Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 October 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)   4.2%    12.9%    21.8%    10.1%         119.7%
Net asset value* (Diluted)     3.8%    11.5%    20.4%     8.8%         117.1%
Share price                    7.0%    16.9%    20.0%     8.8%         112.1%
FTSE World Europe ex UK        3.1%     9.7%    10.6%    -2.0%          81.8%
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):        196.63p     
Net asset value (including income):    197.00p**   
** Includes net revenue of 0.37p                   

Share price:                           189.50p     
Discount to NAV (capital only):           3.6%     
Discount to NAV (including income):       3.8%     
Subscription share price:               20.75p     
Gearing (including income):               3.5%     
Net yield:                                1.7%     
Total assets (including income):       £202.1m     
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                  23.3        12.7   Switzerland               21.4 
Consumer Goods               19.2        15.7   France                    20.5 
Financials                   15.2        23.8   Germany                   12.0 
Basic Materials              13.4         7.8   Denmark                    9.1 
Consumer Services            10.1         5.2   Finland                    8.6 
Health Care                   9.5         8.7   Netherlands                6.8 
Oil & Gas                     6.9         9.3   Sweden                     5.2 
Telecommunications            3.1         6.7   Spain                      3.4 
Utilities                     2.8         6.9   Norway                     3.2 
Technology                    1.1         3.2   Portugal                   3.2 
Net current liabilities      (4.6)          -   Ireland                    3.0 
                            -----       -----   Russia                     2.9 
                            100.0       100.0   Israel                     2.0 
                            =====       =====   Belgium                    1.0 
                                                Czech Republic             1.0 
                                                Turkey                     1.0 
                                                Poland                     0.3 
                                                Net current liabilities   (4.6)
                                                                         ----- 
                                                                         100.0 
                                                                         ===== 

Ten Largest Equity Investments (in alphabetical order)          
                                                               
Company                            Country of Risk             
Daimler                            Germany                     
Legrand                            France                      
Nokian Renkaat                     Finland                     
Novartis                           Switzerland                 
Novo Nordisk                       Denmark                     
Ryanair                            Ireland                     
Schneider Electric                 France                      
Syngenta                           Switzerland                 
Technip                            France                      
Vopak                              Netherlands                 

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

Fund Performance & Attribution
During October, both the Company's NAV and the share price outperformed the
reference index. While the FTSE World Europe ex UK index gained 3.1%, the
Company's NAV rose by 4.2% and its share price increased by 7.0%.

Following a strong market rally in September, European equities continued to
move higher in October, with most major indices gaining around 2.5%. Although
peripheral spreads continued to widen in the month, core European macro data
continued to surprise on the upside with industrial production figures
significantly beating expectations. In contrast, US economic data was soft as
employment figures and GDP growth forecasts disappointed.

The Company's relative performance during the month was driven by stock
selection, particularly within the Industrials and Consumer Services sectors.
In addition, the Company's average gearing of 4.6% during the month helped
returns in a rising market.

Within the Industrials sector, positions in electrical equipment companies
Legrand and Schneider Electric benefited from strong trends in the European
industrial cycle. In addition, a position in oil services company Técnicas
Reunidas continued to benefit from growing capital expenditure trends in the
Oil & Gas sector. Within the Consumer Services sector, a position in Portuguese
listed supermarket company Jeronimo Martins performed well. The company
released strong third quarter earnings towards the end of the month, reporting
a 40 per cent. increase in third quarter net profit. This was largely driven by
its Polish unit Bierdronka, the largest food retail firm in Poland.

Relative to the reference index, the Company ended the period with higher
relative weightings in the Industrials, Consumer Services, Basic Materials and
Consumer Goods sectors and lower relative weightings in the Financials,
Telecommunications and Utilities sectors. At the end of the month the Company
was 5.8% geared, reflecting a positive outlook on the region.

Outlook
Our outlook for 2011 and beyond remains positive. We believe that core Europe
is relatively healthy, as reflected by rising consumer confidence and strong
momentum in the industrial cycle. In addition, core Europe is less indebted
than many other developed economies and has exceptional access to emerging
market growth. Peripheral Europe clearly has structural issues, which have been
well publicised, but it is worth keeping in mind that this is a small part of
the European economy and an even smaller portion of the European stock market.
As such, we view the impact of further problems in the periphery on corporate
earnings as limited.

Europe remains under-owned and valuations continue to look compelling on a
relative and historic basis. The region offers a broad selection of well
managed companies that are able to access the strongest areas of global growth
through high quality product offerings. 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.

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 November 2010