Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 30 September 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*         -10.2%   -26.0%   -11.7%   21.3%          86.1%
(Undiluted)                                                          
Net asset value*         -10.0%   -23.7%   -11.0%   21.4%          86.2%
(Diluted)                                                            
Share price               -8.6%   -20.5%    -6.6%   32.5%          85.1%
FTSE World Europe ex UK   -8.5%   -24.3%   -13.6%    2.3%          52.3%
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):          159.71p     
Net asset value (including income):      166.89p**   
** Includes net revenue of 7.18p                   
Net asset value (capital only)***:       159.71p     
Net asset value (including income)***:   166.89p     
Share price:                             165.38p     
Premium to NAV (capital only):              3.6%     
Discount to NAV (including income):         0.9%     
Premium to NAV (capital only)***:           3.6%     
Discount to NAV (including income)***:      0.9%     
Subscription share price:                 11.25p     
Gearing:                                     Nil     
Net yield:                                  2.0%     
Total assets (including income):         £160.0m     
Ordinary shares in issue:             95,859,314#    
Subscription shares in issue:         18,351,675     
                                                   
*** Diluted for subscription shares.               
# Excluding 1,739,788 shares held in treasury.     

Benchmark                                                                      
Sector Analysis    Total Assets Index (%)  Country Analysis  Total Assets(%)
                            (%)                                             
                                                                               
Consumer Goods             23.9      17.0  France                       19.2 
Financials                 15.0      20.2  Switzerland                  17.8 
Industrials                13.8      13.5  Germany                      14.5 
Health Care                13.1      11.2  Netherlands                   8.9 
Oil & Gas                  10.6       9.3  Denmark                       5.3 
Consumer Services           7.0       5.0  Russia                        4.0 
Technology                  3.7       3.4  Portugal                      3.3 
Telecommunications          3.0       6.4  Norway                        3.1 
Basic Materials             2.9       7.9  Ireland                       2.9 
Utilities                   1.7       6.1  Sweden                        2.7 
Net current assets          5.3         -  Belgium                       2.6 
                          -----     -----  Finland                       2.2 
                          100.0     100.0  Spain                         1.7 
                          =====     =====  Italy                         1.2 
                                           Other                         5.3 
                                           Net current assets            5.3 
                                                                       ----- 
                                                                       100.0 
                                                                       ===== 

Ten Largest Equity Investments (in alphabetical order)          
                                                               
Company                            Country of Risk             
Ahold                              Netherlands                 
Danone                             France                      
DnB Nor                            Norway                      
Fresenius                          Germany                     
Galp Energia                       Portugal                    
LVMH                               France                      
Nestlé                             Switzerland                 
Novo Nordisk                       Denmark                     
Pernod Ricard                      France                      
Syngenta                           Switzerland                 


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

Fund Performance & Attribution
During the month, the Company's NAV fell by 10.2% and the share price decreased
by 8.6%. For reference, the FTSE World Europe ex UK Index fell 8.5% during the
same period.

European equities delivered negative returns in September as investors
continued to take risk off the table. Equity markets remained volatile with
investor confidence continuing to be undermined by negative news such as the
IMF downgrade of global growth, the downgrade of some key French banks and the
continuation of the sovereign debt crisis. Despite the positive news on the
German approval of the expansion of the European Financial Stability Facility's
scale and scope, Europe remains in the grasp of sovereign debt woes and
governments within the Eurozone seem slow to find a long lasting solution.

Given the incremental deterioration of economic conditions in China and the
recent correction in commodities, investors reduced exposure to
resources-linked sectors. As such, materials proved the worst performing sector
in the market during the month. Investors also reduced exposure to cyclical
areas of the market, such as industrials, and switched into more defensive
sectors such as utilities and telecoms.

At a sector level, the decision to have lower weightings in basic materials and
financials proved positive for the Company as the sectors proved the worst
performers in the market. However, this was somewhat offset by the decision to
have a lower weighting in utilities, which performed relatively well in a
'risk-off' environment.

Selected positions within 'cyclical' sectors caused the majority of the
Company's negative performance during the month. Holdings in what we would
describe as quality industrials, including Finnish elevator and escalator
company Kone and mining equipment company Atlas Copco, also detracted as the
market revised earnings forecasts downwards. The holding in luxury goods
company LVMH also underperformed despite the relatively strong operational
performance of the company.

Positive contributors to performance included holdings in food retailer Ahold
and Irish airline Ryanair. Although Ryanair has some exposure to the periphery,
we believe that the company offers significant free cash flow growth following
a period of high capital expenditure. A position in beverage company
Anheuser-Busch InBev also performed well and we believe that the company offers
attractive growth potential especially through its exposure to the Brazilian
consumer.

At the end of the month, the Company had higher weightings, relative to the
broader market, in the consumer goods, oil & gas, consumer services and health
care sectors and lower weightings in the financials, utilities, basic
materials, telecoms, industrials and technology sectors.

Outlook
The sovereign debt crisis in Europe continues to dominate the headlines and it
is becoming increasingly apparent that the global economic recovery is now
stalling. Austerity measures within Europe will continue to bite and we believe
that the divergence in economic fortunes between northern and southern Europe
is set to continue for some time as indebted countries aim to resolve their
economic imbalances. The outlook for corporate earnings is deteriorating and we
expect some downgrades to come through in the Q3 earnings season, especially in
areas where earnings expectations remain inflated. Following the significant
market declines in Q3, European equities are now trading at very cheap
valuations but decisive political leadership is crucial to unlocking this
value. We remain of the view that the European equity universe offers some of
the best businesses in the world and we are being vigilant in identifying some
of those which represent attractive buying opportunities during this period of
risk aversion.

24 October 2011

ENDS

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any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.