Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 August 2009 and unaudited.

Performance at month end with net income reinvested
                            One    Three     One   Three       Since
                          Month   Months    Year   Years      Launch
                                                         (20 Sep 04)
Net asset value           14.7%    21.1%    0.3%   10.5%       76.7%
Share price               18.7%    23.0%    0.5%    7.0%       63.6%
FTSE World Europe ex UK    9.0%    15.3%   -5.8%   10.0%       61.3%
Sources: BlackRock and Datastream

At month end                                       
Net asset value (capital only):         162.94p    
Net asset value (including income):     166.29p*   
* Includes net revenue of 3.35p                    
Share price:                            153.75p    
Discount to NAV (capital only):            5.6%    
Discount to NAV (including income):        7.5%    
Gearing (capital only):                    0.7%    
Net yield:                                 2.0%    
Total assets (including income):        £170.2m    
Ordinary shares in issue:           105,124,598**  
                                                   
** Excluding 1,696,092 shares held in treasury.    

Benchmark                                                                      
Sector Analysis       Total Assets   Index (%)  Country Analysis   Total Assets
                               (%)                                          (%)
                                                                               
Financials                   34.2         27.4  Switzerland               19.3 
Industrials                  26.2         13.0  Germany                   18.2 
Consumer Goods               11.3         13.9  France                    16.1 
Basic Materials               6.4          6.6  Spain                     10.3 
Utilities                     5.8          8.1  Belgium                    6.1 
Telecommunications            4.2          7.1  Netherlands                5.4 
Consumer Services             4.3          5.0  Portugal                   3.5 
Healthcare                    3.8          8.5  Italy                      3.4 
Oil & Gas                     2.6          6.8  Austria                    2.9 
Technology                    1.6          3.6  Sweden                     2.8 
Net current liabilities      (0.4)           -  Norway                     2.3 
                            -----        -----  Luxembourg                 2.2 
                            100.0        100.0  Greece                     2.1 
                            =====        =====  Denmark                    1.9 
                                                Ireland                    1.4 
                                                Hungary                    1.2 
                                                Finland                    1.0 
                                                Russia                     0.3 
                                                Net current liabilities   (0.4)
                                                                         ----- 
                                                                         100.0 
                                                                         ===== 

Ten Largest Equity Investments (in alphabetical order)          
                                                               
Company                            Country of Risk             
Atlas Copco                        Sweden                      
Banco Bilbao                       Spain                       
Credit Suisse                      Switzerland                 
E.ON                               Germany                     
ING                                Netherlands                 
KBC                                Belgium                     
Lafarge                            France                      
Nestlé                             Switzerland                 
Telefónica                         Spain                       
Unicredito                         Italy                       

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

During the month, the Company's share price returned 18.7% (net) and the
Company's NAV per share returned 14.7% (net), both in Sterling terms. For
reference, the FTSE World Europe ex UK Index (net) returned 9.0% and the MSCI
Emerging Europe Index returned 2.4% (GBP terms).

Outperformance was driven by a combination of stock selection and sector
allocation in the month. Positions in financials once again led the way, with
strong stock selection in banks and life insurance contributing well.

Within financials, positions in banks KBC and Unicredito strongly outperformed.
KBC's share price rose as it returned to profitability following three
quarterly losses and consequent upgrades from the sell side. In addition, life
insurers Irish Life & Permanent and ING contributed strong outperformance, as
did non-life insurer Swiss Re. We remain positive on the outlook for banks and,
despite recent rallies, we continue to see significant upside to their current
share price.

Further outperformance came from the decision to not own shares in Volkswagen,
which suffered amid fears that it is paying too much for its stake in Porsche.
Basic materials detracted in the month as a position in German chemical company
Bayer fell as the market responded positively to a rival's product testing
results.

During the month, the Company maintained an overweight position in financials
and continued to add to diversified industrial names, adding positions in heavy
tool manufacturer Atlas Copco and German construction company Bilfinger Berger.

The Company retained its over overweight positions in Financials, Industrials
and Materials and underweight positions to defensive sectors such as Telecoms,
Healthcare, Utilities and Consumer Staples.

Looking forward, we anticipate that the rest of 2009 will see gains in
industrial names which will benefit from an uptick in production as inventory
levels remain depressed. We believe that there is still cash on the sidelines
and a number of investors are yet to return to the equity markets. We would
expect market returns to increasingly be driven by stock specific factors over
the coming months and we are focusing our fundamental research on companies
where there is a likelihood of earnings upgrades.

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).

23 September 2009