Portfolio Update

MERRILL LYNCH GREATER EUROPE INVESTMENT TRUST plc
All information is at 30 November 2007 and unaudited.
Performance at month end with net income reinvested

                                              One      Three       One         Since launch
                                            Month     Months      Year            (20Sep04)
Net asset value                             -1.2%       4.1%     16.3%                97.2%
Share price                                 -4.3%       1.7%     13.8%                86.7%
FTSE World Europe ex UK                     -1.0%       5.8%     18.2%                87.6%
Sources: BlackRock and Datastream.


At month end                                                                      
Net asset value (capital only):            189.99p                                
Net asset value (including income):        190.04p Includes net revenue of 0.05p  
Share price:                               179.75p                                
Discount to NAV (capital only):               5.4%                                
Discount to NAV (including income):           5.4%                                
Gearing:                                      1.5%                                
Net yield:                                    1.3%                                
Total assets:                              £231.1m                                
Ordinary shares in issue:              119,843,969                                


Benchmark                                                                                               
Sector Analysis                   Total Assets   Index   Country Analysis                  Total Assets 
                                           (%)     (%)                                              (%) 
                                                                                                        
Financials                                23.8    28.8   Germany                                   23.9 
Health Care                               11.5     6.7   France                                    12.2 
Oil & Gas                                 11.3     6.4   Switzerland                               10.5 
Basic Materials                           10.4     6.2   Netherlands                                9.3 
Utilities                                  9.9     8.3   Italy                                      8.6 
Consumer Goods                             9.4    14.1   Finland                                    5.8 
Industrials                                7.2    12.9   Spain                                      5.4 
Telecommunications                         6.2     7.0   Norway                                     4.2 
Technology                                 4.5     4.4   Russia                                     3.8 
Consumer Services                          3.6     5.2   Emerging Europe                            3.5 
Other Investments                          3.6       -   Turkey                                     3.1 
Net current liabilities                   (1.4)      -   Israel                                     2.1 
                                                         Greece                                     2.0 
                                                         Austria                                    1.5 
                                                         Ireland                                    1.4 
                                                         USA                                        1.3 
                                                         UK                                         1.1 
                                                         Luxembourg                                 0.9 
                                                         Poland                                     0.8 
                                                         Net current liabilities                   (1.4)
                                         -----   -----                                            ----- 
                                         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         
Roche Holdings                                       Switzerland         
Siemens                                              Germany             
    
                                                                     
Commenting on the markets, James Macmillan, representing the Investment Manager                    
noted:                                                                                             
                                                                                                   
European equities corrected sharply in November as concerns about global credit                    
markets continued to cause market jitters.  Another 25 basis point reduction in                    
the US Federal Reserve Bank's official interest rate at the end of October did                     
little to calm investors' nerves.  Neither the European Central Bank nor the                       
Bank of England followed the lead of the Fed by easing monetary policy during                      
the month.  Following a strong run, Emerging Europe underperformed the                             
developed European markets as investors' concerns grew over the knock-on impact                    
of a US slowdown.  The FTSE World Europe ex UK Index (NDR) returned -1.0%                          
through November and the MSCI Emerging Europe returned -2.5% in Sterling terms.                    
                                                                                                   
The Company's NAV returned -1.2%, underperforming the reference index.  The                        
contribution from the Emerging Europe region was positive, with the Company                        
benefiting from its holding in the Eurasian Frontiers Hedge Fund and also                          
successful stock selection in Russia.  The Company's performance was adversely                     
impacted by positive gearing in a falling market.                                                  
                                                                                                   
During the month, the Company benefited from its exposure to defensive sectors,                    
in particular Deutsche Telecom; Pharma stocks, Novartis and Roche; Health Care                     
company, Fresenius; and Utilities, E.ON and Electricite de France.  Other                          
positive contributors to performance included selective investments in                             
Industrials, Siemens; and Banks, Intesa Sanpaolo.                                                  
                                                                                                   
The Company's exposure to the Financial sector, particularly Diversified                           
Financials, Credit Suisse and Fortis, continued to be a drag in November as                        
investors remained concerned that the ongoing uncertainty in credit markets                        
would negatively impact the sector's earnings.  Stock selection in the Retail                      
and Food, Beverage & Tobacco sectors was negative, notably the Company's                           
holdings in Unilever and German D-I-Y Company, Praktiker.                                          
                                                                                                   
During the month, the Company reduced its holdings in Financials through the                       
sale of shares in insurance company Allianz and banks, EFG Eurobank and Bank of                    
Cyprus.  The proceeds were used to increase holdings in defensive areas such as                    
Food, Pharmaceuticals and Utilities.                                                               
                                                                                                   
The Company continues to have a bias towards Financials, through banks, along                      
with energy, pharmaceuticals, materials and utilities.  Exposure to Emerging                       
Europe increased during the month to finish at 13.3%, 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 significantly reduced its net market exposure to 101.5%.                        
                                                                                                   
We remain positive on the prospects for European and Emerging European                             
equities.  The key risk is that of global recession but if current consensus                       
expectations of continued growth in Emerging markets prove robust, then                            
European companies can continue to deliver profit growth on the back of sales                      
expansion and productivity benefits.  The overall valuation of the European                        
equity market looks reasonable and there are some stocks in cyclical sectors                       
which look very cheap, after the recent market weakness.  M&A is likely to                         
continue to be supportive as many sectors consolidate across borders within                        
Europe.  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 December 2007