Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 30 June 2010 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           -2.6%   -12.9%   30.2%    -7.8%           81.2%
Share price               -3.3%   -15.9%   30.9%    -8.0%           66.5%
FTSE World Europe ex UK   -3.0%   -14.4%   15.9%   -17.3%           55.2%
Sources: BlackRock and Datastream


At month end                                       
Net asset value (capital only):         164.29p    
Net asset value (including income):     167.40p*   
* Includes net revenue of 3.11p                    
Share price:                            153.50p    
Discount to NAV (capital only):            6.6%    
Discount to NAV (including income):        8.3%    
Gearing (capital only):                    8.6%    
Net yield:                                 2.1%    
Total assets (including income):        £181.1m    
Ordinary shares in issue:            99,042,423**  
                                                   
** Excluding 2,642,046 shares held in treasury.    


Sector Analysis    Total Assets   Index (%)  Country Analysis  Total Assets
                            (%)                                         (%)
                                                                               
Consumer Goods            19.7         17.0  Switzerland              20.2 
Industrials               19.0         13.6  France                   16.0 
Financials                18.1         23.6  Germany                  11.7 
Health Care                9.2          9.7  Finland                   8.6 
Telecommunications         7.5          6.4  Denmark                   8.5 
Consumer Services          7.3          5.3  Netherlands               7.6 
Oil & Gas                  7.1          6.7  Spain                     5.7 
Utilities                  5.0          6.6  Russia                    4.4 
Basic Materials            4.2          7.4  Hungary                   4.4 
Technology                 3.8          3.7  Sweden                    3.0 
Net current liabilities   (0.9)              Ireland                   2.2 
                         -----        -----  Portugal                  1.7 
                         100.0        100.0  Poland                    1.5 
                         =====        =====  Belgium                   1.4 
                                             Italy                     1.2 
                                             Czech Republic            1.1 
                                             Turkey                    0.9 
                                             Norway                    0.8 
                                             Net current liabilities  (0.9)
                                                                     ----- 
                                                                     100.0 
                                                                     ===== 


Ten Largest Equity Investments (in alphabetical order)          
                                                               
Company                            Country of Risk             
Banco Santander                    Spain                       
Koninklijke KPN                    Netherlands                 
Nestlé                             Switzerland                 
Nokian Renkaat                     Finland                     
Novo-Nordisk                       Denmark                     
Roche                              Switzerland                 
Ryanair                            Ireland                     
SAP                                Germany                     
Société Générale                   France                      
Sonova                             Switzerland                 


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

Fund Performance & Attribution
During June the Company's NAV outperformed its reference index, although the
share price performed less well. The NAV fell by 2.6% (net) in Sterling terms
and the share price fell by 3.3% in the month. During the same period, the FTSE
World Europe ex UK Index (net) lost 3.0%.

European equity markets continued to slide in June. The poor performance was
driven, in part, by continued fears over a double-dip recession and, at a
global level, fears over China's economy having become overheated. In addition,
uncertainty over bank stress tests and financial regulation fuelled investor
caution. The Euro also continued to weaken relative to other currencies, most
notably the dollar.

The Company's strong relative performance was driven by a combination of strong
stock selection and sector positioning. At a sector level, a larger weighting
in Industrials and Consumer Goods benefited the portfolio versus the weightings
of the index. In addition, stock selection within the Basic Materials and
Technology sectors performed particularly well.

At a stock level, a position in global freight forwarder Kuehne + Nagel
benefited from strong demand for air freight and it continued to gain market
share from its competitors. In addition, a holding in hearing aid manufacturer
Sonova continued to perform due to its strong product line-up and future growth
prospects, and the decision to participate in an IPO in probiotics company
Christian Hansen proved successful within the month.

Positioning
Relative to the reference index, the Company ended the period with a higher
weighting in Industrials, Consumer Goods, Consumer Services, Telecoms and Oil &
Gas and a lower weighting in Financials, Basic Materials and Utilities.

Outlook
Our outlook for the second half of the year remains positive, despite the
well-publicized economic headwinds within the region. Sovereign debt issues,
fiscal austerity and concerns over financial regulation have provided
significant cause for concern since the beginning of the year, manifest in both
a weakening Euro and declining stock markets. We anticipate muted levels of
growth in the worst-hit peripheral economies over the next few years, although
we also recognize that areas of Europe are less indebted and more stable than
many other global developed economies.

We feel it is important to distinguish between the economic situation within
the region and the outlook for European corporate profitability. We recognize
that a weakening Euro is a net positive for exporters outside the Eurozone and
we continue to find a number of strong investment opportunities that are able
to benefit from translational gains. In addition, Europe offers a number of
well-managed companies that are able to access the strongest areas of global
growth through high quality product offerings. We anticipate a stronger than
expected second quarter earnings season and expect this may stabilize investor
confidence in the absence of supportive economic data.

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).

28 July 2010