Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 August 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)  -0.8%     3.8%     9.3%     2.0%          93.1%
Net asset value* (Diluted)    -0.8%     3.8%     9.3%     2.0%          93.1%
Share price                   -3.5%     1.7%     7.1%    -4.6%          75.2%
FTSE World Europe ex UK       -2.8%     0.5%    -0.2%    -9.7%          61.0%
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):        172.83p     
Net asset value (including income):    176.05p**   
** Includes net revenue of 3.22p                   

Share price:                           159.25p     
Discount to NAV (capital only):           7.9%     
Discount to NAV (including income):       9.5%     
Subscription share price:               10.75p     
Gearing (including income):               6.5%     
Net yield:                                2.0%     
Total assets (including income):       £186.5m     
Ordinary shares in issue:           99,042,423***  
Subscription shares in issue:       19,806,520     
                                                   
*** Excluding 2,642,046 shares held in treasury.   


Benchmark                                                                      
Sector Analysis     Total Assets   Index (%)   Country Analysis   Total Assets
                             (%)                                          (%)
                                                                               
Industrials                19.8         13.2   Switzerland               21.6 
Financials                 18.8         24.6   France                    17.7 
Consumer Goods             15.1         16.8   Finland                   10.3 
Health Care                 9.8          9.3   Germany                    9.8 
Consumer Services           9.0          5.4   Denmark                    8.7 
Basic Materials             8.2          7.2   Spain                      6.2 
Oil & Gas                   7.0          6.5   Netherlands                4.6 
Telecommunications          5.3          7.0   Russia                     3.7 
Utilities                   4.8          6.7   Sweden                     3.2 
Technology                  1.8          3.3   Ireland                    2.9 
Net current assets          0.4            -   Portugal                   2.0 
                          -----        -----   Turkey                     2.0 
                          100.0        100.0   Poland                     1.3 
                          =====        =====   Hungary                    1.3 
                                               Belgium                    1.1 
                                               Czech Republic             1.1 
                                               Israel                     1.0 
                                               Norway                     0.7 
                                               Italy                      0.4 
                                               Net current assets         0.4 
                                                                        ----- 
                                                                        100.0 
                                                                        ===== 


Ten Largest Equity Investments (in alphabetical order)          
                                                               
Company                            Country of Risk             
Banco Santander                    Spain                       
Credit Suisse                      Switzerland                 
Givaudan                           Switzerland                 
Nestlé                             Switzerland                 
Nokian Renkaat                     Finland                     
Novartis                           Switzerland                 
Novo-Nordisk                       Denmark                     
Ryanair                            Ireland                     
Schneider                          France                      
Société Générale                   France                      


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

Fund Performance & Attribution
During August the Company's NAV outperformed its reference index, although the
share price underperformed. The NAV fell 0.8% in Sterling terms and the share
price decreased by 3.5%. During the same period, the FTSE World Europe ex UK
Index (net) fell 2.8%.

Despite many positive earnings releases for the second quarter in the European
region, macro economic factors continued to dominate both sentiment and market
movements, with most major indices declining. Concerns over the spectre of a
double-dip recession contributed to this decline, with much of the bad news
emanating from the US. The Federal Reserve issued a more cautious outlook
statement during the month and US jobless claims continued to remain high.
Closer to home, the economic situation was decidedly more positive, with
Germany reporting strong GDP growth for the quarter and Eurozone industrial
production continued to see positive momentum.

The Company's performance during August was largely driven by strong stock
selection within the Industrials, Health Care and Consumer Discretionary
sectors. The second quarter earnings season has been broadly positive in
Europe, with 60% of companies beating market expectations.

At a stock level, a position in Finnish winter tyre maker Nokian Renkaat
performed well. The company continues to benefit from strong growth trends in
the Russian foreign car sales market, and rallied by 9% after significantly
beating expectations for second quarter earnings in the month. In addition, a
position in Swiss luxury watch company Swatch performed well after the company
reported record sales in the first half of the year, with exports out of the
region boosted across all product lines. We view Swatch as a high quality brand
with extremely strong penetration in Asia ex Japan, from which the company
sources 40% of its sales. Positions in Danish pharmaceutical company
Novo-Nordisk and Swiss hearing aid company Sonova both performed well within
the Health Care sector relative to the reference index.

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

The Company had an average gearing of 7.8% during the month, which dragged on
performance in a falling market. This is a reflection of our positive view on
the European stock market and high levels of conviction at present.

Outlook
Our outlook remains positive, despite the well-publicized economic headwinds
within the region. Europe remains under owned and valuations continue to look
compelling on a relative and historic basis. Europe also looks attractive on a
yield basis with many European companies committing to or confirming dividend
policies.

We do not anticipate a double-dip recession, although we do expect a mid-cycle
slowdown as economic growth slows. Within this context, European companies can
perform well, with the corporate profit cycle still recovering and with margins
expected to reach new heights in 2011.


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).

15 September 2010