Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 30 November 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)   -3.1%     -5.7%    -7.9%    44.5%          95.6%
Net asset value* (Diluted)     -3.1%     -5.4%    -7.3%    44.5%          95.6%
Share price                    -4.5%     -7.2%    -7.9%    53.6%          88.1%
FTSE World Europe ex UK        -3.1%     -4.0%    -5.9%    28.3%          59.8%
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):        169.50p
Net asset value (including income):    169.50p includes net revenue of 0.00p
Net asset value (capital only)**:      169.50p
Net asset value (including income)**:  169.50p
Share price:                           168.00p
Discount to NAV (including income):       0.9%
Discount to NAV (including income)**:     0.9%
Subscription share price:                8.00p
Gearing (including income):               1.7%
Net yield:                                3.6%
Total assets (including income):       £166.2m
Ordinary shares in issue:           96,368,264***
Subscription shares in issue:       18,342,725

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

Benchmark
Sector Analysis  Total Assets (%)  Index (%)  Country Analysis  Total Assets (%)
 
Consumer Goods               29.4       17.4  Switzerland                  21.4
Health Care                  17.1       10.8  France                       16.7
Industrials                  15.1       13.9  Germany                      16.7
Financials                   14.2       19.1  Netherlands                  13.0
Consumer Services             9.6        5.0  Denmark                       5.7
Oil & Gas                     8.2       10.2  Sweden                        3.5
Technology                    3.9        3.5  Norway                        3.3
Basic Materials               3.5        8.2  Belgium                       3.0
Utilities                     1.7        5.8  Russia                        2.8
Telecommunications            1.2        6.1  Ireland                       2.7
Net current liabilities      (3.9)         -  Finland                       2.7
                                              Portugal                      2.4
                            -----      -----  Italy                         2.3
                            100.0      100.0  Spain                         1.9
                            =====      =====  Other                         5.8
                                              Net current liabilities      (3.9)
                                                                          -----
                                                                          100.0
                                                                          =====
Ten Largest Equity Investments (in alphabetical order)

Company                        Country of Risk
Ahold                          Netherlands
Danone                         France
DNB                            Norway
Fresenius                      Germany
LVMH                           France
Nestlé                         Switzerland
Novo-Nordisk                   Denmark
Pernod-Ricard                  France
Roche                          Switzerland
Syngenta                       Switzerland

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

Performance & Attribution
During the month the Company's NAV and share price fell by 3.1% and 4.5%
respectively.  For reference, the FTSE World Europe ex UK index fell 3.1%
during the same period.

A moderate "risk-off" theme returned to European equity markets in November
with more defensive areas outperforming, led by Food, Beverage and Tobacco
companies.  Conversely, more cyclical areas of the market posted broadly
negative returns.  Throughout the month markets remained highly volatile and
sensitive to news headlines.  Enhanced austerity plans and the installation of
new governments in Greece, Italy and Spain provided some grounds for optimism. 
On the last day of the month the mood was lifted by the announcement of a
co-ordinated Central Bank scheme to lower the cost of US dollar funding.
Scepticism ultimately prevailed due to on-going concerns over a slowdown in
global growth and a lack of consensus amongst European political leaders.

At a sector level, positions in consumer services and healthcare proved
especially successful during November, although positions in oil & gas and
materials dragged performance back in a declining market.

Stock selection in consumer services proved especially successful, with a
holding in Irish airline Ryanair amongst the top contributors to performance.
Ryanair is now Europe's biggest airline and is benefiting from a long period
of capital expenditure, leaving the company with a relatively young fleet and
with the prospect of an increase in free cash flow yield as capex declines.
Ryanair can also perform in a relatively resilient way in a recessionary
environment due to its aggressive pricing policy and strong competitive
position in key airport hubs.  The Company's holding in Finnish elevator and
escalator company Kone also performed well.  Kone's business model is
relatively defensive and around 80% of its earnings come from servicing its
existing installed base; as such, Kone is able to perform relatively well in
challenging market conditions.

Positions in the beverage industry also continued to perform well, including
Pernod Ricard (which has over 38% of its sales coming from emerging markets)
and Anheuser-Busch Inbev.  A position in Danish pharmaceutical company Novo
Nordisk also performed well during the month, benefiting from its strong
pipeline of insulin treatment products, as did a holding in Russian telecoms
company Sistema.

On a more negative note, holdings in the oil & gas sector underperformed on the
whole.  A position in Galp Energia underperformed as the stock fell on the news
that the price they achieved for the sale of Brazilian assets was not as good
as expected.  However, we view this as over-done and believe the core business
remains resilient with attractive production growth rates in the coming years.
The Company's position in banks DNB Nor and BNP Paribas also detracted from
performance as the banking sector in general experienced strong drawdowns
during November.

The Company averaged a cash weight of +0.2% during November.  At the end of the
month, the Company had higher weightings (when compared with the FTSE World
Europe ex UK) in consumer goods, healthcare, consumer services and oil & gas,
broadly neutral technology and industrials, and lower weightings in telecoms,
utilities, financials and basic materials.

Outlook
We recognise that the current environment is very different to anything that
policymakers or investors have seen in the last 60 years.  We remain cautious
on the short-term outlook and acknowledge the significant macroeconomic
obstacles and downward corporate earnings pressure in Europe.  We also see a
genuine value opportunity for longer-term investors whilst the dividend yield
available in Europe is the highest in the world.  The key to unlocking this
value remains in the hands of European leaders and we are now at the point
where the future shape of the Eurozone has to be decided.  As European equity
investors, our focus and analysis continues to favour quality companies with
strong balance sheets and cash flows, with intrinsic growth potential
independent of overall economic conditions.  If investors are prepared to take
a longer-term perspective, we believe that oversold markets like this can
provide attractive investment opportunities and significant upside.

15 December 2011

ENDS

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).  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.