Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc

All information is at 30 April 2008 and unaudited.

Performance at month end with net income reinvested

                                       One       Three         One  Since Launch
                                     Month      Months        Year     (20Sep04)
Net asset value                       3.5%        3.3%       -3.7%         83.7%
Share price                           2.6%        2.1%       -5.1%         75.0%
FTSE World Europe ex UK               4.3%        8.5%        1.5%         84.5%

Sources: BlackRock and Datastream

At month end                                                          
Net asset value (capital only):                                175.74p
Net asset value (including income):                            177.07p*
*Includes net revenue of 1.33p                                        
                                                                      
Share price:                                                   168.50p
Discount to NAV (capital only):                                   4.1%
Discount to NAV (including income):                               4.8%
Gearing:                                                          3.7%
Net yield:                                                        1.4%
Total assets:                                                  £210.1m
Ordinary shares in issue:                                115,117,791**
                                                                      
** excluding 4,726,178 shares held in treasury                        

Benchmark                                                                      
Sector Analysis      Total Assets    Index (%) Country Analysis    Total Assets
                              (%)                                           (%)
                                                                               
Financials                   28.3        28.7  Germany                     21.8
Basic Materials              10.4         7.6  France                      16.4
Health Care                  10.3         6.5  Switzerland                 12.2
Oil & Gas                     9.1         7.0  Italy                       10.9
Utilities                     9.0         8.5  Netherlands                  9.8
Industrials                   7.7        12.9  Spain                        7.1
Telecommunications            7.4         6.3  Russia                       4.1
Consumer Goods                6.8        13.6  Emerging Europe              3.8
Technology                    4.1         3.9  Belgium                      2.8
Consumer Services             3.4         5.0  Turkey                       2.6
Other Investments             3.9              Finland                      2.4
Net current liabilities      (0.4)             Poland                       2.1
                                               Norway                       1.7
                                               Luxembourg                   1.2
                                               USA                          1.1
                                               Israel                       0.3
                                               UK                           0.1
                                               Net current liabilities     (0.4)
                             -----       -----                            -----
                             100.0       100.0                            100.0
                             =====       =====                            =====

Ten Largest Equity Investments                                                 
                                                                               
Company                                     Country of Risk                    
Akzo Nobel                                  Netherlands                        
Allianz                                     Germany                            
Bayer                                       Germany                            
BlackRock Eurasian Frontiers Hedge Fund     Emerging Europe                    
E.On                                        Germany                            
ENI                                         Italy                              
Intesa Sanpaolo                             Italy                              
Novartis                                    Switzerland                        
Roche                                       Switzerland                        
Société Générale                            France                             


Commenting on the markets, James Macmillan, representing the Investment Manager
noted:

European equity markets rose during April with the FTSE World Europe ex UK
Index (NDR) posting a return of 4.3% in Sterling terms as continued
intervention in the financial markets by the Federal Reserve, coupled with
capital raising by a number of troubled banks (UBS, HBOS, RBS), provided
investors with some comfort. Outside the banking sector, the results season was
not as bad as some had feared with oil majors posting exceptional profits on
the back of higher oil prices and materials/commodity/mining related sectors
continuing their strong run. It came as little surprise that consumer related
sectors, such as autos and general retailers continued to underperform, while
some profit taking was in evidence in defensive areas such as food producers
and household goods. Emerging Europe outperformed the developed European
markets with the MSCI Emerging Europe Index posting a gain of 5.4% through
April in Sterling terms as risk tolerance improved.

The Company's NAV returned 3.5%, underperforming the reference index. The
contribution from the Emerging Europe region was negative, with the benefit to
the Company from its exposure in Turkey failing to offset the falls in Russia
and the negative return made by the BlackRock Eurasian Frontiers Hedge Fund.
The Company's performance was positively impacted by positive gearing in a
rising market.

During the month, the Company benefited from its exposure to the banks and
telecom services sectors and lack of exposure to the underperforming consumer
staples sector. Within banks, notable positive contributions came from Société
Générale, which had underperformed in previous months and underwent some mean
reversion following reassuring comments from management, and Banco Santander
which benefited from improved sentiment as Brazil (a large contributor to
earnings) was upgraded to Investment Grade. Within the telecom services sector
a position in Telekom Austria was beneficial, as the stock rebounded from its
weak Q4 lows. Other positive contributors to performance included utility,
Électricité de France, which rose as concerns over M&A abated; and not holding
Nestle, which fell after it announced the part sale of their Alcon stake to
Novartis but failed to increase the share buy back programme. The Company
suffered from weak performance from the energy sector, in particular due to its
position in Neste Oil which underperformed because of disappointment over its
refining margin and not owning Total which rose on the back of strong oil
prices; the information technology sector as two large stocks surprised on
results; Nokia negatively and Ericsson (not owned) positively; and several
health care stocks following a weak earnings season. Retailer, Praktiker, was
another notable laggard, as it reported disappointing like for like sales in
Germany and questions were raised over their new strategic plans and pricing
policy. Following a meeting with management post results, we still own the
shares in the hope that Q2, the biggest quarter for the group's profits, will
provide signs of a turnaround.

During the month, the Company reduced its holdings in the telecoms, autos and
capital goods sectors. The proceeds were used to increase holdings in the
consumer discretionary sector, buying a position in Beiersdorf; and
industrials, through the purchase of shares in Alstom.

The Company continues to have a bias towards the health care, oil and gas and
telecoms sectors. Exposure to Emerging Europe was reduced slightly during the
month to finish at 12.9%, with the largest country exposure being Russia, along
with the BlackRock Eurasian Frontiers Hedge Fund which provides diversified
exposure to the region. During the month, the Company reduced its net market
exposure to 103.7%.

We remain positive on the prospects for European and Emerging European
equities. Global economic growth is clearly moderating in response to a weaker
US economy and the impact of higher credit costs, but central banks are
determined to ensure stability in the world financial system by applying the
appropriate monetary measures. At current prices, stocks carry attractive
valuations and, we believe, will begin to respond positively once markets look
forward to a resumption of stronger growth.

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).

19 May 2008