Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 30 November 2009 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            4.1%     6.2%   38.6%   10.7%           87.6%
Share price                2.0%    10.2%   47.3%    9.9%           80.3%
FTSE World Europe ex UK    3.5%     5.4%   36.5%    8.1%           70.0%
Sources: BlackRock and Datastream

At month end                                       
Net asset value (capital only):         173.19p    
Net asset value (including income):     173.31p*   
* Includes net revenue of 0.12p                    
Share price:                            166.25p    
Discount to NAV (capital only):            4.0%    
Discount to NAV (including income):        4.1%    
Gearing (capital only):                    3.9%    
Net yield:                                 1.9%    
Total assets (capital only):            £189.4m    
Ordinary shares in issue:           105,124,598**  
                                                   
** Excluding 1,696,092 shares held in treasury.    


Sector Analysis     Total Assets   Index (%)    Country Analysis   Total Assets
                             (%)                                            (%)
                                                                               
Financials                 21.4         26.5    Switzerland                21.5 
Industrials                20.7         13.0    France                     16.0 
Consumer Goods             12.1         14.3    Germany                    13.7 
Oil & Gas                   7.8          6.8    Spain                       7.5 
Consumer Services           7.5          5.0    Sweden                      6.3 
Health Care                 6.8          8.9    Netherlands                 4.6 
Technology                  6.1          3.4    Belgium                     4.4 
Telecommunications          6.0          7.3    Finland                     4.4 
Utilities                   5.2          7.6    Portugal                    3.8 
Basic Materials             4.5          7.2    Austria                     2.7 
Net current assets          1.9            -    Greece                      2.6 
                          -----        -----    Russia                      2.2 
                          100.0        100.0    Denmark                     2.1 
                          =====        =====    Hungary                     1.3 
                                                Luxembourg                  1.0 
                                                Czech Republic              0.9 
                                                Bermuda                     0.9 
                                                Poland                      0.9 
                                                Ireland                     0.8 
                                                Norway                      0.5 
                                                Net current assets          1.9 
                                                                          ----- 
                                                                          100.0 
                                                                          ===== 

Ten Largest Equity Investments (in alphabetical order)          
Company                            Country of Risk             
                                                               
Anheuser-Busch                     Belgium                     
BNP Paribas                        France                      
EFG Eurobank                       Greece                      
Kuehne + Nagel                     Switzerland                 
Legrand                            France                      
Nestlé                             Switzerland                 
Novartis                           Switzerland                 
Telefónica                         Spain                       
Teliasonera                        Sweden                      
Total                              France                      


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

Fund Performance & Attribution
During the month the Company's NAV gained 4.1% (net) in Sterling terms,
outperforming the FTSE World Europe ex UK Index (net) which returned 3.5%,
although the Company's share price underperformed this index, increasing by
2.0%.

Both developed and emerging European equities experienced a positive return in
the month. All size groupings enjoyed positive returns; however, financials,
particularly banks and insurance, were among the worst contributing sectors as
anxiety grew over the impact of Dubai's debt issues. Basic resources and
chemicals were the best performing sectors in developed Europe with many mining
companies enjoying double digit positive absolute returns on strong
manufacturing data from the US and China.

The Company's strong relative performance was driven by contributions from
industrials and consumer goods. Within these sectors, a position in oil and
chemical storage company Vopak continued to perform well after announcing
strong third quarter earnings, and a holding in Adidas outperformed in November
after a retracement at the end of October.

In contrast, an underweight position in basic materials detracted as the sector
benefited from the continuation of the rally in commodities, although a
position in German cement company Heidelbergcement did contribute positively.
Positions in financials also detracted as select names bore the brunt of the
market sell off in the sector.

Positioning
Relative to the reference index, the Company began November overweight in
Industrials and IT and underweight Financials, Materials, Telecoms and
Utilities.

Outlook
We remain positive on the outlook for European equity markets over the coming
six months against a backdrop of recovering earnings momentum, well contained
inflation and a continued government stimulus tailwind. We believe that the
economic recovery will continue to gain traction and that current consensus
earnings forecasts may underestimate the potential earnings upside as demand
recovers.

Looking forward, we expect that market returns will continue to be driven by
stock-specific factors and we are focusing our fundamental research on
companies where there is a likelihood of earnings upgrades, as we believe these
are likely to drive the market over the next six months. In our view, this
environment is well suited to our bottom-up fundamental investment approach.

Latest information is available by typing www.blackrock.co.uk/its on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).

17 December 2009