Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 July 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            6.0%    -4.8%   24.7%     1.3%         92.1%
Share price                7.5%    -6.5%   29.8%     0.0%         79.0%
FTSE World Europe ex UK    6.7%    -4.9%   11.9%   -10.0%         65.7%
Sources: BlackRock and Datastream


At month end                                       
Net asset value (capital only):         174.27p    
Net asset value (including income):     177.48p*   
* Includes net revenue of 3.21p                    

Share price:                            165.00p    
Discount to NAV (capital only):            5.3%    
Discount to NAV (including income):        7.0%    
Gearing (including income):                6.4%    
Net yield:                                 1.9%    
Total assets (including income):        £187.8m    
Ordinary shares in issue:            99,042,423**  
                                                   
** Excluding 2,642,046 shares held in treasury.    

Note: During the month 19,806,520 subscription shares were issued with an
exercise price of 183.00p


Benchmark                                                                      
Sector Analysis      Total Assets   Index (%)  Country Analysis  Total Assets
                              (%)                                         (%)
                                                                               
Industrials                  20.0        13.5  Switzerland               20.7 
Financials                   18.6        25.6  France                    15.8 
Consumer Goods               17.1        16.2  Germany                    9.9 
Health Care                   9.2         8.6  Finland                    9.6 
Consumer Services             9.0         5.3  Denmark                    8.5 
Telecommunications            7.6         6.7  Netherlands                6.8 
Oil & Gas                     6.6         6.7  Spain                      6.4 
Utilities                     4.8         6.7  Russia                     4.8 
Basic Materials               4.2         7.2  Sweden                     3.1 
Technology                    3.5         3.5  Ireland                    2.9 
Net current liabilities      (0.6)             Hungary                    2.6 
                            -----       -----  Portugal                   1.9 
                            100.0       100.0  Poland                     1.6 
                            =====       =====  Belgium                    1.4 
                                               Czech Republic             1.1 
                                               Israel                     0.9 
                                               Italy                      0.9 
                                               Turkey                     0.9 
                                               Norway                     0.8 
                                               Net current liabilities   (0.6)
                                                                        ----- 
                                                                        100.0 
                                                                        ===== 


Ten Largest Equity Investments (in alphabetical order)          
                                                               
Company                    Country of Risk             
Banco Santander            Spain                       
Credit Suisse              Switzerland                 
Koninklijke KPN            Netherlands                 
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 July the Company's NAV underperformed its reference index, although the
share price outperformed. The NAV gained 6.0% in Sterling terms and the share
price increased 7.5% in the month. During the same period, the FTSE World
Europe ex UK Index (net) rose 6.7%.

After a weak second quarter, European equity markets rallied in July as fears
of a double-dip recession began to subside and positive company earnings
releases for the second quarter of 2010 buttressed the case for a recovering
corporate profit cycle. Following positive announcements regarding bank stress
tests and the proposed Basel 3 regulation, Financials were the strongest
performing sector in July, followed by Oil & Gas, Telecoms and Utilities.

The portfolio's underperformance during July was largely caused by a strong
sector rotation as investors moved capital back into Financials and
Telecommunications stocks. Positions in Utilities underperformed, and the
Company suffered from not owning positions in Financials and Telecoms that make
up larger parts of the reference index, although a position in higher-beta
Financial, Société Générale, performed well. Other detractors at a stock level
included a position in Swiss hearing aid company Sonova after two hearing aid
distributors reported muted second quarter earnings, although this company
continues to gain market share, especially in the higher end product lines.

The Company benefited from holdings in companies that reported strong second
quarter earnings. These included Finnish industrial company Konecranes and
Portugal-listed supermarket Jeronimo Martins. In addition, positions in
non-life insurance company Euler Hermes and banking group Julius Baer performed
well as Financials rallied.

Relative to the reference index, the Company ended the period with a higher
weighting in Industrials, Consumer Goods, Consumer Services, Telecoms and
Health Care and a lower weighting in Oil & Gas, Financials, Basic Materials and
Utilities.

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 net cash on their balance sheets, we would expect European
corporates to look for M&A opportunities in the 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).

20 August 2010