Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 March 2009 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            4.9%    -16.4%   -27.6%   -22.9%          28.6%
Share price                0.9%    -19.2%   -31.1%   -26.5%          17.6%
FTSE World Europe ex UK    8.2%    -16.0%   -31.1%   -15.8%          22.0%
Sources: BlackRock and Datastream

At month end                                       
Net asset value (capital only):         120.36p    
Net asset value (including income):     121.00p*   
* includes net revenue of 0.64p                    
Share price:                            110.50p    
Discount to NAV (capital only):            8.2%    
Discount to NAV (including income):        8.7%    
Gearing (capital only):                    0.0%    
Net yield:                                 2.7%    
Total assets (capital only):            £128.6m    
Ordinary shares in issue:           106,820,690**  
                                                   
** Excluding 5,568,268 shares held in treasury.    

Benchmark                                                                      
Sector Analysis       Total Assets    Index (%) Country Analysis   Total Assets
                               (%)                                          (%)
                                                                               
Financials                   20.8          21.3 France                    30.8 
Health Care                  13.5          10.3 Germany                   17.5 
Telecommunications           10.2           8.7 Spain                     12.3 
Consumer Services            10.1           5.8 Switzerland               11.8 
Industrials                   9.8          12.3 Netherlands                9.3 
Consumer Goods                8.8          14.6 Emerging Europe            6.8 
Oil & Gas                     7.5           8.0 Denmark                    3.8 
Technology                    4.6           3.9 Italy                      2.5 
Utilities                     4.3           8.7 Portugal                   2.2 
Basic Materials               2.6           6.4 Finland                    1.3 
Other Investments             6.8               Russia                     0.5 
Net current assets            1.0               Israel                     0.2 
                            -----         ----- Net current assets         1.0 
                            100.0         100.0                          ----- 
                            =====         =====                          100.0 
                                                                         ===== 

Ten Largest Equity Investments                                 
                                                               
Company                                    Country of Risk             
Banco Santander                            Spain                       
BlackRock Eurasian Frontiers Hedge Fund    Emerging Europe             
Credit Suisse                              Switzerland                 
Koninklijke                                Netherlands                 
Nestlé                                     Switzerland                 
Novo-Nordisk                               Denmark                     
Sanofi-Aventis                             France                      
Telefónica                                 Spain                       
Total                                      France                      
Vivendi Universal                          France                      

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

After a weak start to the year European equity markets posted positive gains
during March as investors welcomed news flow on relief packages to the troubled
financials and aggressive monetary easing policies employed in the US and UK.
Against this backdrop, the FTSE Europe ex UK returned 8.2%. During the month
there was rapid sector rotation within the market and defensive sectors which
had been strong relative performers year to date lagged, while financials and
technology outperformed.

During the month the Company's NAV returned 4.9%, underperforming the reference
index. The contribution from the Emerging Europe region was negative due to the
BlackRock Eurasian Frontiers Hedge Fund which underperformed the wider market
despite delivering a positive return. The Company held a small residual cash
balance through the month which had a negative contribution in a rising market.

During the month, the Company suffered from its exposure to a number of
defensive stocks especially within the Health Care sector that lagged in a
market rally led by stocks with weaker balance sheets and sensitivity to the
economic recovery. Specifically, the Company's holdings in Fresenius Medical
Care, Novo-Nordisk and Nestlé detracted. Elsewhere, selected holdings in Media
and Automobiles were also negative.

The Company benefited from stock selection within the Financial sector,
especially banks, where holdings in Credit Suisse, Société Générale, Unicredit
and Intesa were positive, but also Insurance through positions in Zurich
Financial Services and Allianz.

During the month the Company increased its exposure to the Financial sector, by
adding to banks and Insurance. Key transactions included the purchase of
holdings in insurance company Allianz, and French banks BNP Paribas and Société
Générale. Elsewhere, the Company added to selected companies with cyclical
characteristics where valuations were reflecting an overly pessimistic outlook;
this resulted in additions to the Information Technology, Materials and
Automobiles sectors. The Company reduced its exposure to defensive names within
Health Care, Consumer Staples and Utilities which had performed well in January
and February.

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 99.0%.

On a sector view, the Company currently has a bias to Financials, Industrials
and Consumer Discretionary and limited exposure to Utilities, Consumer Staples
and Information Technology.

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
resumption in economic growth towards the end of the year. Our proprietary
research process is currently highlighting a number of attractive investment
opportunities in both the large and mid cap areas of the market.

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).

24 April 2009