Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 30 September 2010 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)    9.2%    16.3%    9.2%     6.5%        110.9%
Net asset value* (Diluted)      8.3%    15.4%    8.4%     5.7%        109.2%
Share price                    13.2%    19.1%    9.0%     4.1%         98.3%
FTSE World Europe ex UK         9.6%    13.6%    1.6%    -0.5%         76.3%
Sources: BlackRock and Datastream

* Net asset value and share price performance includes the subscription share
reinvestment, assuming the subscription share entitlement per share was sold
and the proceeds reinvested on the first day of trading.


At month end                                       
Net asset value (capital only):        188.58p     
Net asset value (including income):    192.22p**   
** Includes net revenue of 3.64p                   

Share price:                           180.25p     
Discount to NAV (capital only):           4.4%     
Discount to NAV (including income):       6.2%     
Subscription share price:               16.00p     
Gearing (including income):               4.0%     
Net yield:                                1.8%     
Total assets (including income):       £198.2m     
Ordinary shares in issue:           99,042,423***  
Subscription shares in issue:       19,806,520     
                                                   
*** Excluding 2,642,046 shares held in treasury.   


Benchmark                                                                      
Sector Analysis     Total Assets  Index (%)  Country Analysis  Total Assets
                             (%)                                        (%)
                                                                               
Industrials                 22.5       13.6  Switzerland               20.5 
Financials                  19.0       24.2  France                    18.4 
Consumer Goods              17.1       16.7  Germany                   16.4 
Health Care                 10.0        9.4  Finland                    8.8 
Consumer Services           10.0        5.4  Denmark                    8.6 
Basic Materials              8.8        7.4  Spain                      5.0 
Oil & Gas                    5.1        6.8  Netherlands                5.0 
Utilities                    4.7        6.4  Russia                     3.5 
Telecommunications           3.7        6.7  Sweden                     3.2 
Technology                   2.9        3.4  Ireland                    3.0 
Net current liabilities     (3.8)         -  Norway                     2.1 
                           -----      -----  Portugal                   2.0 
                           100.0      100.0  Turkey                     2.0 
                           =====      =====  Poland                     1.2 
                                             Belgium                    1.1 
                                             Czech Republic             1.1 
                                             Hungary                    1.0 
                                             Israel                     0.9 
                                             Net current liabilities   (3.8)
                                                                      ----- 
                                                                      100.0 
                                                                      ===== 

Ten Largest Equity Investments (in alphabetical order)          
                                                               
Company                  Country of Risk             
Credit Suisse            Switzerland                 
Daimler                  Germany                     
Legrand                  France                      
Nestlé                   Switzerland                 
Nokian Renkaat           Finland                     
Novartis                 Switzerland                 
Novo-Nordisk             Denmark                     
Ryanair                  Ireland                     
Schneider                France                      
Société Générale         France                      


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

Fund Performance & Attribution
During September the Company's NAV underperformed the reference index, although
the share price outperformed. While the FTSE World Europe ex UK Index gained
9.6% during September, the Company's NAV gained 9.2% and the share price gained
13.2%.

Following a weak August, markets rallied in September as concerns over the
economic environment began to lessen and investors put money backing into
equities. In this context, Industrial companies performed well as the global
business cycle remained strong, and rising commodity prices drove strong
returns in the Basic Materials sector.

The Company's relative underperformance during the month was largely caused by
positions within the Financials and Basic Materials sectors. Positions in Swiss
banks Credit Suisse and Julius Baer both underperformed as the banking sector,
as a whole, performed less well than the market. In addition, following a
strong August, a position in Swiss hearing aid company Sonova detracted as
headwinds from a strong Swiss Franc concerned investors.

On a more positive note, the Company's holding in Irish airline Ryanair
continued to perform well, as did a position in Finnish crane manufacturer
Konecranes, which continues to build upon its strong second quarter earnings
with a solid order pipeline for the rest of the year. Within the Autos sector,
positions in Daimler and Finnish winter tyre manufacturer Nokian Renkaat
performed well, both of which benefit from continued strong demand from the
emerging market consumer.

Relative to the reference index, the Company ended the period with a higher
weighting in the Industrials, Consumer Services, Basic Materials, Health Care
and Consumer Goods sectors and lower relative weighting in the Financials,
Telecommunications, Utilities and Oil & Gas sectors. At the end of the month,
the Company was 4% geared.

Outlook
Our outlook remains positive, despite the well-publicised economic headwinds
within the region. Europe remains under-owned and valuations continue to look
compelling on a relative and historic basis. Europe also looks attractive on a
yield basis with many European companies committing to or confirming dividend
policies. With European valuations low and many companies holding net cash on
their balance sheets we have begun to see an increase in M&A activity which we
would expect to continue in coming months.

We feel it is important to distinguish between the economic situation within
the region and the outlook for European corporate profitability. In addition,
Europe offers a number of well managed companies that are able to access the
strongest areas of global growth through high quality product offerings.

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).

15 October 2010