Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 30 November 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            -0.1%   -23.2%  -31.3%          35.4%
Share price                -5.3%   -24.8%  -34.4%          22.4%
FTSE World Europe ex UK    -1.7%   -27.2%  -33.6%          24.6%

Sources: BlackRock and Datastream

At month end
Net asset value (capital only):     127.13p
Net asset value (including income): 127.41p includes net revenue of 0.28p
Share price:                        115.00p
Discount to NAV (capital only):        9.5%
Discount to NAV (including income):    9.7%
Gearing (capital only):                 Nil
Net yield:                             2.6%
Total assets (capital only):     £143.20m**
Ordinary shares in issue:      112,388,958*

* excluding 2,728,833 shares held in treasury.
** includes current year revenue.

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

Financials                  21.0      23.2 France                       23.4
Health Care                 15.5      10.0 Switzerland                  22.2
Telecommunications          10.6       8.3 Germany                       9.8
Consumer Services            9.8       5.7 Netherlands                   9.2
Industrials                  8.6      11.6 Spain                         8.1
Utilities                    8.5       9.1 Italy                         7.5
Oil & Gas                    7.8       7.7 Emerging Europe               5.6
Consumer Goods               7.3      14.3 Belgium                       3.1
Basic Materials              1.0       6.3 Greece                        2.2
Technology                   0.4       3.8 Ireland                       1.3
Other Investments            5.6           Russia                        1.3
Net current assets           3.9           United Kingdom                1.2
                                           Israel                        0.4
                                           Poland                        0.4
                                           Turkey                        0.4
                                           Net current assets            3.9
                           -----     -----                             -----
                           100.0     100.0                             100.0
                           =====     =====                             =====

Ten Largest Equity Investments

Company                                    Country of Risk
BlackRock Eurasian Frontiers Hedge Fund    Emerging Europe
BNP Paribas                                France
ENI                                        Italy
Koninklijke                                Netherlands
Nestlé                                     Switzerland
Novartis                                   Switzerland
Roche                                      Switzerland
Sanofi-Aventis                             France
Telefonica                                 Spain
Zurich Financial Services                  Switzerland

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

European equities trended downwards in line with global markets during
November. The FTSE World Europe ex UK Index returned -1.7% (Sterling terms).
The economic news over the month continued to deteriorate quite dramatically
but markets were encouraged by the increasingly proactive stance of the
authorities. In Europe, the European Central Bank cut rates by 50bps and the
European Commission followed with a fiscal package worth €200bn, with the
purpose of stimulating spending and boosting consumer confidence. Emerging
Europe underperformed developed European markets, with the MSCI Emerging Europe
Index posting a drop of -10.6% through November in Sterling terms.

During the month the Company's NAV returned -0.1%, outperforming 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 being offset by negative contributions from Russia and Poland. The
main positive contribution to the Company came from Developed Europe, including
exposures to companies listed in Spain, Netherlands, Greece and Belgium.
Holding cash as markets declined had a positive relative contribution to
performance. The Company was not geared as at 30 November 2008.

The best performing stocks were mainly found in the Consumer Goods and Services
sector and included gaming company OPAP and media conglomerate Vivendi. Other
stocks to have a positive contribution to performance were Telecoms companies
Belgacom, KPN and Telefonica as well as industrial engineer, Alstom. In
addition, not holding shares in Volkswagen was additive as the car manufacturer
underperformed after rising to irrational prices in October. Sector allocation
was also positive with underweight positions in Consumer Goods, Financials,
especially Banks, along with an overweight stance in Telecoms being positive.

The stocks to detract from performance were mainly found in the Health Care
sector with the Company's holdings in Fresenuis and Icon posting declines.
Elsewhere, selected Banks which included BNP Paribas, Intesa Sanpaolo and
Credit Suisse also detracted.

During the month the Company reduced its exposure to the Health Care and
Consumer Staples sectors through the sale of ICON, Bayer and BAT. The proceeds
were partially re-invested in the Industrial sector where new positions in TNT,
Finmeccanica and MAN were established.

Exposure to Emerging Europe remained flat during the month to finish at 8.1%.
The BlackRock Eurasian Frontiers Hedge Fund (5.6%) accounted for the majority
of the emerging market weight providing diversified exposure to the region. Net
market exposure was reduced during the month to 93%.

The immediate news flow and outlook for earnings remains extremely poor.
However, with both Developed and Emerging Europe equity valuations in the
market at multi generational lows we feel that once investors' risk appetite
returns, there is the scope for a powerful bounce back particularly for those
companies where valuations have become overly compressed. At the portfolio
level, we currently favour companies with strong franchises, reliable earnings,
strong balance sheets (high cash, low debt) and experienced management teams.
In our view, these companies have the scope to emerge from the downturn in a
much stronger position as true market leaders. On a sector view, the Company
currently has a bias to Financials, but still retains an underweight stance
relative to the reference index, especially in Banks and Diversified Financials
with a small overweight in Insurance. Other key sector weights include Health
Care, Telecoms and Consumer Staples. The Company has limited exposure to
Information technology and Materials.

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).

18 December 2008