Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc
All information is at 30 September 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            9.2%    38.6%   25.8%   17.4%       93.0%
Share price               11.2%    43.1%   30.3%   15.4%       82.0%
FTSE World Europe ex UK    7.5%    29.5%   16.5%   16.3%       73.5%
Sources: BlackRock and Datastream

At month end                                       
Net asset value (capital only):         178.24p    
Net asset value (including income):     181.65p*   
* Includes net revenue of 3.4p                     
Share price:                            171.00p    
Discount to NAV (capital only):            4.1%    
Discount to NAV (including income):        5.9%    
Gearing (capital only):                    5.7%    
Net yield:                                 1.8%    
Total assets (including income):        £201.7m    
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                   36.1         27.4  Germany                    20.0 
Industrials                  23.5         13.1  Switzerland                15.0 
Consumer Goods               11.6         13.7  Spain                      13.3 
Utilities                     8.7          8.0  France                     12.3 
Health Care                   5.1          8.6  Belgium                     6.1 
Basic Materials               4.6          6.7  Netherlands                 5.7 
Oil & Gas                     4.3          6.7  Austria                     5.1 
Telecommunications            4.1          7.1  Portugal                    3.4 
Consumer Services             3.0          5.0  Greece                      3.3 
Technology                    2.5          3.7  Italy                       3.2 
Net current liabilities      (3.5)           -  Denmark                     3.2 
                            -----        -----  Norway                      3.0 
                            100.0        100.0  Sweden                      2.4 
                            =====        =====  Luxembourg                  1.6 
                                                Ireland                     1.5 
                                                Russia                      1.3 
                                                Hungary                     1.2 
                                                Czech Republic              1.0 
                                                Finland                     0.9 
                                                Net current liabilities    (3.5)
                                                                          ----- 
                                                                          100.0 
                                                                          ===== 

Ten Largest Equity Investments (in alphabetical order)          
                                                               
Company                            Country of Risk             
Atlas Copco                        Sweden                      
Banco Santander                    Spain                       
Deutsche Bank                      Germany                     
E.ON                               Germany                     
EFG Eurobank                       Greece                      
ING                                Netherlands                 
KBC                                Belgium                     
Nestlé                             Switzerland                 
Telefónica                         Spain                       
Unicredito                         Italy                       

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

Fund Performance & Attribution
During the month, the Company's NAV gained by 9.2% (net) and the share price
rose by 11.2% (net), both in Sterling terms, outperforming the FTSE World
Europe ex UK Index (net) which returned 7.5%.

Stock selection was the main driver of returns, as positions in financials and
industrials provided strong outperformance in the month.

Banks and life insurance continued to perform well with high conviction
positions in KBC and EFG Eurobank outperforming, as did insurance holdings ING
and Irish Life & Permanent. We remain positive on the outlook for banks where
balance sheet recovery is underway across the sector, having been severely
dented by toxic asset write downs. A number of banks have taken the opportunity
to raise capital and are enjoying a recovery in trading conditions. Loan losses
appear to be stabilising, supported in part by lower interest rates across
Europe.

In addition, a position in German cement company Heidelbergcement contributed
strongly after the company profited from a placing which we feel was priced at
a material discount to fair value.

Transactions & Positioning
Indications that government stimulus packages have yet to be put to work
provides a positive outlook for a number of European companies with direct
exposure to construction and infrastructure projects. Given this scenario,
additions were made within industrials and basic materials.

The Company ended the period with higher exposure relative to the index in
financials, industrials and utilities and less exposure relative to the index
in health care, materials and telecoms.

Outlook
The outlook for equity markets and for European equities remains positive
against a backdrop of recovering earnings momentum, continued government
stimulus and low interest rates. With many companies taking the opportunity to
raise capital via rights issues, balance sheets are looking healthy and M&A
activity may once again be back on the agenda. Following the strong recovery,
valuations are not as compelling but remain reasonable. From here, we may
experience a more normal pattern whereby the focus returns to earnings
recovery, an environment which favours the fundamental investor.

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).

21 October 2009