Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 July 2011 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*          -6.8%    -7.5%   20.4%   36.3%         134.4%
(Undiluted)                                                           
Net asset value*          -5.9%    -6.5%   17.9%   33.4%         129.5%
(Diluted)                                                             
Share price               -5.6%    -6.8%   21.0%   37.8%         119.7%
FTSE World Europe ex UK   -7.2%    -8.4%   12.6%   11.3%          86.6%
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):          203.24p     
Net asset value (including income):      210.17p**   
** Includes net revenue of 6.93p                   
Net asset value (capital only)***:       199.95p     
Net asset value (including income)***:   205.75p     
Share price:                             196.25p     
Discount to NAV (capital only):             3.4%     
Discount to NAV (including income):         6.6%     
Discount to NAV (capital only)***:          1.9%     
Discount to NAV (including income)***:      4.6%     
Subscription share price:                 25.25p     
Gearing (including income):                10.7%     
Net yield:                                  1.7%     
Total assets (including income):         £224.1m     
Ordinary shares in issue:             95,205,963#    
Subscription shares in issue:         18,515,026     
                                                   
*** Diluted for subscription shares.               
# Excluding 2,229,788 shares held in treasury.     

Benchmark                                                                      
Sector Analysis    Total Assets Index (%)  Country Analysis  Total Assets(%)
                            (%)                                             
                                                                               
Industrials                21.0      13.5  France                       22.2 
Consumer Goods             20.2      16.9  Switzerland                  15.3 
Financials                 12.7      21.9  Germany                      12.2 
Oil & Gas                  12.4       9.3  Denmark                       7.8 
Telecommunications          8.5       6.0  Sweden                        5.6 
Health Care                 8.3      10.1  Finland                       5.3 
Basic Materials             7.6       8.6  Netherlands                   5.1 
Consumer Services           5.6       4.6  Russia                        4.6 
Technology                  1.9       3.2  Norway                        4.5 
Utilities                     -       5.9  Belgium                       3.4 
Net current assets          1.8         -  Spain                         2.8 
                          -----     -----  Portugal                      2.0 
                          100.0     100.0  Italy                         2.0 
                          =====     =====  Ireland                       1.9 
                                           Other                         3.5 
                                           Net current assets            1.8 
                                                                       ----- 
                                                                       100.0 
                                                                       ===== 

Ten Largest Equity Investments (in alphabetical order)          
                                                               
Company                            Country of Risk             
Amadeus                            Spain                       
BNP Paribas                        France                      
Compagnie Financière Richemont     Switzerland                 
DNB                                Norway                      
Kone                               Finland                     
LVMH                               France                      
Nestlé                             Switzerland                 
Novo Nordisk                       Denmark                     
Schneider Electric                 France                      
TDC                                Denmark                     

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

Fund Performance & Attribution
During the month the Company's NAV fell 6.8% and its share price fell 5.6%.
This compares with a return of -7.2% for the FTSE World Europe ex UK Index.

July was a turbulent month for European equities. The sovereign debt crisis
remained the focus of investor anxiety despite the Greek parliament narrowly
approving a more stringent austerity plan and European policy makers announcing
an expanded rescue package and bolstered powers to combat contagion to the rest
of the Eurozone. Towards the end of the month the European Banking Authority
published another set of stress test results in an attempt to assuage demands
for increased clarity. However, the relatively small proportion of banks that
failed these tests led many investors to question their rigor and remain
sceptical about the solidity of the European banking sector. Risk appetite was
also impacted by political wrangling in the U.S. as Republicans and Democrats
remain locked in last minute negotiations over a crucial increase of the debt
ceiling.

Although the Company's NAV fell during the month, individual stock selection
caused the portfolio to perform better than the broader Europe ex-UK equity
market. Positions in the oil & gas sector performed particularly well, with
holdings in French oil services company Technip and Russian oil transport
company Transneft both making strong contributions to returns. Within the
financials sector, a position in Norwegian bank DNB Nor significantly
outperformed the rest of the banks industry, benefiting from a strong balance
sheet and a relatively healthy domestic economy. A position in Swedish-listed
telecom company Millicom also performed well during the month. Although listed
in Sweden, Millicom benefits from strong growth trends in mobile data usage in
both Latin America and Africa, where mobile phone usage continues to increase
year on year.

On a more negative note, positions in the industrials sector performed less
well as investors rotated into more defensive areas of the market. Holdings in
Vallourec, Konecranes and Atlas Copco detracted from returns in this context.

At the end of the period, the Company had higher weightings (relative to the
reference index) in the industrials, oil & gas, telecoms, consumer goods and
basic materials sectors and lower weightings in the financials, utilities,
technology and healthcare. The Company was geared by 10.7% at the end of July.

Outlook
Peripheral debt concerns within the region have not yet subsided but we believe
that much of the potential downside associated with a peripheral default is
reflected in valuations. Indeed, we think European equities are attractively
valued overall but we believe that decisive political leadership is crucial to
unlocking this value. The divergence in economic fortunes between Northern and
Southern Europe is set to continue for some time as indebted countries aim to
resolve their economic imbalances.

15 August 2011

ENDS

Latest information is available by typing www.blackrock.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.