Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 March 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            9.0%     7.6%   61.8%   13.7%          108.0%
Share price               11.3%     6.0%   68.3%   12.2%           97.9%
FTSE World Europe ex UK    7.4%     4.0%   48.8%    9.4%           81.4%
Sources: BlackRock and Datastream

At month end                                       
Net asset value (capital only):         191.23p    
Net asset value (including income):     192.16p*   
* Includes net revenue of 0.93p                    

Share price:                            182.50p    
Discount to NAV (capital only):            4.6%    
Discount to NAV (including income):        5.0%    
Gearing (capital only):                     Nil    
Net yield:                                 1.7%    
Total assets (capital only):            £195.4m    
Ordinary shares in issue:           101,684,469**  
                                                   
** Excluding 3,440,129 shares held in treasury.    

Sector Analysis      Total Assets   Index (%)   Country Analysis  Total Assets
                              (%)                                          (%)
                                                                               
Financials                   25.4        25.3   France                    22.3 
Consumer Goods               18.7        15.0   Switzerland               22.0 
Industrials                  13.8        13.1   Germany                   10.2 
Consumer Services             8.5         5.3   Russia                     7.3 
Health Care                   8.5         9.1   Netherlands                7.1 
Oil & Gas                     8.3         7.1   Finland                    5.2 
Technology                    6.1         3.8   Spain                      5.0 
Basic Materials               4.2         7.5   Luxembourg                 2.9 
Telecommunications            4.0         6.6   Sweden                     2.6 
Utilities                     2.5         7.2   Poland                     2.4 
                            -----       -----   Belgium                    2.4 
                            100.0       100.0   Czech Republic             2.0 
                            =====       =====   Denmark                    2.0 
                                                Portugal                   1.7 
                                                Austria                    1.5 
                                                Italy                      1.4 
                                                Hungary                    1.1 
                                                Norway                     0.9 
                                                                         ----- 
                                                                         100.0 
                                                                         ===== 

Ten Largest Equity Investments (in alphabetical order)          
                                                               
Company                            Country of Risk             
AXA                                France                      
BNP Paribas                        France                      
Credit Suisse                      Switzerland                 
Kuehne + Nagel                     Switzerland                 
Nestlé                             Switzerland                 
Novartis                           Switzerland                 
Roche                              Switzerland                 
Société Générale                   France                      
Swatch                             Switzerland                 
Technip                            France                      

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

Fund Performance & Attribution
During the month, both the Company's NAV and share price outperformed the
reference index. The NAV gained by 9.0% (net) in Sterling terms and the share
price gained 11.3% in the month. In the same period, the FTSE World Europe ex
UK Index (net) gained 7.4%.

March saw a sharp rebound after the EU finally agreed on a rescue package for
Greece and economic data pointed to a stronger recovery than most expect. In
particular, investors drew confidence from a record increase in Eurozone
industrial production whilst Wall Street strength, and the decision by the
Federal Reserve to keep interest rates on hold, provided support for increased
risk appetite in Europe.

The Company's outperformance was driven by strong stock selection, particularly
within the Financials and Oil & Gas sectors. A position in Oil Services company
Technip performed well, and continues to benefit from an increase in capital
expenditure amongst the oil majors.

At a stock level, a position in hydroelectricity generator RusHydro received a
boost from the company making good progress on the reconstruction of the
Sayano-Shushenskaya dam and the regulator's announcement of an increase in the
range for 2010 capacity price tariffs. Moreover, the Company's positions in the
luxury goods sector performed well. Swatch announced Q4 sales ahead of
expectations and has been continually upgraded as the company's reduced cost
base provides extra leverage for earnings as sales recover.

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

Outlook
Our outlook for the rest of 2010 and beyond remains fundamentally positive. The
recent government debt issues in Europe's peripheral nations are likely to
depress the economies in these countries on a 1-3 year view and we remain
cautious on domestic demand in these areas. However, it is important to note
that much of core Europe does not share the same issues; indeed, the Eurozone
has, as a whole, far healthier levels of household debt than either the UK or
the US and (excluding Financials) corporate balance sheets are generally
strong. Moreover, the re-emphasis of Germany's economic leadership within the
Eurozone has provided, to some extent, a safety net for Greece without
compromising its own economic security. We continue to anticipate that a pick
up in sales will be the key driver of earnings growth in 2010, following a
sustained period of cost cutting. It is our expectation that, as the global
recovery continues, this growth will be driven by a combination of increased
corporate spending and continued strong demand from emerging markets. In
addition, inventory levels are depressed in key sectors and investors are
generally overweight bonds in favour of equities. We would anticipate that a
continuation of the economic recovery and improving confidence levels could see
assets return to the sector and continue to drive equity markets higher later
in the year.

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).

26 April 2010