Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 30 April 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           -3.0%     8.2%   42.6%    5.8%          101.7%
Share price               -3.3%     8.1%   48.7%    3.8%           91.4%
FTSE World Europe ex UK   -4.0%     5.9%   28.0%    1.2%           74.2%
Sources: BlackRock and Datastream

At month end                                       
Net asset value (capital only):         184.82p    
Net asset value (including income):     186.35p*   
* Includes net revenue of 1.53p                    

Share price:                            176.50p    
Discount to NAV (capital only):            4.5%    
Discount to NAV (including income):        5.3%    
Gearing (capital only):                     Nil    
Net yield:                                 1.8%    
Total assets (including income):        £189.5m    
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                 20.3       24.4   Switzerland               23.5 
Consumer Goods             19.8       15.4   France                    21.3 
Industrials                18.1       13.7   Germany                   14.8 
Oil & Gas                   8.3        7.2   Finland                    6.6 
Health Care                 7.7        9.1   Netherlands                6.1 
Basic Materials             6.3        7.4   Russia                     5.1 
Technology                  5.7        3.8   Spain                      4.1 
Consumer Services           5.4        5.4   Denmark                    3.3 
Telecommunications          4.0        6.5   Sweden                     2.6 
Utilities                   3.5        7.1   Poland                     2.4 
Net current assets          0.9              Belgium                    2.2 
                          -----      -----   Portugal                   1.7 
                          100.0      100.0   Italy                      1.4 
                          =====      =====   Hungary                    1.1 
                                             Luxembourg                 1.0 
                                             Czech Republic             1.0 
                                             Norway                     0.9 
                                             Net current assets         0.9 
                                                                      ----- 
                                                                      100.0 
                                                                      ===== 

Ten Largest Equity Investments (in alphabetical order)          
                                                               
Company                            Country of Risk             
Air Liquide                        France                      
Daimler                            Germany                     
E.ON                               Germany                     
Holcim                             Switzerland                 
Kuehne + Nagel                     Switzerland                 
Nestlé                             Switzerland                 
Novartis                           Switzerland                 
Roche                              Switzerland                 
Swatch                             Switzerland                 
Vopak                              Netherlands                 


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

Fund Performance & Attribution
During the month both the Company's NAV and share price outperformed the
reference index. The NAV fell by 3.0% (net) in Sterling terms and the share
price decreased by 3.3% in the month, although, during the same period, the
FTSE World Europe ex UK Index (net) lost 4.0%.

European equity markets fell during April as uncertainty over Europe's
peripheral government debt levels continued. The EU's announcement of a rescue
package for Greece in March ultimately did not assure investors that the
country's economic position was secure, exacerbated by uncertainty over key
elections in Germany and significant unrest amongst the general public in
Greece. However, despite this adverse context, industrial production continued
to pick up globally and a weakening Euro proved beneficial for European
exporters in particular.

In a continuation of March's trend, the Company's holdings within the
Industrials and Oil & Gas sectors performed well. A position in Vopak
contributed after reporting a strong pick-up in its chemicals storage business,
and a position in Swiss-based company Kuehne + Nagel benefited from a rising
trend in European transport demand. In addition, a holding in elevator business
Kone Corporation profited after the company reported strong first quarter
numbers, with operating profit and cash flow levels at near-record highs for
the initial quarter.

Positioning
Relative to the reference index, the Company ended the period with a higher
weighting in Industrials, Consumer Goods, Oil & Gas and Technology and a lower
weighting in Financials, Utilities and Telecommunications. The Company is
currently avoiding companies with significant levels of exposure to the
peripheral domestic economies.

Outlook
Our outlook for the rest of 2010 and beyond remains fundamentally positive. The
recent government debt issues in Europe's peripheral nations are likely to
depress the economies in these countries on a 1 to 3 year view and we remain
cautious on domestic demand in these areas. However, it is important to note
that much of core Europe does not share the same issues; indeed, the Eurozone
has, as a whole, far healthier levels of household debt than either the UK or
the US and (excluding financials) corporate balance sheets are generally
strong.

It is our expectation that, as the global recovery continues, earnings growth
will be driven by a combination of increased corporate spending and continued
strong demand from emerging markets. In addition, inventory levels are
depressed in key sectors and investors are generally overweight bonds in favour
of equities. We would anticipate that a continuation of the economic recovery
and improving confidence levels could see assets return to the sector and
continue to drive equity markets higher later in the year.

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).

19 May 2010