Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 January 2012 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)    4.8%      0.6%   -13.5%    49.1%         103.0%
Net asset value* (Diluted)      4.8%      0.6%   -11.6%    49.2%         103.1%
Share price                     6.2%     -1.6%   -13.2%    42.1%          93.9%
FTSE World Europe ex UK         4.3%     -0.5%   -13.5%    30.9%          64.1%
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):        175.98p
Net asset value (including income):    175.98p
Net asset value (capital only)**:      175.98p
Net asset value (including income)**:  175.98p
Share price:                           173.25p
Discount to NAV (including income):       1.6%
Subscription share price:                7.50p
Gearing:                                   Nil
Net yield:                                2.1%
Total assets:                          £167.0m
Ordinary shares in issue:           94,873,100***
Subscription shares in issue:       18,342,725

**  Diluted for subscription shares.
*** Excluding 2,734,952 shares held in treasury.

Benchmark
Sector Analysis  Total Assets (%)  Index (%)  Country Analysis  Total Assets (%) 

Consumer Goods               23.6       18.7  Switzerland                   22.0
Health Care                  16.9       11.7  Germany                       14.5
Industrials                  16.1       15.0  France                        13.5
Financials                   15.4       19.8  Netherlands                   10.1
Consumer Services             9.1        5.2  Denmark                        5.6
Oil & Gas                     7.6        7.4  Sweden                         3.8
Basic Materials               6.0        8.2  Spain                          3.6
Technology                    2.7        3.5  Italy                          3.5
Utilities                     1.6        5.2  Norway                         3.2
Telecommunications            1.0        5.3  Belgium                        2.9
Net current assets              -          -  Ireland                        2.7
                            -----      -----  Luxembourg                     2.6
                            100.0      100.0  Finland                        2.4
                            =====      =====  Portugal                       2.2
                                              Russia                         1.8
                                              Czech Republic                 1.6
                                              Other                          4.0
                                              Net current assets               -
                                                                           -----
                                                                           100.0
                                                                           =====

Ten Largest Equity Investments (in alphabetical order)

Company                        Country of Risk
Ahold                          Netherlands
Allianz                        Germany
Danone                         France
ENI                            Italy
LVMH                           France
Nestlé                         Switzerland
Novo Nordisk                   Denmark
Pernod Ricard                  France
Roche                          Switzerland
Syngenta                       Switzerland

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

Market
Equity markets delivered positive returns in January.  The tentative rally we
saw in Q4 has broadened out from high quality international companies to
riskier cyclicals including the financials sector.  Risk appetite returned in
January, supported by improving global growth prospects, progress in the
European sovereign debt crisis and looser monetary policy.  The ECB's long term
refinancing operations (LTRO) provided much needed liquidity in the bond market
and Italian and Spanish bond yields fell back to around 5% and 6%
respectively.  Global leading indicators rebounded and Euro flash PMIs
recovered above the 50-threshold indicating tentative signs of expansion, while
German IFO was stronger than expected.

Fund Performance & Attribution
During the month the Company's NAV rose by 4.8% and the share price by 6.2%.
For reference, the FTSE World Europe ex UK Index was up 4.3% during the same
period.

Stock selection was a key driver to performance, whilst sector allocation was
marginally negative.

January saw a reallocation back into risk assets and, as a result, the
portfolio benefited from lower weightings within the more defensive telecoms
and utilities sectors which performed less well than the market. Accurate stock
selection within the health care sector proved successful, primarily as a
result of not owning some defensive large cap pharmaceuticals stocks which
lagged the rally such as Novartis and Sanofi.

A lower weighting in the financials sector detracted from returns as banks
received some respite from their poor performance during the previous two
quarters.  However, a selective approach aided performance and positions in
OTP, GAM and Allianz were amongst the top contributors. Other top performers
included budget airline Ryanair which announced strong results and which is
well positioned to benefit from consolidation within the European airline
industry.

On a less positive note, defensive consumer-related stocks were out of favour
where investors took profits and a number of names detracted from performance. 
These included food producers Danone and Nestlé, food retailer Ahold, brewer
Anheuser-Busch InBev and spirit producer Pernod Ricard.

During the month, the Company decreased its consumer goods exposure through the
sale of the holding in Elringklinger and BMW and by selling out of cosmetic
company L'Oreal.  Within financials, the Company increased its weighting mainly
by initiating a new position in Sberbank and by adding to existing holdings GAM
and Allianz.

At the end of the month, the Company had higher weightings (when compared with
the FTSE World Europe ex UK Index) in health care, consumer goods, consumer
services, industrials and oil & gas and lower weightings in financials,
telecoms, utilities, basic materials and technology.

Outlook
Moving into 2012, progress towards a resolution of the European sovereign debt
issues will continue to shape investor sentiment and markets are likely to
remain volatile.  Investors are, however, pricing in a significant risk premium
for the current political and economic uncertainties and we believe our
strategy of building positions in the long term winners, companies with highly
differentiated business models, strong balance sheets and structural growth
driven largely by international demand, will deliver attractive returns over
the medium term.

21 February 2012

ENDS

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).  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.