Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 31 May 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            -7.7%    -2.5%   27.6%    -6.0%          86.1%
Share price               -10.1%    -3.2%   29.4%    -7.9%          72.2%
FTSE World Europe ex UK    -8.1%    -5.2%   14.4%   -11.9%          60.1%
Sources: BlackRock and Datastream


At month end                                       
Net asset value (capital only):          169.13p    
Net asset value (including income):      171.91p*   
* Includes net revenue of 2.78p                    
Share price:                             158.75p    
Discount to NAV (capital only):             6.1%    
Discount to NAV (including income):         7.7%    
Gearing (capital only):                     8.1%    
Net yield:                                  2.0%    
Total assets (including income):         £190.1m    
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                  20.7        23.6  Switzerland               24.2 
Consumer Goods              20.2        16.3  France                    19.3 
Industrials                 18.5        13.7  Germany                   12.8 
Oil & Gas                    8.6         6.9  Netherlands                8.9 
Health Care                  7.9         9.4  Finland                    7.9 
Basic Materials              6.4         7.4  Russia                     4.9 
Technology                   5.7         3.8  Denmark                    3.8 
Consumer Services            5.5         5.4  Spain                      3.7 
Telecommunications           4.1         6.5  Hungary                    3.2 
Utilities                    3.5         7.0  Sweden                     2.4 
Net current liabilities     (1.1)             Belgium                    1.8 
                           -----       -----  Poland                     1.8 
                           100.0       100.0  Portugal                   1.6 
                           =====       =====  Italy                      1.3 
                                              Czech Republic             0.9 
                                              Luxembourg                 0.9 
                                              Turkey                     0.9 
                                              Norway                     0.8 
                                              Net current liabilities   (1.1)
                                                                       ----- 
                                                                       100.0 
                                                                       ===== 
Ten Largest Equity Investments (in alphabetical order)          
                                                               
Company                     Country of Risk             
Air Liquide                 France                      
Daimler                     Germany                     
Koninklijke                 Netherlands                 
Kuehne + Nagel              Switzerland                 
Nestlé                      Switzerland                 
Novartis                    Switzerland                 
Roche                       Switzerland                 
SAP                         Germany                     
Société Générale            France                      
Vopak                       Netherlands                 


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

Fund Performance & Attribution
During May the Company's NAV outperformed its reference index, although the
share price underperformed the index. The NAV fell by 7.7% (net) in Sterling
terms and the share price fell by 10.1% in the month. During the same period,
the FTSE World Europe ex UK Index (net) lost 8.1%.

The recent decline in European equity markets continued in May, with the
broader MSCI Europe Index falling 5%. Financial stocks declined the most, as a
surprise German ban on naked short selling and the impending vote on the US
financial regulation bill heightened fears of a regulatory crackdown on banks.
Negative sentiment was also reflected in the foreign exchange market where the
Euro continued to slide against most other major currencies.

The Company benefited from both strong stock selection and sector allocation in
the month, with positions in Consumer Goods and Basic Materials both
contributing to outperformance. At a stock level, a position in Finnish tyre
manufacturer Nokian Tyres rebounded from its dip in April after reporting
stronger than expected earnings results and positive guidance for future
profits, and a holding in Daimler outperformed after the company raised its
profit guidance. Another strong performer was Carlsberg, which offers
significant exposure to a recovering consumer in Russia.

Positioning
Relative to the reference index, the Company ended the period with a higher
weighting in Industrials, Consumer Goods, Telecoms and Oil & Gas and a lower
weighting in Financials, Basic Materials, Utilities and Health Care. 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.
After a strong start to the year, we have seen a sharp short-term correction
which has disadvantaged portfolios positioned for further recovery. However, we
remain confident that second quarter earnings results will continue to be
strong and that European equities will rebound as investor confidence
stabilises.

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 many other
developed markets and (excluding financials) corporate balance sheets are
generally strong. Weakness in the Euro is also a positive factor for European
exporters and we are currently overweight exporters in the portfolio.

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).

17 June 2010