Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 August 2008 and unaudited.

Performance at month end with net income reinvested

                             One     Three       One     Since Launch
                           Month    Months      Year      (20 Sep 04)
                                                               
Net asset value             2.5%     -7.3%     -6.9%            76.2%
Share price                 2.1%     -8.7%    -11.3%            62.8%
FTSE World Europe ex UK     4.0%     -8.6%     -3.4%            71.2%

Sources: BlackRock and Datastream

At month end                                       
Net asset value (capital only):             166.11p
Net asset value (including income):         169.88p*                                          
* includes net revenue of 3.77p                    
Share price:                                156.75p
Discount to NAV (capital only):                5.6%
Discount to NAV (including income):            7.7%                                           
Gearing (capital only):                        0.0%
Net yield:                                     1.5%
Total assets:                             £190.92m*
                                                   
* includes current year revenue.                   

Benchmark                                                                      
Sector Analysis       Total Assets   Index (%)  Country Analysis    Total Assets
                               (%)                                           (%)
                                                                               
Financials                   20.7         26.4  Switzerland                20.9 
Health Care                  13.7          7.6  Germany                    20.7 
Industrials                  12.4         12.7  France                     18.8 
Utilities                    12.0          8.9  Netherlands                 6.9 
Basic Materials               9.5          7.7  Italy                       5.2 
Oil & Gas                     9.1          7.2  Norway                      4.9 
Telecommunications            6.1          6.4  Emerging Europe             4.3 
Consumer Goods                6.0         14.0  Spain                       3.6 
Consumer Services             5.8          4.9  Greece                      2.9 
Technology                    2.0          4.2  Russia                      2.7 
Other Investments             4.3               Finland                     2.2 
Net current liabilities      (1.6)              Cyprus                      2.1 
                            -----        -----  Ireland                     2.0 
                            100.0        100.0  Poland                      1.6 
                            =====        =====  Denmark                     1.1 
                                                USA                         0.9 
                                                Turkey                      0.6 
                                                Israel                      0.2 
                                                Net current liabilities    (1.6)
                                                                          ----- 
                                                                          100.0 
                                                                          ===== 

Ten Largest Equity Investments                                 
Company                                   Country of Risk             
                                                               
Allianz                                   Germany                     
Bayer                                     Germany                     
BlackRock Eurasian Frontiers Hedge Fund   Emerging Europe             
E.On                                      Germany                     
GEA                                       Germany                     
Nestle                                    Switzerland                 
Novartis                                  Switzerland                 
Roche                                     Switzerland                 
StatoilHydro                              Norway                      
Zurich Financial Services                 Switzerland                 

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

The FTSE World Europe ex UK Index (NDR) increased by 4.0% (Sterling terms) in
August. The sectoral trend established during July with the banking sector
gaining at the expense of the energy/mining complex was less clear-cut in
August. In spite of dramatic moves in energy prices and currencies there was
little impact from this on sector performance. The consumer services and
consumer goods sectors showed the strongest relative outperformance, while
technology and health care were also relatively defensive. At the opposite end
of the spectrum, the economically sensitive basic materials sector and
utilities were the major laggards.

Emerging Europe underperformed the developed European markets and sharp falls
in commodity prices, combined with political uncertainties, resulted in the
MSCI Emerging Europe posting a fall of -7.9% through August in Sterling terms.

The Company's NAV returned 2.5% underperforming the reference index. The
contribution from the Emerging Europe region was negative, with the benefit to
the Company from its exposure to Israel failing to offset the falls in Russia,
Turkey and Poland and the negative return made by the BlackRock Eurasian
Frontiers Hedge Fund. The Company's marginally negative gearing made a
negligible contribution to performance this month. The Company was not geared
at 31 August 2008.

The Company's exposure to the Energy sector detracted from performance in
August. In particular, Russian Oil companies Integra and Transneft, along with
Polish oil refining company PKN Orlen were negative. Elsewhere stock selection
within Industrials hindered, specifically holdings in Alstom and Vestas Wind
Systems. On the positive side, stock selection within the Banking sector was
beneficial with holdings in Banco Santander and Société Générale outperforming.
The Company also benefited from its holding in chemical company Akzo Nobel,
rebounding after a period of underperformance, and selected stocks in Health
Care such as Fresenius and Icon.

In August the Company increased its exposure to the Consumer sectors,
purchasing a holding in Richemont, and the Financials exposure was reduced with
the sale of shares in UBS. The Company's Industrials exposure was reduced by
trimming the position in Vestas Wind Systems.

Exposure to Emerging Europe was reduced during the month to finish at 9.4%,
with the largest country exposure being Russia, along with the BlackRock
Eurasian Frontiers Hedge Fund which provides diversified exposure to the
region.

The European Central Bank (ECB) left interest rates unchanged in August.
President Jean-Claude Trichet acknowledged that growth was weakening, although
he stressed that inflation was the ECB's overriding concern. That said, it
appears that inflation concerns are easing with lower oil prices and currency
weakness cited as the prime reasons. Both headline and core CPI for the
Eurozone in July were better than expected at 4.0% and 1.7% year on year
respectively. However, European consumers remain depressed; the German GfK's
consumer confidence index for September fell to the lowest level for five years
while Eurozone confidence also disappointed in August.

Economic data continues to reflect a negative backdrop for inflation and
economic growth. Consensus earnings growth expectations continued to decline
for 2008, now at 1.0% and 12.0% for 2009, putting the market on a P/E 10.9x for
2008 and 9.8x for 2009, with dividend yield at 4.2% for 2008 and 4.6% for 2009.
Given this difficult backdrop we continue to focus on companies with a
combination of strong balance sheets including low leverage, strong cash
generating business models and an ability to pass on price increases or cut
costs. European valuations continue to look cheap on a relative and historic
basis - as a long term investor we believe these are good entry level
opportunities.

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 September 2008