Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 30 June 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)   -3.9%      1.5%    31.1%    47.0%         166.4%
Net asset value* (Diluted)     -3.5%      1.5%    31.2%    47.1%         166.5%
Share price                    -5.6%     -2.7%    29.2%    49.7%         149.2%
FTSE World Europe ex UK        -4.8%      0.8%    27.9%    32.5%         105.6%
Sources: BlackRock and DataStream

At month end
Net asset value (capital only):        222.05p
Net asset value (including income):    228.91p
Net asset value (capital only)**:      222.05p
Net asset value (including income)**:  228.91p
Share price:                           213.00p
Discount to NAV (including income):       7.0%
Discount to NAV (including income)**:     7.0%
Subscription share price:               17.00p
Net gearing:                              4.0%
Net yield:                                2.0%
Total assets (including income):       £258.6m
Ordinary shares in issue:          108,648,716***
Subscription shares in issue:       23,254,813

**  Diluted for subscription shares.
*** Excluding 5,718,353 shares held in treasury.

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

Financials                  20.5        21.4  Switzerland                  21.9
Consumer Goods              19.1        18.5  France                       20.4
Health Care                 16.0        12.8  Germany                      17.2
Consumer Services           13.2         5.6  Netherlands                  15.2
Industrials                 11.0        13.8  Belgium                       5.8
Technology                  10.0         3.8  Sweden                        5.2
Basic Materials              7.4         8.7  Denmark                       4.8
Telecommunications           5.1         4.1  Russia                        4.4
Oil & Gas                    3.0         7.5  Ireland                       3.9
Utilities                      -         3.8  Spain                         2.0
Net current liabilities     (5.3)          -  Hungary                       1.5
                            -----      -----  Portugal                      1.1
                            100.0      100.0  Finland                       1.1
                            =====      =====  Ukraine                       0.8
                                              Net current liabilities      (5.3)
                                                                          -----
                                                                          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
Swiss Re                           Switzerland
Ziggo                              Netherlands
Zurich Insurance                   Switzerland

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

During the month, the Company's NAV fell by 3.9% and the share price decreased
by 5.6%.  For reference, the FTSE World Europe ex UK Index fell by 4.8% during
the same period.

European equities ended a 12 month streak of positive gains in June.  Investor
sentiment turned negative on the possibility of Quantitative Easing ("QE")
being tapered off in the US after Federal Reserve chairman, Ben Bernanke, made
further comments which led investors into risk-off mode.  At the sector level,
financials were the worst performing while investors sought safety in the more
defensive health care sector which was the best performer in June.  Large cap
names were the main underperformers during the month.

When compared with the broader market, both stock selection and sector
allocation contributed to performance during a challenging month for European
equity markets.  A higher weighting to consumer services provided strong
returns on a relative basis, although average gearing detracted from returns as
the market fell.

Stock selection was successful in selected areas of the portfolio, most notably
in financials, consumer services and telecoms.  A holding in cable company
Ziggo benefited from the bid for German cable name Kabel Deutschland, in the
sense that it created expectation for potential opportunities for a take-out by
a larger player in the industry.  The decision to not own selected Eurozone
banks also aided returns when compared with the broader market, especially
Santander, Unicredit and BBVA.

Holdings in consumer goods and basic materials detracted from returns,
especially German chemicals company Lanxess and auto company Renault.  Stock
selection in oil & gas also proved challenging, as positions in oil services
company Technip and Russian gas company Gazpro both detracted.

At the end of the month, the Company was positioned overweight consumer
services, health care, telecoms, consumer goods and technology and underweight
oil & gas, industrials, basic materials, utilities and financials.

Outlook
With the potential for intervention from the European Central Bank still firmly
in place, the European economy stands to benefit from the transition from
severe austerity to structural reform for growth and most forecasters expect
the region to return to growth towards the end of the year.  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 improvements in the US labour market
could lead to a tapering of QE in the US in the near future.  We therefore
continue our focus on high quality companies.

11 July 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.