Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 December 2009 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            3.0%     0.2%   25.8%    9.4%           93.3%
Share price                3.6%     2.7%   28.4%   10.4%           86.8%
FTSE World Europe ex UK    2.6%     0.6%   20.1%    9.9%           74.5%
Sources: BlackRock and Datastream

At month end                                       
Net asset value (capital only):       178.49p    
Net asset value (including income):   178.59p*   
* Includes net revenue of 0.10p                    
Share price:                          172.25p    
Discount to NAV (capital only):          3.5%    
Discount to NAV (including income):      3.6%    
Gearing (including income):              2.4%    
Net yield:                               1.8%    
Total assets (including income):      £186.0m    
Ordinary shares in issue:         101,684,469**  
                                                   
** Excluding 3,440,129 shares held in treasury.    

Sector Analysis    Total Assets    Index (%)   Country Analysis  Total Assets
                            (%)                                           (%)
                                                                               
Industrials                20.8         12.8   Switzerland               26.4 
Financials                 20.5         25.7   France                    18.5 
Consumer Goods             12.0         14.6   Germany                   12.6 
Health Care                11.0          8.9   Netherlands                7.3 
Consumer Services           7.9          5.0   Spain                      6.3 
Oil & Gas                   6.4          7.4   Finland                    5.0 
Basic Materials             6.1          7.5   Belgium                    4.0 
Telecommunications          5.9          7.0   Portugal                   3.7 
Utilities                   5.1          7.7   Sweden                     2.5 
Technology                  4.2          3.4   Austria                    2.4 
Net current assets          0.1            -   Russia                     2.4 
                          -----        -----   Greece                     2.1 
                          100.0        100.0   Hungary                    1.3 
                          =====        =====   Norway                     1.0 
                                               Luxembourg                 1.0 
                                               Poland                     0.9 
                                               Czech Republic             0.9 
                                               Bermuda                    0.9 
                                               Ireland                    0.7 
                                               Net current assets         0.1 
                                                                        ----- 
                                                                        100.0 
                                                                        ===== 

Ten Largest Equity Investments (in alphabetical order)          
                                                               
Company                            Country of Risk             
Anheuser-Busch                     Belgium                     
Bayer                              Germany                     
BNP Paribas                        France                      
ING                                Netherlands                 
Kuehne + Nagel                     Switzerland                 
Nestlé                             Switzerland                 
Novartis                           Switzerland                 
Roche                              Switzerland                 
Teliasonera                        Sweden                      
Total                              France                      

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

Fund Performance & Attribution
During the month, both the Company's NAV and share price outperformed the
reference index. The NAV gained 3.0% (net) in Sterling terms and the share
price gained 3.6% in the month. By contrast, the FTSE World Europe ex UK Index
(net) returned 2.6%.

Equity markets continued to be buffeted by news flow in the month. Greece's
downgrade to BBB+, with negative outlook from Fitch the credit rating agency
followed by the Basel Committee's consultation paper outlining more stringent
capital requirements for banks, weighed heavily on the Financials sector. While
Financials lagged the market, more economically sensitive sectors performed
strongly as the outlook for the global economy and industrial activity
continued to improve. Beneficiaries included the Materials, Industrials and
Energy sectors. Within more defensive and consumer related areas, the Health
Care and Consumer Goods sectors outperformed. Telecoms and Technology lagged
the market in the month.

In this context, the Company's relative performance was largely generated by
positive stock selection. Positions in Health Care, Industrials and
Telecommunications performed particularly well.

The Company crystallised healthy profits in medical devices company Nobel
Biocare towards the end of the month as the stock rallied, and a position in
Dutch semiconductor equipment manufacturer ASML benefited from the confirmation
of a strong outlook for its fourth quarter earnings. A position in Swiss
recruitment firm Adecco benefited from improving employment data. We expect
payrolls to turn positive in the first quarter of this year, which would
provide a strong backdrop for improving company revenues.

The Company's underweight position to Financials, relative to the reference
index, delivered a positive contribution, although a holding in Greek bank EFG
Eurobank detracted as investors avoided Greek banks on the back of continuing
concerns for the Greek fiscal deficit.

Positioning
Relative to the reference index, the Company begins January overweight Consumer
Discretionary, Industrials, Energy and Consumer Staples and underweight
Utilities, Telecommunications, Materials and Financials.

Outlook
Against a backdrop of recovering earnings, well contained inflation and
continued government stimulus tailwinds, we are positive on the outlook for
European Equity markets in 2010. However, one of the key issues will be the
outlook for policy stimulus and the extent to which private sector demand can
replace it. It is our view that central banks will remain supportive while
adopting a wait and see approach, looking for further economic recovery and
stabilisation in unemployment before applying higher interest rates. At the
corporate level, the ability of managements to position their company into the
upturn will become increasingly important in determining future winners and
losers. This will be especially important in 2010 as many companies look to
benefit from strong cost discipline in the downturn.

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).

21 January 2010