Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 30 April 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           10.1%     3.9%   -23.0%   -15.6%       41.5%
Share price                9.5%    -5.7%   -26.4%   -21.3%       28.8%
FTSE World Europe ex UK   11.5%     8.6%   -26.3%   -11.1%       36.1%
Sources: BlackRock and Datastream

At month end                                       
Net asset value (capital only):         131.49p    
Net asset value (including income):     133.19p*   
* includes net revenue of 1.7p                     
Share price:                            121.00p    
Discount to NAV (capital only):            8.0%    
Discount to NAV (including income):        9.2%    
Gearing (including income):                1.3%    
Net yield:                                 2.5%    
Total assets:                           £144.1m**  
Ordinary shares in issue:           106,820,690*** 
                                                   
** Including current year revenue.                 
*** Excluding 5,568,268 shares held in treasury.   

Benchmark                                                                      
Sector Analysis       Total Assets    Index (%) Country Analysis   Total Assets
                               (%)                                          (%)
                                                                               
Financials                   26.8          24.5 France                    26.4 
Industrials                  13.9          13.1 Germany                   15.8 
Health Care                  10.7           9.0 Switzerland               15.5 
Consumer Services             9.8           5.6 Netherlands               10.6 
Consumer Goods                9.0          14.1 Spain                     10.2 
Oil & Gas                     7.1           7.5 Emerging Europe            6.0 
Telecommunications            6.9           7.4 Denmark                    4.4 
Basic Materials               4.9           6.5 Italy                      4.0 
Technology                    4.2           4.0 Portugal                   3.1 
Utilities                     2.0           8.3 Luxembourg                 2.8 
Other Investments             6.0               Finland                    1.4 
Net current liabilities      (1.3)              Russia                     0.7 
                            -----         ----- Ireland                    0.4 
                            100.0         100.0 Net current liabilities   (1.3)
                            =====         =====                          ----- 
                                                                         100.0 
                                                                         ===== 

Ten Largest Equity Investments                                 
Company                                    Country of Risk             
AXA                                        France                      
Banco Santander                            Spain                       
BlackRock Eurasian Frontiers Hedge Fund    Emerging Europe             
Credit Suisse                              Switzerland                 
MAN AG                                     Germany                     
Nestlé                                     Switzerland                 
Novo-Nordisk                               Denmark                     
Telefónica                                 Spain                       
Total                                      France                      
Vivendi Universal                          France                      

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

Following March's global fiscal stimulus and monetary easing policies, risk
appetite increased in April as signs of stabilisation boosted confidence in the
markets. The FTSE World Europe ex UK Index returned 11.5% in the strongest
rally year to date. Aggressive sector rotation into cyclical names
characterised the month as investors moved in tandem to avoid missing the
rally.

During the month, the Company's NAV underperformed the reference index,
returning 10.1%. The contribution from the Emerging Europe region was negative
overall due to a holding in the BlackRock Eurasian Frontiers Hedge Fund which
again, despite posting positive returns in the month, underperformed the
market. Underperformance was also caused by being underweight in Sweden and
Finland in particular, both of which experienced strong rallies in the month.

The Company suffered particularly from defensive positions which had performed
strongly at the start of the year but lagged in the cyclical-led rally. In
particular, media detracted as an overweight position in Vivendi underperformed
and fixed line telecommunications hurt the Company as overweights in Telefonica
and KPN also detracted. Elsewhere, positions in pharmaceutical companies Novo
Nordisk and Sanofi Aventis detracted as the market continued to rotate out of
defensives.

In contrast, the Company benefited particularly from positions in industrials,
consumer goods and financials. Industrial engineer MAN AG gained from the signs
of stabilisation in industrial products and inventory management. In addition,
construction firms Bouygues and Lafarge contributed positively, as did
positions in Banco Santander and non-life insurer AXA as perceived stability in
financials saw investors continue to return to the sector.

During the month, the Company increased its exposure to the basic materials
sector, adding a position in German chemical company Lanxess. The Company also
re-allocated its position in financials, selling out of insurance and adding to
investment and private banking, and reduced its exposure to utilities by
selling out of Red Eléctrica.

On a sector view, the Company currently has a bias to consumer services,
financials, industrials and health care, broadly neutral oil & gas and
technology and underweight utilities, telecoms, consumer goods and basic
materials.

Global economic activity deteriorated significantly in the first quarter of the
year. Markets appeared to have ignored this news suggesting that much of it had
already been anticipated and investors had begun to focus beyond the latest
round of results. There is some early evidence of a recovery in leading
indicators and earnings downward revisions have begun to slow in their
magnitude. European valuations are now offering significant potential upside in
a number of areas and, in particular, within the oversold mid and small
capitalisation 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).

20 May 2009