Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 January 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           -3.6%     3.4%   36.9%    3.9%          86.4%
Share price               -5.2%     0.2%   29.7%    2.8%          77.1%
FTSE World Europe ex UK   -5.7%     0.1%   31.3%   -0.4%          64.5%
                                                                
Sources: BlackRock and Datastream

At month end                                       
Net asset value (capital only):         172.05p    
Net asset value (including income):     172.20p*   
* Includes net revenue of 0.15p                    
Share price:                            163.25p    
Discount to NAV (capital only):            5.1%    
Discount to NAV (including income):        5.2%    
Gearing (including income):                1.0%    
Net yield:                                 1.9%    
Total assets (including income):        £176.8m    
Ordinary shares in issue:           101,684,469**  
                                                   
** Excluding 3,440,129 shares held in treasury.    


Sector Analysis     Total Assets    Index (%)   Country Analysis  Total Assets
                             (%)                                           (%)
                                                                               
Industrials                18.8          12.9   Switzerland               23.7 
Consumer Goods             17.2          14.9   France                    23.1 
Financials                 16.5          25.0   Germany                   13.4 
Health Care                10.8           9.4   Spain                      6.0 
Oil & Gas                   7.7           7.3   Finland                    5.3 
Technology                  7.6           3.7   Netherlands                4.3 
Consumer Services           7.3           5.2   Belgium                    3.9 
Basic Materials             4.9           7.3   Russia                     2.6 
Telecommunications          4.1           6.8   Sweden                     2.5 
Utilities                   4.1           7.5   Denmark                    2.1 
Net current assets          1.0             -   Poland                     2.1 
                          -----         -----   Austria                    1.9 
                          100.0         100.0   Portugal                   1.2 
                          =====         =====   Bermuda                    1.1 
                                                Luxembourg                 1.0 
                                                Norway                     1.0 
                                                Czech Republic             1.0 
                                                Hungary                    1.0 
                                                Italy                      1.0 
                                                Greece                     0.8 
                                                Net current assets         1.0 
                                                                         ----- 
                                                                         100.0 
                                                                         ===== 

Ten Largest Equity Investments (in alphabetical order)          
                                                               
Company                            Country of Risk             
Anheuser-Busch                     Belgium                     
Banco Santander                    Spain                       
BNP Paribas                        France                      
Kuehne + Nagel                     Switzerland                 
Nestlé                             Switzerland                 
Novartis                           Switzerland                 
Roche                              Switzerland                 
SAP                                Germany                     
Swatch                             Switzerland                 
Total                              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 fell 3.6% (net) in Sterling terms and the share price
fell 5.2% in the month. In the same period, the FTSE World Europe ex UK Index
(net) fell 5.7%.

January saw a decline in core European equity markets with most major markets
down around 4%. Investors became increasingly concerned over the threat of a
sovereign debt default, with Greece's significant budget deficit remaining the
primary source of concern. Emerging Europe fared significantly better in the
month, with the MSCI Emerging Europe Index gaining 1.8%.

The Company's exposure to Emerging Europe proved particularly beneficial this
month. Positions in Russian utilities company Rushydro contributed strongly, as
did a position in Polish media company Central European Media. In addition, the
decision to maintain limited exposure to financials benefited the Company as
the market sold off banks following President Obama's speech on restricting
'proprietary trading'.

Noteworthy contributors to performance included Swiss watch company Swatch,
which rose after issuing a confident statement on sales figures. Swatch
continues to offer significant exposure to the growing Asian consumer, with
particular notoriety and pricing power in its Omega brand. In addition, a
position in Finnish crane manufacturer Konecranes performed well, as did a
position in Wincor Nixdorf, a German software company that creates
sophisticated IT solutions for the retail banking sector. We believe that
Wincor is set to benefit from the trend towards increasing automation as banks
look to keep costs low following a period of strong cost cutting.

Positioning
Relative to the reference index, the Company begins February with an overweight
position in Consumer Discretionary, Energy and Industrials and underweight
Financials, Utilities and Telecoms.

Outlook
Despite recent market volatility, we remain positive on the outlook for
European equity markets in 2010. However, there are clear structural issues in
some of Europe's peripheral countries, especially regarding government budget
deficits and the strict austerity plans that are likely to follow. One of the
key issues will be the outlook for policy stimulus and the extent to which
private sector demand can replace it. It is our view that central banks will
remain supportive while adopting a wait and see approach, looking for further
economic recovery and stabilisation in unemployment before applying higher
interest rates. At the corporate level, the ability of managements to position
their company into the upturn will become increasingly important in determining
future winners and losers. This will be especially important in 2010 as many
companies look to benefit from strong cost discipline in the downturn.


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 February 2010