Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 January 2009 and unaudited.

Performance at month end with net income reinvested
                             One     Three       One      Since Launch
                           Month    Months      Year       (20 Sep 04)
Net asset value           -11.4%      0.5%    -23.4%             36.2%
Share price                -6.2%      5.6%    -20.4%             36.5%
FTSE World Europe ex UK   -13.8%     -1.2%    -26.3%             25.3%
Sources: BlackRock and Datastream

At month end                                       
Net asset value (capital only):         127.82p    
Net asset value (including income):     128.15p*   
* includes net revenue of 0.33p                    
Share price:                            128.25p    
Discount to NAV (capital only):            0.3%    
Discount to NAV (including income):        0.1%    
Gearing (capital only):                    0.0%    
Net yield:                                 2.3%    
Total assets:                          £136.89m**  
Ordinary shares in issue:           106,820,690*** 
                                                   
** Includes current year revenue.                  
*** Excluding 5,568,268 shares held in treasury.   

Sector Analysis       Total Assets    Index (%) Country Analysis   Total Assets
                               (%)                                          (%)
                                                                               
Financials                   20.7          21.9 Switzerland               21.0 
Healthcare                   12.5          10.5 France                    26.4 
Industrials                  12.9          11.9 Germany                   13.4 
Telecommunications           10.6           8.1 Netherlands               10.1 
Consumer Services            10.2           5.8 Spain                     10.0 
Utilities                     9.9           9.3 Emerging Europe            6.3 
Consumer Goods                7.7          14.4 Italy                      5.4 
Oil & Gas                     7.5           7.8 Portugal                   1.9 
Basic Materials               2.1           6.4 Ireland                    1.9 
Technology                    0.4           3.9 Greece                     1.6 
Other Investments             6.3               Belgium                    1.3 
Net current liabilities      (0.8)              Russia                     1.1 
                            -----         ----- Israel                     0.4 
                            100.0         100.0 Net current liabilities   (0.8)
                            =====         =====                          ----- 
                                                                         100.0 
                                                                         ===== 

Ten Largest Equity Investments                                 
                                                               
Company                                     Country of Risk             
Banco Santander Central Hispano             Spain                       
BlackRock Eurasian Frontiers Hedge Fund     Emerging Europe             
Credit Suisse                               Switzerland                 
E.ON                                        Germany                     
Koninklijke                                 Netherlands                 
Nestlé                                      Switzerland                 
Sanofi-Aventis                              France                      
Telefonica                                  Spain                       
Vivendi Universal                           France                      
Zurich Financial Services                   Switzerland                 

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

Continental European equity markets experienced a poor start to the year,
reversing December's gains and with the FTSE World Europe ex UK Index returning
-13.8% (Sterling terms). A bailout package for the troubled insurer ING proved
to be a significant market moving event providing some support for Financials.
However, a continued deterioration in economic data outweighed the initial
glimmer of hope - setting Financials to be the worst performing sector during
the month. Emerging markets also struggled during January with the MSCI
Emerging Europe Index declining by 14.8%.

During the month the Company's NAV returned -11.4%, outperforming the reference
index. The contribution from the Emerging Europe region was positive with
contributions from the BlackRock Eurasian Frontiers Hedge Fund offsetting
negative returns from Russia. The Company was not geared as at 31 January 2009,
and its performance was aided by holding cash in a falling market.

Stock selection was the primary contributor to outperformance across a number
of sectors including Industrials, Financials, Consumer Discretionary and
Telecoms. Energy and Healthcare sectors provided small negative contributions
overall. The Industrials sector provided the largest positive contribution in
the month with strong performance from Italian defence company Finmeccanica,
and industrial engineer Alstom. Other strong performing stocks included food
retailer Ahold, telecoms company KPN and investment bank Credit Suisse. The
stocks to detract included pharmaceutical company Novartis, media conglomerate
Vivendi and nickel producer Norilsk. Within the Financial sector, the Company's
holdings in Italian bank Intesa Sanpaolo and insurance company AXA were
negative.

During the month, the Company increased its exposure to the Industrials sector
through the purchase of Alstom. Elsewhere, there were modest additions to the
Consumer Staples and Telecoms sectors. These additions were largely funded by
reducing the Company's exposure to the Healthcare sector as well as reducing
cash.

Exposure to Emerging Europe decreased marginally during the month from 8.4% to
finish at 7.8%. The BlackRock Eurasian Frontiers Hedge Fund accounted for the
majority of the emerging market weight providing diversified exposure to the
region. Net market exposure was 100% during the month.

The global economic outlook remains uncertain. Much of the European economic
data points to further deterioration with the exception of the German IFO
survey showing the first rise in eight months. Globally, many Central banks
have responded with further rate cuts in an attempt to revive the economy;
however the ECB kept rates on hold at 2%.

On a sector view, the Company currently has a bias to Financials but still
retains an underweight stance relative to the reference benchmark. Within the
sector the Company has a preference for insurance holdings. Other key sector
weights include Healthcare, Industrials and Consumer Staples. The Company has
limited exposure to the Information Technology and Materials sectors.

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 February 2009