Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 30 September 2008 and unaudited.

Performance at month end with net income reinvested

                             One     Three       One      Since Launch
                           Month    Months      Year       (20 Sep 04)
Net asset value           -13.0%    -12.8%    -22.5%             53.4%
Share price               -14.2%    -13.8%    -26.7%             39.7%
FTSE World Europe ex UK   -13.0%    -11.2%    -19.7%             48.9%

Sources: BlackRock and Datastream

At month end                                       
Net asset value (capital only):             144.04p
Net asset value (including income):         147.87p*
* includes net revenue of 3.83p                    
Share price:                                134.50p
Discount to NAV (capital only):                6.6%
Discount to NAV (including income):            9.0%
Gearing:                                        Nil
Net yield:                                     1.8%
Total assets:                              £166.19m**
Ordinary shares in issue:               112,388,958***
                                                   
** includes current year income.                   
*** excluding 2,728,833 shares held in treasury.   

Benchmark                                                                      
Sector Analysis       Total Assets   Index (%) Country Analysis    Total Assets
                               (%)                                          (%)
                                                                               
Financials                   21.5         27.1 Switzerland                25.0 
Health Care                  14.8          8.3 Germany                    20.8 
Utilities                    12.0          8.7 France                     19.5 
Oil & Gas                     9.6          7.1 Emerging Europe             4.9 
Industrials                   8.5         12.0 Italy                       4.7 
Telecommunications            8.2          6.9 Spain                       3.9 
Consumer Goods                8.0         14.5 Norway                      3.0 
Basic Materials               5.7          6.8 Greece                      2.9 
Consumer Services             5.6          4.8 Poland                      2.3 
Technology                    1.8          3.8 Ireland                     2.1 
Other Investments             4.9              Belgium                     2.1 
Net current liabilities      (0.6)             Netherlands                 2.1 
                            -----        ----- Finland                     2.1 
                            100.0        100.0 Denmark                     1.9 
                            =====        ===== Russia                      1.8 
                                               Israel                      1.0 
                                               Turkey                      0.5 
                                               Net current liabilities    (0.6)
                                                                         ----- 
                                                                         100.0 
                                                                         ===== 

Ten Largest Equity Investments                                 
                                                               
Company                                     Country of Risk             
Allianz                                     Germany                     
Bayer                                       Germany                     
BlackRock Eurasian Frontiers Hedge Fund     Emerging Europe             
BNP Paribas                                 France                      
E.On                                        Germany                     
Intesa                                      Italy                       
Nestlé                                      Switzerland                 
Novartis                                    Switzerland                 
Roche                                       Switzerland                 
Zurich Financial Services                   Switzerland                 

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

The FTSE World Europe ex UK Index decreased by 13.0% (Sterling terms) in
September. Equity markets fell sharply as a result of global financial market
turmoil, and as the crisis continued to unfold, investors struggled to come to
terms with the ramifications of the deleveraging of banks' balance sheets,
necessitated by the global credit bubble bursting. Despite recent actions by
central bankers to counter the systemic risks of a seizing up of the financial
system, credit markets remain particularly distressed and money markets
effectively closed. Aside from very short term funding, there was virtually no
unsecured lending available as uncertainties surrounding the "solution" to the
financial crisis remained. Equity markets in Europe were unsurprisingly weak
and market volatility was greater than we have seen for some time. Emerging
Europe underperformed the developed European markets, with the MSCI Emerging
Europe posting a drop of 18.6% through September in Sterling terms.

The Company's NAV returned -13.0%, in line with the reference index. The
contribution from the Emerging Europe region was negative, with the benefit to
the Company from its exposure to Poland and the BlackRock Eurasian Frontiers
Hedge Fund failing to offset the falls in Russia. The Company's marginally
negative gearing made a negligible contribution to performance in September.
The Company was not geared at 30 September 2008.

In September, the traditionally defensive Health Care and Consumer Staples
sectors held up best, while the more economically sensitive Materials, Energy
and Industrials sectors underperformed. Our sector allocation contributed
positively to performance over the month, in particular our overall underweight
to the materials sector added to performance. Stock selection within the
Financials sector (in particular Zurich Financial Services, BNP Paribas and
Intesa Sanpaolo) contributed positively. This more than offset the negative
contribution from holding the underperforming AFI Development, a real estate
company in the Moscow region.

For the Fund, the largest negative contribution came from industrial holdings
and from stocks not held within sectors that rallied strongly, notably within
consumer areas. Holdings within industrials (GEA, Alstom, Bouygues, Vestas Wind
Systems) were particularly impacted as energy related areas underperformed and
cyclical sectors fell out of favour. Within the industrial sector, we continue
to have conviction in our selected holdings, such as Alstom, given that the
strength of order backlogs exposed to power, process and rail industries
support continued sales and earnings growth not reflected in current
valuations. In September, the Company's Industrials exposure was reduced by
trimming positions in GEA.

Exposure to Emerging Europe was reduced during September to finish at 8.7%,
with the largest country exposure continuing to be Poland, along with the
BlackRock Eurasian Frontiers Hedge Fund which provides diversified exposure to
the region.

The worldwide economic slowdown that emerged in 2007 has accelerated on the
back of the major banking crisis, the ramifications of which have resulted in
significant attention from governments and central banks. On a positive note,
inflation measures now appear to be peaking, and with continued downward
revisions to growth, investors are now starting to anticipate policy easing.
This could act as a catalyst to the market and would be a further stimulus for
a weaker Euro which would boost European competitiveness and profitability,
especially in export-led sectors.

While there may be extreme volatility in the near term, as the impact of the
global credit crisis unwinds, we believe that on a longer term view Europe
offers many attractive investment opportunities. European valuations continue
to look cheap on a relative and historic basis - we believe Europe offers
attractive long term investment opportunities from these levels.

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).

29 October 2008