Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 May 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              3.1%    19.0%   -23.3%   -7.6%         45.9%
Share price                  3.3%    14.2%   -25.4%   -9.4%         33.0%
FTSE World Europe ex UK      2.9%    24.2%   -25.3%   -8.5%         39.9%

Sources: BlackRock and Datastream

At month end
Net asset value (capital only):     134.20p
Net asset value (including income): 137.31p includes net revenue of 3.11p
Share price:                        125.00p
Discount to NAV (capital only):        6.9%
Discount to NAV (including income):    9.0%
Gearing (including income):            3.6%
Net yield:                             2.4%
Total assets:                      £152.1m*
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                  29.8        25.0  France                       22.8
Industrials                 15.9        12.7  Switzerland                  20.2
Health Care                 12.1         8.8  Germany                      14.5
Basic Materials              9.6         6.9  Spain                        10.0
Consumer Goods               7.9        14.0  Netherlands                   7.0
Oil & Gas                    6.5         7.8  Emerging Europe               5.5
Utilities                    6.0         8.3  Italy                         5.2
Other Investments            5.5           -  Norway                        5.2
Telecommunications           5.0         7.2  Denmark                       4.3
Consumer Services            4.3         5.4  Luxembourg                    3.8
Technology                   1.7         3.9  Portugal                      2.0
Net current liabilities     (4.3)          -  Ireland                       0.9
                                              Finland                       0.8
                                              Greece                        0.6
                                              Belgium                       0.5
                                              Austria                       0.4
                                              Sweden                        0.4
                                              Russia                        0.2
                                              Net current liabilities      (4.3)
                           -----       -----                              -----
                           100.0       100.0                              100.0
                           =====       =====                              =====

Ten Largest Equity Investments

Company                                      Country of Risk
ArcelorMittal                                Luxembourg
Banco Santander                              Spain
BlackRock Eurasian Frontiers Hedge Fund      Emerging Europe
BNP Paribas                                  France
Credit Suisse                                Switzerland
E.ON                                         Germany
Novo-Nordisk                                 Denmark
Randstad                                     Netherlands
Statoilhydro                                 Norway
Telefónica                                   Spain

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

May provided another positive month for European equities. The FTSE World
Europe ex UK Index returned 2.9%, representing the first three-month period of
consecutive positive returns since 2007. Commodity related sectors joined
financials to become the biggest positive contributors in May and, in general,
small cap names outperformed large caps. During the month, the Company's NAV
outperformed the reference index, returning 3.1%.

In the markets, the best performing sectors in May were basic materials and oil
& gas, as commodity related sectors benefited from an increasing oil price.
Within the Company, stock selection was positive in basic materials; a position
in steel producer ArcelorMittal contributed strongly after a rights issue.

Elsewhere in the portfolio, the Company benefited from its holdings in
construction companies Lafarge and CRH, as well as recruitment firm Randstad.
Other positions that contributed to outperformance in the month included
selected banks BNP Paribas and Unicredit, as did general financial Julius Baer
and non-life insurer Euler Hermes after announcing better than expected
results. Of the positions that underperformed in the month, French
construction, telecoms and media company Bouygues detracted as the market sold
off from recent highs in anticipation of poor Q1 results.

During May, the Company opened small positions in a handful of heavily
discounted banks in anticipation of a recovery. The Company also sold selected
industrial names to fund new positions in crane manufacturer Konecranes and
construction company Vinci. On a sector view, the Company currently has a bias
towards industrials, health care and financials, as well as basic materials and
oil & gas, and is less exposed to utilities, technology and consumer services.

Investors took their lead from improving economic data in the US and Europe and
better than expected earnings results from a broad range of companies.
Germany's IFO Business Climate Indicator showed an improvement in May and the
Eurozone PMI Manufacturing survey showed signs of stablisation.

We see a number of opportunities in great businesses that have been punished by
the market and in some instances have fallen by more than 70% from their peak.
While we have seen a rally in recent months we would expect markets to continue
to react positively to economic news in the coming months.

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 June 2009