Portfolio Update

MERRILL LYNCH GREATER EUROPE INVESTMENT TRUST plc

All information is at 30 September 2007 and unaudited.

Performance at month end with net income reinvested

                                              One      Three       One         Since launch
                                            Month     Months      Year            (20Sep04)
Net asset value                              4.6%       0.7%     20.4%                98.0%
Share price                                  3.8%       5.2%     20.8%                90.5%
FTSE World Europe ex UK                      4.7%       0.8%     20.1%                85.5%

Sources: BlackRock and Datastream.

At month end                                                                      
Net asset value (capital only):            190.05p                                
Net asset value (including income):        193.26p Includes net revenue of 3.21p  
Share price:                               185.75p                                
Discount to NAV (capital only):               2.3%                                
Gearing:                                      4.3%                                
Net yield:                                    1.1%                                
Total assets:                              £237.6m                                
Ordinary shares in issue:              119,843,969                                

Benchmark                                                                                               
Sector Analysis                   Total Assets   Index   Country Analysis                  Total Assets 
                                           (%)     (%)                                              (%) 
                                                                                                        
Financials                                27.7    30.6   Germany                                   24.0 
Oil & Gas                                 11.6     6.6   France                                    13.0 
Telecommunications                        11.1     6.3   Switzerland                                9.7 
Health care                               10.9     6.3   Italy                                      9.0 
Basic Materials                           10.6     6.3   Spain                                      7.3 
Consumer Goods                             8.1    13.8   Netherlands                                6.0 
Utilities                                  8.0     7.8   Finland                                    5.5 
Industrials                                6.0    12.4   Russia                                     5.2 
Consumer Services                          3.6     5.1   Norway                                     4.3 
Other Investments                          3.4       -   Greece                                     3.9 
Technology                                 1.9     4.8   Emerging Europe                            3.2 
Net current liabilities                   (2.9)      -   Israel                                     2.0 
                                                         Turkey                                     2.0 
                                                         Sweden                                     1.9 
                                                         Ireland                                    1.5 
                                                         UK                                         1.2 
                                                         Austria                                    1.1 
                                                         Luxembourg                                 1.1 
                                                         Cyprus                                     1.0 
                                                         Net current liabilities                   (2.9)
                                         -----   -----                                            ----- 
                                         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             
Intesa Sanpaolo                                      Italy               
Nokia                                                Finland             
Norsk                                                Norway              
Novartis                                             Switzerland         
Siemens                                              Germany             
Societe Generale                                     France              
Telefonica                                           Spain               

Commenting on the markets, James Macmillan, representing the Investment Manager                    
noted:                                                                                             
                                                                                                   
Equity markets bounced back in September as concerns about global credit                           
markets started to abate.  A 50 basis point reduction in the US Federal Reserve                    
Bank's official interest rate mid month was taken positively by equity markets                     
and led to a broad based rally, with emerging markets leading the way.  During                     
the month the FTSE World Europe ex UK Index (net dividends reinvested) returned                    
4.7% and the MSCI Emerging Europe Index returned 7.4% in Sterling terms.                           
                                                                                                   
The Company's NAV returned 4.6% during September, performing in line with the                      
reference index.  The contribution from the Emerging Europe region was positive                    
with strong performance in Russia and Turkey.  The Company also benefited from                     
being positively geared in a rising market.                                                        
                                                                                                   
During the month, the Company benefited from its exposure to cyclically                            
orientated sectors which performed well in an environment of continued high                        
commodity prices and robust global demand especially from Asian and emerging                       
countries.  Individual stocks benefiting in these sectors included steel                           
producer ArcelorMittal, gold mining group Ipek Matbaacilik, oil exploration                        
group Statoil Hydro and oil transportation company Transneft.  Elsewhere the                       
Company's exposure to the telecom sector through its holdings in Telefonica and                    
OTE was positive, as was handset maker Nokia.                                                      
                                                                                                   
The stocks which detracted from performance were mainly in the banking and                         
general financial sectors and included Allied Irish Banks and Banca Intesa,                        
along with investment bank Credit Suisse.  Elsewhere, selected holdings in the                     
retail and chemical sectors were also negative.                                                    
                                                                                                   
During the month the Company increased its exposure to the energy sector by                        
establishing a new holding in oil company Surgutneftegas and adding to existing                    
positions in ENI and Statoil Hydro.  The Company sold positions in bank BBVA,                      
car manufacturer Renault and building materials group Holcim.                                      
                                                                                                   
The Company continues to have a bias towards financials, through banks, along                      
with pharmaceuticals, materials and utilities.  Exposure to Emerging Europe                        
increased marginally during the month to finish at 12.4%, 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 decreased its net market exposure to 4.3% in response to                     
increased market volatility.                                                                       
                                                                                                   
We remain positive on the prospects for European and Emerging European                             
equities.  Despite increased market volatility and 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 second                        
quarter results season has continued to show corporate strength, with earnings                     
growth and profits driven by stronger domestic demand, as well as robust global                    
export demand from China and other emerging markets.  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).                                                                                         
                                                                                                   
24 October 2007