Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 October 2008 and unaudited.

Performance at month end with net income reinvested

                             One     Three       One   Since Launch
                           Month    Months      Year    (20 Sep 04)
                                                               
Net asset value           -11.7%    -21.2%    -32.1%          35.5%
Share price                -7.4%    -18.9%    -33.7%          29.3%
FTSE World Europe ex UK   -14.9%    -23.0%    -33.1%          26.8%
Sources: BlackRock and Datastream

At month end                                       
Net asset value (capital only):             127.51p
Net asset value (including income):         127.46p*
* includes net revenue of (0.05)p                  
Share price:                                121.50p
Discount to NAV (capital only):                4.7%
Discount to NAV (including income):            4.7%
Gearing:                                        Nil
Net yield:                                     2.5%
Total assets:                              £143.25m
Ordinary shares in issue:               112,388,958*
                                                   
* excluding 2,728,833 shares held in treasury.     

Benchmark                                                                      
Sector Analysis       Total Assets   Index (%) Country Analysis    Total Assets
                               (%)                                          (%)
                                                                               
Financials                   22.5         24.3 Switzerland                26.4 
Health Care                  18.3         10.1 France                     24.2 
Telecommunications           12.0          7.5 Germany                    11.0 
Oil & Gas                     8.6          7.6 Netherlands                 7.8 
Utilities                     8.5          8.9 Italy                       5.9 
Consumer Services             8.2          5.4 Emerging Europe             5.2 
Consumer Goods                7.2         15.3 Spain                       4.5 
Industrials                   4.9         11.0 Belgium                     3.4 
Basic Materials               2.9          6.2 Greece                      2.6 
Technology                    0.6          3.7 Norway                      1.8 
Other Investments             5.3              Ireland                     1.8 
Net current assets            1.0              Russia                      1.7 
                            -----        ----- Luxembourg                  1.3 
                            100.0        100.0 Israel                      0.7 
                            =====        ===== Poland                      0.4 
                                               Turkey                      0.3 
                                               Net current assets          1.0 
                                                                         ----- 
                                                                         100.0 
                                                                         ===== 

Ten Largest Equity Investments                                 
Company                                   Country of Risk             
Belgacom                                  Belgium                     
BlackRock Eurasian Frontiers Hedge Fund   Emerging Europe             
BNP Paribas                               France                      
E.On                                      Germany                     
KPN                                       Netherlands                 
Nestlé                                    Switzerland                 
Novartis                                  Switzerland                 
Roche                                     Switzerland                 
Telefonica                                Spain                       
Zurich Financial Services                 Switzerland                 

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

The FTSE World Europe ex UK Index decreased by 14.9% (Sterling terms) in
October. Equity markets continued their decline as economic data releases
reflected a rapidly declining global backdrop. Company results provided
investors with further reasons to be concerned as earnings forecasts for the
remainder of the year were revised downwards and the business outlook for 2009
became less clear. Emerging Europe outperformed the developed European markets,
with the MSCI Emerging Europe posting a drop of -12.7% through October in
Sterling terms.

The Company's NAV returned -11.7%, declining less than the reference index. The
contribution from the Emerging Europe region was negative, with the benefit to
the Company from its exposure to the BlackRock Eurasian Frontiers Hedge Fund
failing to offset the falls in Russia. The main positive contribution to the
Company came from Developed Europe, including exposures to companies listed in
Switzerland, Belgium and France. Holding cash as markets declined had a
positive relative contribution to performance. The Company was not geared as at
31 October 2008.

In October, only two sectors posted positive returns, the Pharmaceuticals
sector, with its defensive characteristics and Autos, with Volkswagen's share
price rising more than four-fold after Porsche disclosed that, by means of
derivatives, it had increased its economic exposure to Volkswagen, causing a
share price squeeze. Volkswagen briefly became the world's largest company by
market capitalization.

On a relative basis, Food & Staples retailing, Food Beverage & Tobacco,
Telecoms and Media sectors performed best and Financials, Capital Goods,
Materials and Real Estate fell furthest.

Despite a difficult period for Financials, the Company benefited from good
stock selection within Banks, Insurance and Diversified Financials. Stock
selection within Food Producers (Nestlé), Telecoms (Deutsche Telekom) and
Health Care (Novartis, Roche and Fresenius) contributed positively to relative
performance.

The largest negative contribution came from avoiding the Auto sector and in
particular not holding Volkswagen. Holdings within the energy sector felt the
impact of falling oil prices and profit taking within the sector (Total,
Saipem).

Exposure to Emerging Europe was reduced during October to finish at 8.0%, with
the largest country exposure continuing to be Russia (1.7%), along with the
BlackRock Eurasian Frontiers Hedge Fund (5.2%) which provides diversified
exposure to the region.

While volatility may continue to provide challenges in the near term, as the
impact of the global credit crisis unwinds, we believe that on a longer term
view Europe offers many attractive investment opportunities. European
valuations continue to look cheap on a relative and historic basis - we believe
Europe offers attractive long term investment opportunities from these levels.

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).

24 November 2008