Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 28 February 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            2.4%     1.7%   55.7%    7.3%          90.9%
Share price                0.5%    -1.4%   52.6%    3.4%          77.9%
FTSE World Europe ex UK    2.7%    -0.6%   49.9%    1.3%          69.0%
Sources: BlackRock and Datastream

At month end                                       
Net asset value (capital only):         176.16p    
Net asset value (including income):     176.33p*   
* Includes net revenue of 0.17p                    
Share price:                            164.00p    
Discount to NAV (capital only):            6.9%    
Discount to NAV (including income):        7.0%    
Gearing (including income):                1.5%    
Net yield:                                 1.9%    
Total assets (including income):        £182.1m    
Ordinary shares in issue:           101,684,469**  
                                                   
** Excluding 3,440,129 shares held in treasury.    

Sector Analysis       Total Assets  Index (%)   Country Analysis   Total Assets
                               (%)                                          (%)
                                                                               
Financials                   23.2        24.7   France                    25.8 
Consumer Goods               17.9        15.0   Switzerland               24.6 
Industrials                  15.1        12.9   Germany                    8.5 
Health Care                  10.7         9.7   Netherlands                8.3 
Oil & Gas                     9.3         7.1   Russia                     6.5 
Consumer Services             8.3         5.2   Finland                    6.0 
Telecommunications            6.4         6.9   Spain                      3.7 
Technology                    6.2         3.7   Sweden                     2.6 
Basic Materials               2.6         7.4   Belgium                    2.1 
Utilities                     2.5         7.4   Denmark                    2.1 
Net current liabilities      (2.2)          -   Poland                     2.0 
                            -----       -----   Portugal                   1.7 
                            100.0       100.0   Austria                    1.7 
                            =====       =====   Italy                      1.3 
                                                Luxembourg                 1.3 
                                                Bermuda                    1.1 
                                                Norway                     1.0 
                                                Czech Republic             1.0 
                                                Hungary                    0.9 
                                                Net current liabilities   (2.2)
                                                                         ----- 
                                                                         100.0 
                                                                         ===== 

Ten Largest Equity Investments (in alphabetical order)          
                                                               
Company                            Country of Risk             
AXA                                France                      
BNP Paribas                        France                      
Credit Suisse                      Switzerland                 
Kone                               Finland                     
Kuehne + Nagel                     Switzerland                 
Nestlé                             Switzerland                 
Novartis                           Switzerland                 
Roche                              Switzerland                 
Société Générale                   France                      
Swatch                             Switzerland                 


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

Performance & Attribution
During the month both the Company's NAV and share price underperformed the
reference index. The NAV gained by 2.4% (net) in Sterling terms and the share
price gained 0.5% in the month. In the same period, the FTSE World Europe ex UK
Index (net) gained 2.7%.

February saw the continuation of the decline in the Euro versus the Dollar, and
financials continued to underperform as concerns over the potential for future
restrictions on profitability remained. However, the fourth quarter earnings
season was broadly positive, with sales generally higher then expected, and a
rally towards the end of the month left markets in positive territory.

Stock selection within Consumer Goods, Basic Materials and Telecommunications
were the strongest contributors during the month, although positions in
Financials, especially Life Insurance, offset some of this outperformance.
Within Consumer Goods, positions in Swatch and Carlsberg performed well. We
believe that both companies offer valuable exposure to the emerging consumer,
with 40% of Carlsberg's sales coming from Russia and 35% of Swatch's earnings
being sourced in Asia.

The Company's positioning in Financials and Health Care detracted from
performance, as positions in non-life insurer Euler Hermes and health care
company Nobel Biocare underperformed.

Positioning
Relative to the reference index, the Company ended the period with a higher
weighting in Industrials, Health Care, Consumer Goods and Technology and a
lower weighting in Basic Materials, Utilities, Financials and Telecoms. The
Company continues to avoid holdings in companies with significant exposure to
European domestic peripheral economies.

The Company is currently positioned to take advantage of key sources of
earnings growth in 2010, with a bias towards companies that will benefit from
increasing capital expenditure, the emerging consumer and an uptick in the
agricultural cycle.

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 management to position
their companies 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).

24 March 2010