Portfolio Update

MERRILL LYNCH GREATER EUROPE INVESTMENT TRUST plc

All information is at 29 February 2008 and unaudited.

Performance at month end with net income reinvested
                              One      Three        One    Since Launch
                            Month     Months       Year       (20Sep04)
Net asset value              0.5%      -9.3%       0.5%           78.8%           
Share price                  1.5%      -6.8%       1.1%           74.0%           
FTSE World Europe ex UK      2.2%      -7.3%       4.8%           73.8%           
Sources: BlackRock and Datastream

At month end                                                
Net asset value (capital only):                      172.18p
Net asset value (including income):                  172.30p*
Share price:                                         167.50p
*Includes net revenue of 0.12p                              
Discount to NAV (capital only):                         2.7%
Discount to NAV (including income):                     2.8%
Gearing:                                                6.4%
Net yield:                                              1.4%
Total assets:                                        £210.9m
Ordinary shares in issue:                        115,117,791

Benchmark
Sector Analysis   Total Assets (%) Index (%)    Country Analysis  Total Assets (%) 
                                                                         
Financials                   26.6      27.6     Germany                      22.0
Health Care                  11.1       6.9     Switzerland                  12.6
Telecommunications           10.9       6.9     France                       11.9
Basic Materials               9.2       7.2     Italy                        10.4
Oil & Gas                     9.1       6.6     Netherlands                   8.9
Utilities                     7.9       8.6     Spain                         7.6
Consumer Goods                7.5      13.9     Finland                       4.9
Technology                    6.2       4.2     Russia                        4.4
Industrials                   5.9      13.0     Emerging Europe               3.8
Consumer Services             3.5       5.1     Turkey                        3.5
Other Investments             3.9         -     Belgium                       2.2
Net current liabilities      (1.8)              Poland                        2.1
                                                Greece                        1.8
                                                Norway                        1.6
                                                Austria                       1.3
                                                Luxembourg                    1.1
                                                USA                           1.0
                                                Israel                        0.6
                                                UK                            0.1
                                                Net current liabilities      (1.8)
                            -----     -----                                 -----
                            100.0     100.0                                 100.0
                            =====     =====                                 =====


Ten Largest Equity Investments                                                 
                                                                               
Company                                   Country of Risk                       
Allianz                                   Germany                              
Banco Santander                           Spain                                
Bayer                                     Germany                              
BlackRock Eurasian Frontiers Hedge Fund   Emerging Europe                      
ENI                                       Italy                                
Intesa Sanpaolo                           Italy                                
Nokia                                     Finland                              
Novartis                                  Switzerland                          
Roche                                     Switzerland                          
Siemens                                   Germany                              

Commenting on the markets, James Macmillan, representing the Investment Manager
noted:

European equity markets stabilised in February with the FTSE World Europe ex UK
Index (NDR) posting a return of 2.2% in Sterling terms. Strongest performance
came from the basic resources sectors as commodity prices continued to rise,
whilst weak performance came from Telecoms, Media and Technology stocks. The
European Central Bank (ECB) retained its hawkish stance after Purchasing
Manager's Index (PMI) data showed manufacturing activity decreasing but prices
at the factory gate rising at their fastest rate in nearly a year. The Consumer
Price Index (CPI) rose to a record 3.2% in February, making it very unlikely
the ECB will cut rates soon. Emerging Europe outperformed the developed
European markets with the MSCI Emerging Europe Index posting a gain of 6.1%
through February in Sterling terms as the economies benefited from strong
commodity and energy prices.

The Company's NAV returned +0.5% underperforming the reference index. The
contribution from the Emerging Europe region was marginally negative, with any
benefit to the Company from its exposure in Poland failing to offset the falls
in the BlackRock Eurasian Frontiers Hedge Fund, Russia and Turkey. The
Company's performance was boosted by positive gearing in a rising market.

During the month, the Company benefited from its exposure to Consumer
Discretionary and Health Care stocks with Retailer, Praktiker; Auto company,
Daimler; and Health Care stocks, Eczacibasi Ilac Sanayi ve Ticaret, Roche and
Fresenius all delivering strong performance. Several Materials companies
significantly outperformed during February on the back of strong commodity
prices, notably ArcelorMittal and Norsk Hydro. Other positive contributors
included selective investments in Financials and Technology.

Broader exposure to the Financials sector, particularly Banks, was a drag on
performance over the month. Credit Suisse was the Company's biggest faller
within the sector, as it sold off on the back of further unexpected writedowns.
In addition, investments in Telecoms (which fell out of favour on concerns that
earnings would fail to meet expectations), Industrials (as investors continue
to avoid cyclical sectors) and Utilities all contributed negatively to
performance. On a name specific basis within these sectors, key underperformers
included Telecom stocks, Telekom Austria, Telecom Italia and Hellenic Telecoms;
Utility company, EDF; and Industrial company, Koza Davetiyeleri Imalat Ithalat
ve Ihracat.

During the month, the Company reduced its holdings in the Banks, Electricity
and Autos sectors. The proceeds were used to increase holdings in the Non-life
Insurance sector, through the purchase of Allianz; Telecoms, through the
purchase of Telefonica and Kon Kpn; and Oil & Gas Producers through the
purchase of Polski Kon.

The Company continues to have a bias towards Health Care, Materials and
Technology stocks and has now increased its exposure to Telecoms. The Company
has reduced its exposure to Financials. Exposure to Emerging Europe rose during
the month to finish at 14.4%, 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 106.4%.

We remain positive on the prospects for European and Emerging European
equities. Global economic growth is clearly moderating in response to a weaker
U.S. economy and the impact of higher credit costs, but central banks are
determined to ensure stability in the world financial system by applying the
appropriate monetary measures. At current prices, stocks carry attractive
valuations and we believe will begin to respond positively once markets look
forward to a resumption of stronger growth.

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).

28 March 2008