Result of Tender offer

Not for release, publication or distribution in or into the United States,     
Canada, Australia or Japan                                                     
                                                                               
02 December 2008                                                               
                                                                               
                 BlackRock Greater Europe Investment Trust plc                 
                          Results of the Tender Offer                          
                                                                               
Background                                                                     
                                                                               
The Company offered to repurchase up to 20 per cent of its issued Ordinary     
Shares excluding treasury shares (112,388,958).                                
                                                                               
The Tender Offer was undersubscribed and 5,568,268 Ordinary Shares (4.95% of  
the issued Ordinary Shares excluding treasury shares) were tendered. The Tender
will be satisfied in full. All tendered Ordinary Shares will be held in        
Treasury.                                                                      
                                                                               
The Company announces that 2,728,833 Ordinary Shares of 0.1p each which were   
held in Treasury were today cancelled. There are no Ordinary Shares currently  
held by the Company in Treasury. Following implementation of the Tender Offer  
the Company will have 112,388,958 shares in issue which will include 5,568,268 
Ordinary Shares which are held in Treasury.                                    
                                                                               
Following the Tender Offer the number of Ordinary Shares that the Company has  
in issue, less the total number of Ordinary Shares held by the Company in      
Treasury, is 106,820,690.                                                      
                                                                               
Tender Price                                                                   
                                                                               
The Tender Price calculated as at close of business on 1 December 2008 (the    
"Calculation Date") was 122.38 pence per Ordinary Share.                       
                                                                               
Payments to Shareholders by cheque, in the case of certificated holders, will  
be made in pounds sterling and are expected to be paid on or as soon as        
practicable after 4 December 2008.                                             
                                                                               
Payments through CREST, in the case of uncertificated holders, will be made in 
pounds sterling and are expected to be paid on or as soon as practicable after 
4 December 2008.                                                               
                                                                               
Balancing share certificates will be despatched and CREST accounts will be     
settled on or as soon as practicable after 4 December 2008.                    
                                                                               
Definitions                                                                    
                                                                               
Terms defined in the Circular have the same meaning when used herein unless the
context otherwise requires.                                                    
                                                                               
Enquiries                                                                      

BlackRock Investment Management (UK) Limited   020 7743 3000                   
Jonathan Ruck Keene                                                            
Caroline Driscoll                                                              
                                                                               
UBS Limited                                                                    
Joseph Winkley                                 020 7567 8000                   
 

UBS Limited is acting for the Company in connection with the Tender Offer and  
no one else and will not be responsible to anyone other than the Company for   
providing the protections offered to clients of UBS Limited nor for providing  
advice in relation to the Tender Offer.