Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 October 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           -6.6%    17.0%   33.1%    7.2%           80.3%
Share price               -2.9%    28.3%   36.7%    9.8%           76.8%
FTSE World Europe ex UK   -5.3%    10.9%   29.6%    6.4%           64.3%
Sources: BlackRock and Datastream

At month end                                       
Net asset value (capital only):         166.65p    
Net asset value (including income):     166.56p*   
* Includes temporary net revenue deficit of -0.09p 

Share price:                            163.00p    
Discount to NAV (capital only):            2.2%    
Discount to NAV (including income):        2.1%    
Gearing (capital only):                    0.4%    
Net yield:                                 1.9%    
Total assets (capital only):            £175.8m    
Ordinary shares in issue:           105,124,598**  
                                                   
** Excluding 1,696,092 shares held in treasury.    

Benchmark                                                                      
Sector Analysis       Total Assets  Index (%)   Country Analysis  Total Assets
                               (%)                                         (%)
                                                                               
Financials                   26.8        26.8   Switzerland               17.0 
Industrials                  22.8        12.9   France                    15.6 
Consumer Goods               12.2        14.5   Germany                   12.9 
Oil & Gas                     9.9         6.9   Spain                     11.0 
Health Care                   7.1         8.8   Sweden                     7.3 
Telecommunications            7.1         7.3   Austria                    5.5 
Utilities                     4.5         7.7   Belgium                    5.2 
Technology                    4.3         3.5   Netherlands                4.9 
Consumer Services             3.6         4.9   Portugal                   3.7 
Basic Materials               3.0         6.7   Denmark                    3.6 
Net current liabilities      (1.3)          -   Greece                     3.2 
                            -----       -----   Norway                     3.2 
                            100.0       100.0   Finland                    1.5 
                            =====       =====   Ireland                    1.4 
                                                Russia                     1.3 
                                                Hungary                    1.3 
                                                Poland                     1.0 
                                                Czech Republic             1.0 
                                                Luxembourg                 0.7 
                                                Net current liabilities   (1.3)
                                                                         ----- 
                                                                         100.0 
                                                                         ===== 

Ten Largest Equity Investments (in alphabetical order)          
                                                               
Company                            Country of Risk             
Atlas Copco                        Sweden                      
Banco Santander                    Spain                       
BNP Paribas                        France                      
EFG Eurobank                       Greece                      
KBC                                Belgium                     
Kuehne + Nagel                     Switzerland                 
Nestlé                             Switzerland                 
Novartis                           Switzerland                 
Telefónica                         Spain                       
Total                              France                      

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

Fund Performance & Attribution
During the month the Company's NAV fell by 6.6% (net) in Sterling terms,
underperforming the FTSE World Europe ex UK Index (net) which returned -5.3%,
although the Company's share price fared better than both the NAV and the
reference index, declining by -2.9%.

Underperformance was mainly caused by a negative return from the Company's
sector allocation in the month. European markets saw a marked reduction in risk
appetite in October as investors took profits in stocks that had performed
during the recovery and showed a lack of willingness to look through earnings
results, instead penalising companies who reported worse than expected third
quarter earnings.

Positions in financials underperformed in the month. Holdings in Danske Bank
and Irish Life & Permanent detracted as the market rotated away from the
sector, and a position in ING suffered following concerns over a potential
rights issue. In addition, a position in media company Sky Deutschland
underperformed as the market failed to read through its poor third quarter
earnings.

Of the positions that performed well in October, industrials proved the
strongest contributors as the market rewarded higher quality cyclicals with
more defensive attributes than many competitors. A position in Dutch oil and
chemical storage company Vopak performed well, as did Swiss-based transport
operator Kuehne + Nagel and Swedish company Atlas Copco. In addition, holdings
in oil & gas producers Statoilhydro and DNO International profited from a
rising oil price in October.

Transactions & Positioning
The Company reduced its exposure to financials in the month, trimming some of
the larger banks in favour of those with the greatest upside for a reasonable
level of risk. In addition, the Company added positions in higher quality
defensive names such as telecom company Ericsson, which offers strong recovery
prospects in emerging markets, especially given its recent discipline in
cutting costs.

The Company begins November overweight in Industrials, Energy and IT and
underweight in the Materials, Utilities, Consumer Staples and Consumer
Discretionary sectors.

Outlook
The outlook for European equity markets remains positive against a backdrop of
recovering earnings momentum, cheap valuations and continued government
stimulus tailwinds. Looking forward, we expect that market returns will
continue to be driven by stock-specific factors such as earnings upgrades and
positive company news flow. We are focusing our fundamental research on
companies where there is a likelihood of earnings upgrades as we believe these
are likely to drive the market over the next six months.

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).

17 November 2009