  The Company was also geared by around 5%.

Outlook
The resolution of the Italian political stalemate was well received by the
market, reducing equity risk premium and benefitting leveraged and peripheral
sectors which reacted most.  At the same time, a global wall of accommodative
monetary policy has driven continued performance by equity markets, at the same
time as yields from other asset classes remain under pressure.  The already
significant premium offered by European Equities over corporate bonds has
further increased and now stands at a decade long high. 

While Q1 earnings results were mixed, the common theme was that companies with
a globally diverse customer base did better.  Europe continues to be home to
global leaders, available at attractive valuations thanks to the domicile of
their listing as opposed to the customer base.  However the political momentum
remains fragile and we therefore continue to focus on the long term winners and
high quality companies within the sector.

16 May 2013

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.