Portfolio Update

Merrill Lynch Greater Europe IT PLC
23 February 2007


MERRILL LYNCH GREATER EUROPE INVESTMENT TRUST plc

All information is at 31 January 2007 and unaudited.

Performance at month end with net income reinvested
                                             One                Three              One                Since launch
                                             Month              Months             Year               (20Sep04)
Net asset value                              1.6%               6.7%               17.1%              79.5%
Share price                                  1.8%               7.0%               13.8%              72.3%
FTSE World Europe ex UK                      1.0%               6.1%               17.6%              66.8%

Sources: BlackRock and Datastream.

At month end
Net asset value:                        175.23p            Includes net revenue of 0.11p
Share price:                            168.00p
Discount to NAV:                           4.1%
Gearing:                                  12.9%
Net yield:                                 1.2%
Total assets:                           £246.6m
Ordinary shares in issue*:              124,729,045


Benchmark
Sector Analysis                         Total Assets         Index Country Analysis                         Total Assets
                                                 (%)           (%)                                                   (%)
Financials                                     42.1           35.2 Germany                                         18.3
Healthcare                                     10.9            2.9 France                                          15.8
Basic Materials                                 8.8            5.2 Switzerland                                     14.8
Oil & Gas                                       8.4            6.9 Italy                                           10.4
Industrials                                     8.3           10.4 Spain                                            6.4
Utilities                                       5.4            9.2 Russia                                           6.2
Consumer Goods                                  4.7           11.5 Ireland                                          4.0
Telecommunications                              4.6            7.6 Netherlands                                      3.4
Consumer Services                               2.6            6.5 Greece                                           3.0
Other Investments                               2.0              - Turkey                                           2.8
Technology                                      1.9            4.6 Finland                                          2.7
Net current assets                              0.3              - Belgium                                          2.1
                                                                   Denmark                                          2.0
                                                                   Sweden                                           2.0
                                                                   Norway                                           1.7
                                                                   Israel                                           1.3
                                                                   UK                                               1.1
                                                                   Austria                                          1.0
                                                                   Poland                                           0.7
                                                                   Net current assets                               0.3
                                              -----          -----                                                 -----
                                              100.0          100.0                                                 100.0
                                              -----          -----                                                 -----


Ten Largest Equity Investments
Company                                                Country of Risk
Allianz                                                Germany
AXA                                                    France
BBVA                                                   Spain
Credit Suisse                                          Switzerland
Novartis                                               Switzerland
Roche Holdings                                         Switzerland
Societe Generale                                       France
Telefonica                                             Spain
UBS                                                    Switzerland
Unicredito                                             Italy




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

European equity markets continued on an upward trend in January, with the FTSE World Europe ex UK (net) returning 1.0%
in sterling terms.  Investors were encouraged by evidence of a 'soft landing' for the US economy and the beneficial
impact of falling energy prices on inflation and household purchasing power.  The news on economic growth in Europe was
also encouraging, particularly in Germany, and the stream of mergers & acquisitions transactions continued into the New
Year.  The performance in Emerging Europe was negatively impacted by Russia which suffered from a continued decline in
the oil price.  This was reflected in the MSCI Emerging Europe Index (net) return of -2.9% in sterling terms.



The Company's NAV returned 1.6% during January outperforming the reference index by 0.6%.  The contribution from the
Emerging Europe region was positive due to strong stock selection in Turkey and Russia.  The use of flexible gearing was
also beneficial with the Company benefiting from being positively geared in a rising market.



During the month the Company benefited from strong stock selection across a range of sectors.  Within the banking sector
the Company's holdings in Kaupthing Bank, Bank of Piraeus, EFG Eurobank Ergas and Sekerbank all had a positive
contribution to performance.  Elsewhere other strong performing stocks were pharmaceutical group Bayer, steel company
Arcelor Mittal, and cement producer Holcim.



The stocks which detracted from performance were mainly found in the utility sectors which fell reflecting the downward
moves in the power prices.  Individual stocks included German and French power utilties RWE, E.On and EDF.  Other stocks
to have a negative effect were steel pipe manufacturer Vallourec, food manufacturer Nestle and re-insurer Munich Re.



During the month the Company increased its exposure to the pharmaceutical and material sectors through the purchase of
holdings in Roche, Teva Pharma and Holcim.  These transactions were funded by reducing the Company's exposure to
utilities and food beverage and tobacco through the sale of E.On and Nestle stock.



The Company continues to have a bias towards financials, through banks and diversified financials, along with
pharmaceuticals, materials and energy.  Exposure to Emerging Europe increased during the month to finish at 11%. The
Company ended the month with a net market exposure of 112.9%.



We remain positive on the prospects for European equities.  The latest evidence appears to suggest that the Global
economy remains in robust health with a slight tempering of growth rather than the emergence of a recession or a serious
slowdown.  European companies have generally reported strong Q4 results, and profits have proved resilient to a modest
slowdown in the US, due to robust export demand from Asia and corporate restructuring.  European equity valuations are
attractive, earnings growth is strong and earnings revisions remain positive.



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).





23 February 2007








                      This information is provided by RNS
            The company news service from the London Stock Exchange