Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 30 November 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* (Undiluted) -3.5%     9.7%   13.0%     7.5%         111.9%
Net asset value* (Diluted)   -2.8%     9.2%   12.4%     7.0%         111.0%
Share price                  -3.7%    16.6%   13.3%     9.4%         104.3%
FTSE World Europe ex UK      -6.5%     5.5%   -0.1%   -10.3%          69.9%
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):        189.92p     
Net asset value (including income):    190.30p**   
** Includes net revenue of 0.38p                   
Share price:                           182.50p     
Discount to NAV (capital only):           3.9%     
Discount to NAV (including income):       4.1%     
Subscription share price:               23.00p     
Gearing (including income):               4.8%     
Net yield:                                1.8%     
Total assets (including income):       £199.6m     
Ordinary shares in issue:           99,871,041***  
Subscription shares in issue:       18,977,902     
                                                   
*** Excluding 2,642,046 shares held in treasury.   

Benchmark                                                                      
Sector Analysis      Total Assets  Index (%)  Country Analysis  Total Assets
                              (%)                                        (%)
Industrials                 22.7        13.5  France                    23.3 
Consumer Goods              17.9        16.5  Switzerland               20.2 
Financials                  13.9        22.0  Germany                   13.0 
Basic Materials             13.5         8.4  Finland                    8.9 
Consumer Services           10.2         5.2  Denmark                    8.3 
Health Care                 10.1         8.8  Netherlands                5.7 
Oil & Gas                    6.3         9.6  Sweden                     5.2 
Telecommunications           2.9         6.3  Russia                     3.2 
Utilities                    2.7         6.5  Spain                      3.1 
Technology                   2.6         3.2  Portugal                   3.1 
Net current liabilities     (2.8)          -  Norway                     2.3 
                           -----       -----  Ireland                    2.0 
                           100.0       100.0  Israel                     1.8 
                           =====       =====  Czech Republic             0.9 
                                              Turkey                     0.9 
                                              Belgium                    0.9 
                                              Net current liabilities   (2.8)
                                                                       ----- 
                                                                       100.0 
                                                                       ===== 

Ten Largest Equity Investments (in alphabetical order)          
                                                               
Company                            Country of Risk
Daimler                            Germany                     
Legrand                            France                      
Nokian Renkaat                     Finland                     
Novartis                           Switzerland                 
Novo Nordisk                       Denmark                     
Schneider Electric                 France                      
Swatch                             Switzerland                 
Syngenta                           Switzerland                 
Technip                            France                      
Vopak                              Netherlands                 

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

Fund Performance & Attribution
During November, both the Company's NAV and the share price outperformed the
reference index. While the FTSE World Europe ex UK Index fell 6.5% during
November, the Company's NAV decreased by 3.5% and its share price fell by 3.7%.

The European equity markets experienced a volatile period in November, as
sovereign debt concerns in peripheral Europe once again dominated the
headlines. Ireland was the focus of attention in this respect, with the
government ultimately requesting €85bn of funding from the European Financial
Stability Facility. As a result, Financials performed badly as sentiment
towards the sector declined, although positions within the Consumer
Discretionary and Industrials sectors fared better in the month.

The Company's relative performance during November was driven by a combination
of stock selection and sector allocation, with a higher weighting in
Industrials and lower weighting in Financials contributing well. The Company's
average gearing of 7.3% detracted from returns, however, in a falling market.

At a stock level, a position in Swiss watch maker Swatch continued to perform
well, benefiting from news of a strong year-on-year rise in Swiss watch exports
and continuing to benefit from emerging market growth trends, with 40% of its
sales coming from the Asia ex-Japan region. Also within the Consumer Goods
sector, a position in jewellery brand Pandora continued to perform following
its recent IPO, and is benefiting from strong sales expectations over the
holiday period. Elsewhere, a position in Syngenta performed well as commodity
prices continued to rise in the month and a position in Swedish ball bearing
manufacturer SKF benefited from its high growth prospects and strong global
market position within its industry.

Relative to the reference index, the Company ended the period with higher
relative weightings in the Industrials, Consumer Services and Basic Materials
sectors and lower relative weightings in the Financials, Telecommunications and
Utilities sectors. At the end of the month, the Company was geared by 4.8% of
its NAV.

Outlook
Our outlook for 2011 and beyond remains positive. We believe that core Europe
is relatively healthy, as reflected by rising consumer confidence and strong
momentum in the industrial cycle. In addition, core Europe is less indebted
than many other developed economies and has exceptional access to emerging
market growth. Peripheral Europe clearly has structural issues, which have been
well-publicised, but it is worth keeping in mind that this is a small part of
the European economy and an even smaller portion of the European stock market.
As such, we view the impact of further problems in the periphery on corporate
earnings as limited.

Europe remains under-owned and valuations continue to look compelling on a
relative and historic basis. The region offers a broad selection of well
managed companies that are able to access the strongest areas of global growth
through high quality product offerings. With European valuations low and many
companies holding net cash on their balance sheets, we have begun to see an
increase in M&A activity which we would expect to continue in coming 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).

16 December 2010