Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc

All information is at 28 February 2009 and unaudited.

Performance at month end with net income reinvested
                             One     Three       One      Since Launch
                           Month    Months      Year       (20 Sep 04)
Net asset value           -10.0%     -9.5%    -31.4%             22.6%
Share price               -14.6%     -4.8%    -33.0%             16.5%
FTSE World Europe ex UK   -10.1%     -9.5%    -35.2%             12.7%

Sources: BlackRock and Datastream

At month end                                       
Net asset value (capital only):         114.77p    
Net asset value (including income):     115.36p*   
* includes net revenue of 0.59p                    
Share price:                            109.50p    
Discount to NAV (capital only):            4.6%    
Discount to NAV (including income):        5.1%    
Gearing (including income):                2.8%    
Net yield:                                 2.7%    
Total assets:                           £126.7m**  
Ordinary shares in issue:           106,820,690*** 
                                                   
** Includes current year revenue.                  
*** Excluding 5,568,268 shares held in treasury.   

Benchmark                                                                      
Sector Analysis      Total Assets    Index (%)  Country Analysis   Total Assets
                              (%)                                           (%)
                                                                              
Healthcare                  19.4          10.4  France                    24.3 
Consumer Services           11.7           6.1  Switzerland               20.2 
Financials                  11.4          19.6  Germany                   14.1 
Telecommunications          11.1           9.1  Spain                     11.1 
Utilities                   10.1           8.9  Netherlands                8.3 
Industrials                  8.4          12.2  Emerging Europe            6.7 
Oil & Gas                    8.3           8.3  Italy                      5.7 
Consumer Goods               7.9          14.8  Denmark                    4.0 
Basic Materials              3.2           6.8  Portugal                   2.1 
Technology                   0.3           3.8  Belgium                    1.2 
Other Investments            6.7                Russia                     0.4 
Net current assets           1.5                Israel                     0.3 
                           -----         -----  Greece                     0.1 
                           100.0         100.0  Net current assets         0.5 
                           =====         =====                           ----- 
                                                                         100.0 
                                                                         ===== 

Ten Largest Equity Investments                                 
                                                               
Company                                    Country of Risk             
BlackRock Eurasian Frontiers Hedge Fund    Emerging Europe             
E.ON                                       Germany                     
Koninklijke                                Netherlands                 
Nestlé                                     Switzerland                 
Novo-Nordisk                               Spain                       
Sanofi-Aventis                             France                      
Telefonica                                 Spain                       
Total                                      France                      
Vivendi Universal                          France                      
Zurich Financial Services                  Switzerland                 


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

Continental European equity markets saw further declines during February as
concerns grew over European banks' exposure to Eastern European debt. The FTSE
World Europe ex UK Index returned -10.1% (Sterling terms). The pace of retail
and manufacturing decline showed no signs of stalling and led to a weaker month
for Germany. The ECB kept rates on hold in February and remains committed to a
more gradual monetary easing than the rest of the developed world. Emerging
markets also experienced declines, although not as severely as the developed
market. The MSCI Emerging Markets Europe Index returned -6.0%.

The recent earnings season came in below expectations, with unilateral weakness
depressing profits in all sectors. Unsurprisingly, financials (-19.7%) was the
worst performing sector as mounting losses, the need for further government
capital injections, and numerous equity issuances, eroded investor confidence.

During the month, the Company's NAV returned -10.0% outperforming the reference
index. The contribution from the Emerging Europe region was positive with
contributions from the BlackRock Eurasian Frontiers Hedge Fund and Russia
offsetting a negative return from Israel. There was also some leverage
throughout the month and this hampered returns in a falling market.

During February, stock selection made a positive overall contribution to
performance, with sector allocation having a slightly negative effect. The best
performing stocks during the month were the Company's holdings in defensive
companies and defensive areas of the markets and included telecoms companies
Telefonica and Kon Kpn, confectionary conglomerate Nestlé, and pharmaceuticals
manufacturer Novo-Nordisk. Other strong performing stocks over the period were
consumer goods retailer PPR, generator and turbine builder Alstom, and
investment bank Credit Suisse. The stocks to detract included military aircraft
manufacturer Finmeccanica, gas producer E.On, and pharmaceuticals developer
Novartis. Within the financials sector the Company's holdings in banks Société
Générale, Banco Santander, BNP Paribas and insurer Zurich were also
detrimental.

During the month, the Company increased its exposure to the healthcare sector
through the new purchase of a holding in Novo-Nordisk and adding to medical
equipment manufacturer, Fresenius. Elsewhere, there were modest additions to
the basic materials and consumer services sectors through the introduction of
plastics manufacturer Bayer and publisher Reed Elsevier, respectively. These
additions were largely funded by lessening the Company's exposure to non-life
insurance and banks within financials with complete sales of holdings in
Société Générale, BNP Paribas and Munich Re. Industrials exposure also
diminished after the total sale of shares in Alstom and CRH.

Exposure to Emerging Europe remained roughly stable during the month at 7.5%.
The BlackRock Eurasian Frontiers Hedge Fund accounted for the majority of the
emerging market weight providing diversified exposure to the region. Net market
exposure ended the month at 100%.

While we expect further volatility in the coming months, as weak economic data
and poor company earnings create uncertainty, we believe that the benefits from
global fiscal and monetary stimuli and lower oil prices could lead to a
resumption in economic growth towards the end of the year. We continue to find
a number of attractive investment opportunities and favour high quality
companies with balance sheet strength, strong cash flow, and strong management
with the ability to control cash flow within the slowing economic environment.

On a sector view, the Company currently has a bias to healthcare and is
overweight against the reference benchmark. Within the sector, the Company has
a preference for pharmaceuticals. Other key sector weights include financials,
telecommunications and consumer services. The Company has limited exposure to
the information technology and materials sectors.

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).

18 March 2009