Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 July 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           10.7%     8.9%   -10.4%   -2.7%          54.1%
Share price                8.4%     7.0%   -13.6%   -8.4%          37.8%
FTSE World Europe ex UK   10.5%     8.8%   -10.1%    1.3%          48.1%
Sources: BlackRock and Datastream

At month end                                       
Net asset value (capital only):         141.69p    
Net asset value (including income):     144.99p*   
* Includes net revenue of 3.3p                     
Share price:                            129.50p    
Discount to NAV (capital only):            8.6%    
Discount to NAV (including income):       10.7%    
Gearing:                                   1.0%    
Net yield:                                 2.3%    
Total assets (including income):        £153.9m    
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                   33.9         25.7  France                    22.0 
Industrials                  23.5         12.8  Germany                   19.4 
Utilities                     7.1          7.9  Spain                     12.4 
Basic Materials               7.0          6.8  Switzerland               12.0 
Consumer Services             6.7          5.1  Italy                      6.9 
Consumer Goods                6.0         14.8  Netherlands                6.1 
Health Care                   5.3          8.9  Norway                     3.8 
Oil & Gas                     4.9          7.0  Ireland                    3.6 
Telecommunications            4.6          7.3  Portugal                   3.2 
Technology                    1.7          3.7  Luxembourg                 2.5 
Net current liabilities      (0.7)           -  Denmark                    2.3 
                            -----        -----  Austria                    1.4 
                            100.0        100.0  Greece                     1.3 
                            =====        =====  Hungary                    1.1 
                                                Finland                    1.1 
                                                Belgium                    0.8 
                                                Sweden                     0.5 
                                                Russia                     0.3 
                                                Net current liabilities   (0.7)
                                                                         ----- 
                                                                         100.0 
                                                                         ===== 

Ten Largest Equity Investments (in alphabetical order)          
                                                               
Company                            Country of Risk             
AXA                                France                      
Banco Santander                    Spain                       
Banco Bilbao                       Spain                       
BNP Paribas                        France                      
Bouygues                           France                      
E.ON                               Germany                     
Lafarge                            France                      
Roche                              Switzerland                 
Telefònica                         Spain                       
Unicredito                         Italy                       

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

European equity markets rallied strongly in July with broad indices rising
around 10%. Large capitalisation stocks began to outperform mid and small
capitalisation stocks, having lagged in the previous month. Financials led the
way with robust earnings announcements in the Banking sector driving share
prices higher. More defensive sectors lagged the market (Telecoms & Utilities),
as did Oil & Gas. During the month the Company's share price returned 8.4%
(net), and the Company's NAV per share returned 10.7% (net), both in Sterling
terms. For reference, the FTSE World Europe ex UK Index (net) returned 10.5%
and the MSCI Emerging Europe Index returned 11.0% (GBP terms).

Sector allocation was the key driver of performance in the month, with
significant returns being added in key sectors such as Financials, in which
banks continued their share price recovery on better second quarter results.
Lower weightings than the reference index in Technology and Health Care were
also positive contributors in the month, as defensive sectors underperformed in
general. The Company also benefited from being positively geared by an average
of 2.1% in a rising market. In addition, relatively low weightings in Oil & Gas
contributed as the oil price remained depressed and the Company benefited
strongly from the decision to not own shares in Oil & Gas major Total.

Within life insurance, performance was mixed with Irish Life & Permanent faring
less well, while ING performed strongly. Non-life insurer Euler Hermes gave
back some of its recent gains with disappointing results impacting the share
price. This was not unexpected and we retain a positive view on the company's
prospects as trading conditions improve into next year.

A number of holdings were impacted by stock specific newsflow in July. In
particular, French defence company Thales declined as the market digested the
impact of larger than expected provisions in its aerospace business. We are
optimistic for a turnaround in the business, which is now under new management.
Media company Reed Elsevier's share price also fell back on an unexpected
rights issue announcement and a downbeat trading statement. Within Materials, a
preference for agricultural chemical producers such as Oslo based Yara over
larger companies in the sector such as BASF, detracted in the period as large
capitalisation stocks outperformed.

During the month, the Company maintained significant weightings in Financials
and Industrials. However, our preference within Banks switched from investment
banks which have performed strongly to retail banks where we see more upside in
the short term. We continued to add to Spanish banks, adding a new position in
BBVA in July. The Company retained greater weighting than the reference index
in Financials, Materials and to recovery stocks within Industrials, and lesser
weighting in defensive sectors such as Telecoms, Health Care, Utilities and
Consumer Staples.

We maintain our view that equities will move higher from current levels.
Corporate earnings downgrades have troughed and are now beginning to reverse.
Global economic indicators are showing signs of recovery, with encouraging
industrial production figures, as well as signs of stabilisation in house
prices boosting investor confidence. With government stimulus packages
continuing to work their way through the system and an inventory restocking
phase boosting industrial production, particularly evident in the Auto sector,
we anticipate a further pick up in economic activity towards year end. With
risk appetite increasing, a return to equities could signal a broader recovery
across 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 August 2009