Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 March 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)   -2.0%     12.1%    22.2%    26.2%         162.5%
Net asset value* (Diluted)     -2.0%     12.1%    22.8%    26.2%         162.6%
Share price                    -2.0%     13.0%    21.1%    29.4%         156.2%
FTSE World Europe ex UK        -0.8%     10.0%    18.0%    12.4%         103.9%
Sources: BlackRock and DataStream

At month end
Net asset value (capital only):        224.37p
Net asset value (including income):    225.54p
Net asset value (capital only)**:      224.37p
Net asset value (including income)**:  225.54p
Share price:                           219.00p
Discount to NAV (including income):       2.9%
Discount to NAV (including income)**:     2.9%
Gearing:                                  2.9%
Net yield:                                1.9%
Total assets (including income):       £269.9m
Ordinary shares in issue:          116,285,355

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

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

Consumer Goods              21.4        18.8  Switzerland                  24.4
Financials                  17.1        20.7  Germany                      24.3
Health Care                 16.0        12.4  France                       20.0
Basic Materials             15.2         8.8  Belgium                       6.9
Industrials                 10.7        14.0  Netherlands                   6.2
Consumer Services            8.3         5.7  Denmark                       5.7
Technology                   7.3         3.7  Russia                        4.4
Oil & Gas                    3.8         8.0  Ireland                       3.1
Telecommunications           2.5         4.1  Finland                       2.5
Utilities                      -         3.8  Portugal                      2.1
Net current liabilities     (2.3)          -  Hungary                       1.9
                           -----       -----  Other                         0.8
                           100.0       100.0  Net current liabilities      (2.3)
                           =====       =====                              -----
                                                                          100.0
                                                                          =====

Ten Largest Equity Investments (in alphabetical order)

Company
Anheuser-Busch                     Belgium
BASF                               Germany
Bayer                              Germany
Cie Financière Richemont           Switzerland
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:

During the month, the Company's NAV fell by 2.0% and the share price also
decreased by 2.0%.  For reference, the FTSE World Europe ex UK Index fell 0.8%
during the same period.

March saw a return of political risk in Europe, with continuing uncertainty
following the unwelcome Italian election result in late February and the
protracted Cypriot bail-out in March.  Investor sentiment became more cautious
later in the period, despite the relatively small sums involved in the Cyprus
issues.  In sector terms, defensives outperformed during the 'risk-off' phase,
with investors taking profits in stocks that had performed well in the previous
months, while autos, banks and materials underperformed.

Stock selection was the main driver of the Company's relative underperformance
when compared with the broader market in Europe, especially within the consumer
goods and basic materials sectors.  The allocation of capital at a sector level
proved beneficial to returns, however, especially in financials and health care.

Positions in consumer goods proved challenging, especially spirits companies
Remy Cointreau and Pernod Ricard after reports of weakening demand for cognac
in the Far East.  A position in Volkswagen also detracted after the company was
forced to recall models relating back to March 2012.

Within chemicals, a position in Lanxess underperformed after the management
team warned of a sharp drop in earnings for the first quarter as the domestic
European car markets remain anaemic.  The Company's holdings in Russian banks,
OTP Bank and Sberbank, also detracted from returns.

Positions in health care performed better, especially Roche and Sanofi.  Irish
airline Ryanair also continued to perform strongly, as did a holding in Swiss
private equity firm Partners Group.

At the end of the month, the Company had higher weightings (when compared with
the reference index) in basic materials, consumer goods, consumer services,
technology and health care and lower weightings in oil & gas, industrials,
utilities, financials and telecoms.

Outlook
Despite the recent political jitters, European equities continued their
positive momentum during the first quarter.  Mario Draghi's words and policy
actions from mid-2012 continue to provide a significant back-stop, and the
European Stability Mechanism remains de facto funded.  During Q1, we saw
continued flows into European equities (including investors buying on the
dips), although there is still potential for further inflows before investors
reach their long-term average allocations to European equities.

European-headquartered corporates continue to enjoy truly global
diversification and the recent pullback in the strength of the Euro is also
positive for exporters.  European corporates remain available to investors at
attractive valuations, especially on dividend yield.

18 April 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.