Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 October 2011 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)    8.5%    -13.9%    -8.1%    49.0%         101.9%
Net asset value* (Diluted)      8.5%    -12.0%    -7.0%    49.1%         102.0%
Share price                     6.4%    -10.3%    -7.1%    52.3%          97.0%
FTSE World Europe ex UK         8.2%    -11.7%    -9.3%    30.0%          64.8%
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):        174.99p
Net asset value (including income):    174.99p
Net asset value (capital only)**:      174.99p
Net asset value (including income)**:  174.99p
Share price:                           176.00p
Premium to NAV (including income):        0.6%
Premium to NAV (including income)**:      0.6%
Subscription share price:               11.00p
Gearing (including income):                Nil
Net yield:                                2.0%
Total assets (including income):       £168.6m
Ordinary shares in issue:           96,359,314***
Subscription shares in issue:       18,351,675

**  Diluted for subscription shares.
*** Excluding 1,239,788 shares held in treasury.

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

Consumer Goods           27.6    17.2   France                    24.1
Financials               16.9    19.9   Switzerland               17.5
Industrials              15.4    13.9   Germany                   16.3
Health Care              13.5    10.5   Netherlands                9.6
Oil & Gas                11.5     9.9   Denmark                    5.2
Consumer Services         7.5     4.9   Portugal                   3.8
Technology                4.0     3.5   Norway                     3.7
Basic Materials           3.5     8.2   Ireland                    3.2
Utilities                 1.7     5.8   Russia                     3.0
Telecommunications        1.2     6.2   Belgium                    2.7
Net current liabilities  (2.8)    0.0   Finland                    2.5
                        -----   -----   Spain                      2.0
                        100.0   100.0   Sweden                     1.6
                        =====   =====   Italy                      1.6
                                        Other                      6.0
                                        Net current liabilities   (2.8)
                                                                 -----
                                                                 100.0
                                                                 =====
Ten Largest Equity Investments (in alphabetical order)

Company                        Country of Risk
Ahold                          Netherlands
Danone                         France
DnB NOR                        Norway
Fresenius                      Germany
Galp Energia                   Portugal
LVMH                           France
Nestlé                         Switzerland
Novo Nordisk                   Denmark
Pernod Ricard                  France
Syngenta                       Switzerland

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

Performance & Attribution
During the month, the Company's NAV gained 8.5% and the share price increased
by 6.4%. For reference, the FTSE World Europe ex UK Index gained 8.2% during
the same period.

In October, risk assets rallied as investors anticipated a broad-reaching
bailout plan for the struggling Eurozone economies. Following the announcement
of new measures on 26th October by EU leaders, a sentiment of relief prompted
further strength in European equities, which finished the month up 8%. However,
investor confidence remained fragile at the end of the month as a result of a
lack of definitive details to put the plan into action. Other positive news
included better macro data coming from other parts of the global economy,
especially the US.  Overall, the third quarter European company earnings have so
far underperformed expectations and earnings forecasts for 2012 are softening.

At a sector level, the decision to have lower weightings in telecoms and
utilities benefited returns as investors moved back into 'cyclical' areas of
the market. In addition, higher weightings in consumer goods and oil & gas
aided returns as investor sentiment towards the sectors improved.

Stock selection in financials was a key driver of performance during October.
Positions in Norwegian bank DnB NOR and life insurance name ING both generated
strong returns. Holdings in consumer-related stocks such as luxury goods
company LVMH and beverage company Pernod Ricard saw strong gains following
their recent underperformance. Both of these stocks offer higher levels of
exposure to consumption growth in the emerging markets. In addition, positions
in energy services companies Saipem and Technip performed well as optimism
surrounding the prospects for the sector increased, although some of this
strong performance was offset by a holding in Russian oil & gas transportation
company Transneft.

On a more negative note, positions in 'defensive' areas of the market, many of
which had performed well in recent months, tended to perform less well during
October. This included Danish insulin treatment company Novo Nordisk and German
private hospital group Rhoen-Klinikum. Holdings in beverage name Anheuser-Busch
InBev and food producer Nestlé also underperformed during October's 'risk on'
trade.

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

Outlook
Despite the measures announced at the end of October to get to grips with the
sovereign debt crisis in Europe, political developments in the Eurozone
continue to dominate the headlines. In our view, these announcements do go some
way to preventing a 'meltdown' scenario in Europe, but they fall well short of
a 'grand solution' to the problems faced by both European governments and the
European banking system. The current political uncertainty in Greece has also
raised into question the effectiveness of these measures and reinforced the
view that we are far from a resolution to the sovereign debt concerns. The
outlook for corporate earnings has deteriorated and earnings expectations have
begun to be downgraded as companies disappoint on their Q3 earnings
announcements. European equities are now trading at very cheap valuations but
decisive political leadership is crucial to unlocking this value. We remain of
the view that the European equity universe offers some of the best businesses
in the world and we are being vigilant in identifying some of those which
represent attractive buying opportunities during this period of uncertainty.

15 November 2011

ENDS

Latest information is available by typing www.blackrock.co.uk/brge 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.