Portfolio Update

MERRILL LYNCH GREATER EUROPE INVESTMENT TRUST plc

All information is at 31 October 2007 and unaudited.

Performance at month end with net income reinvested

                                              One      Three       One         Since launch
                                            Month     Months      Year            (20Sep04)
Net asset value                              0.8%       5.2%     18.6%                99.6%
Share price                                  2.4%       9.0%     21.1%                95.0%
FTSE World Europe ex UK                      2.1%       6.3%     20.5%                89.4%

Sources: BlackRock and Datastream.

At month end                                                                      
                                                                                  
Net asset value (capital only):            192.30p                                
Net asset value (including income):        192.37p Includes net revenue of 0.07p  
Share price:                               187.75p                                
Discount to NAV (capital only):               2.4%                                
Discount to NAV (including income):           2.4%                                
Gearing:                                      9.5%                                
Net yield:                                    1.3%                                
Total assets:                              £252.3m                                
Ordinary shares in issue:              119,843,969                                

Benchmark                                                                                               
Sector Analysis                   Total Assets   Index   Country Analysis                  Total Assets 
                                           (%)     (%)                                              (%) 
                                                                                                        
Financials                                27.1    29.6   Germany                                   26.0 
Telecommunications                        12.3     6.8   France                                    12.7 
Oil & Gas                                 10.9     6.4   Switzerland                                8.8 
Basic Materials                           10.2     6.3   Italy                                      7.8 
Health Care                                9.9     6.1   Spain                                      5.6 
Consumer Goods                             8.1    14.3   Netherlands                                5.5 
Utilities                                  8.0     7.9   Finland                                    5.2 
Industrials                                7.5    12.9   Russia                                     5.2 
Consumer Services                          3.4     5.2   Norway                                     4.0 
Other Investments                          3.2       -   Greece                                     3.3 
Technology                                 1.3     4.5   Emerging Europe                            3.2 
Net current liabilities                   (1.9)      -   Turkey                                     2.9 
                                                         Belgium                                    2.7 
                                                         Israel                                     1.9 
                                                         Ireland                                    1.4 
                                                         Sweden                                     1.3 
                                                         Austria                                    1.1 
                                                         UK                                         1.0 
                                                         Cyprus                                     1.0 
                                                         Luxembourg                                 0.9 
                                                         Poland                                     0.4 
                                                         Net current liabilities                   (1.9)
                                         -----   -----                                            ----- 
                                         100.0   100.0                                            100.0 
                                         -----   -----                                            ----- 

Ten Largest Equity Investments                                             
Company                                              Country of Risk     
                                                                         
Banco Santander                                      Spain               
BlackRock Eurasian Frontiers Hedge Fund              Emerging Europe     
DaimlerChrysler                                      Germany             
Electricite de France                                France              
E.On                                                 Germany             
Intesa Sanpaolo                                      Italy               
Nokia                                                Finland             
Novartis                                             Switzerland         
Siemens                                              Germany             
Societe Generale                                     France               

Commenting on the markets, James Macmillan, representing the Investment Manager                    
noted:                                                                                             
                                                                                                   
European equity markets continued to move upwards in October as concerns about                     
global credit markets started to abate.  Investor nerves had been soothed by a                     
50bp reduction in the US Federal Reserve Bank's official interest rate in                          
September which resulted in a tightening of credit spreads.  Once again                            
Emerging Europe outperformed developed European markets with the FTSE World                        
Europe ex UK Index (NDR) returning 2.1% and the MSCI Emerging Europe Index                         
returning 7.9% in Sterling terms.                                                                  
                                                                                                   
The Company's NAV returned 0.8% during October underperforming the reference                       
index.  The contribution from the Emerging Europe region was positive, with the                    
Company benefiting from its exposure to Russia, which performed well on the                        
back of continued high oil prices.  The Company also benefited from being                          
positively geared in a rising market.                                                              
                                                                                                   
During the month the Company benefited from successful stock selection in the                      
material and utility sectors which continued to gain from strong oil and                           
commodity prices.  Individual stocks included iron producer Novolipesk Iron,                       
and in the utility sector Electricite de France and RWE.  Elsewhere, the                           
Company's exposure to the telecoms sector through its holding in Telefonica was                    
positive, as were selected holdings in the banking and automobile sector which                     
included Banco Santander and DaimlerChrysler.                                                      
                                                                                                   
The Company's exposure to the financial sector continued to be negative during                     
October as investors remained concerned that the ongoing uncertainty in credit                     
markets would adversely impact the sectors earnings.  Elsewhere, stock                             
selection in the capital goods sector, along with selected holdings in                             
technology hardware and pharmaceutical sectors, was negative.                                      
                                                                                                   
During the month the Company increased its exposure to the energy, general                         
financial and telecoms sectors.  The Company reduced its weighting in                              
materials, banks and pharmaceuticals.                                                              
                                                                                                   
The Company continues to have a bias towards financials, through banks, along                      
with energy, telecoms, materials and utilities.  Exposure to Emerging Europe                       
increased during the month to finish at 13.6%, with the largest                         
country exposures being Turkey and Russia, along with the BlackRock Eurasian                       
Frontiers Hedge Fund which provides diversified exposure to the region.  During                    
the month the Company increased its net market exposure to 109.5%.                                 
                                                                                                   
We remain positive on the prospects for European and Emerging European                             
equities.  Despite increased market volatility and the recent problems emerging                    
in US credit we expect global economic growth to remain at long term trend                         
levels and the US to experience a slowdown rather than a hard landing.  The                        
third quarter results season has continued to show corporate strength, with                        
positive underlying fundamentals and earnings growth slightly above trend,                         
however, the financial sector has not been as strong.  We believe a combination                    
of strong earnings growth and attractive valuations should allow the market to                     
make progress against what may be a more challenging international backdrop.                        
                                                                                                   
Latest 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 November 2007