Portfolio Update

MERRILL LYNCH GREATER EUROPE INVESTMENT TRUST plc

All information is at 31 March 2008 and unaudited.

Performance at month end with net income reinvested

                                          One      Three        One    Since Launch
                                        Month     Months       Year     (20 Sep 04)
                                                                              
Net asset value                         -0.7%     -12.3%      -2.9%           77.6%           
Share price                             -1.9%     -11.8%      -3.3%           70.6%           
FTSE World Europe ex UK                  1.8%      -7.4%       2.8%           76.9%           
Sources: BlackRock and Datastream

At month end                                                
Net asset value (capital only):                      170.93p
Net asset value (including income):                  171.15p*
*Includes net revenue of 0.22p                              
Share price:                                         164.25p
Discount to NAV (capital only):                         3.9%
Discount to NAV (including income):                     4.0%
Gearing:                                                6.2%
Net yield:                                              1.5%
Total assets:                                        £209.0m
Ordinary shares in issue:                      115,117,791**
** excluding 4,726,178 shares held in treasury              

Benchmark
Sector Analysis       Total Assets   Index (%) Country Analysis    Total Assets
                               (%)                                          (%)
                                                                               
Financials                    27.8        28.4 Germany                     21.9
Health Care                   10.8         6.9 Switzerland                 12.8
Basic Materials                9.8         7.4 France                      12.3
Oil & Gas                      9.0         6.4 Italy                       10.3
Telecommunications             8.4         6.3 Netherlands                  9.3
Utilities                      8.0         8.4 Spain                        8.1
Consumer Goods                 7.5        14.4 Finland                      4.5
Technology                     5.8         3.8 Russia                       4.2
Industrials                    5.3        12.9 Emerging Europe              4.0
Consumer Services              3.6         5.1 Belgium                      2.6
Other Investments              4.1             Poland                       2.2
Net current liabilities       (0.1)            Turkey                       2.2
                                               Norway                       1.7
                                               Austria                      1.2
                                               Luxembourg                   1.2
                                               USA                          1.0
                                               Israel                       0.5
                                               UK                           0.1
                                               Net current liabilities     (0.1)                    
                             -----       -----                            -----
                             100.0       100.0                            100.0
                             =====       =====                            =====

Ten Largest Equity Investments                                                 
                                                                               
Company                                   Country of Risk                       
Akzo Nobel                                Netherlands                          
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                          

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

European equity markets fell during March in Euro terms on continued concerns
that both economic and corporate earnings growth in the region might slow
sharply. However, there was a strong appreciation of the Euro/Sterling exchange
rate which resulted in the FTSE World Europe ex UK Index (NDR) posting a return
of 1.8% in Sterling terms. The European Central Bank ("ECB") maintained its
hawkish stance as the Eurozone Consumer Price Index rose to 3.5%. The ECB
president, Jean-Claude Trichet, said in a speech that he was "concerned" by the
strength of the Euro, and warned of rising bond spreads between Eurozone
country bonds, urging fiscal discipline to reverse this trend. Strongest
performance came from the basic resources sectors as commodity prices continued
to rise and consumer staples as investors continued to search for defensive
names, whilst weak performance came from Telecoms, Energy and Technology
stocks. Emerging Europe underperformed the developed European markets with the
MSCI Emerging Europe posting a fall of -2.3% through February in Sterling terms
as risk aversion increased.

During March, the Company's NAV returned -0.7%, underperforming the reference
index. The contribution from the Emerging Europe region was marginally
negative, with the benefit to the Company from its exposure in Poland and the
positive return made by the BlackRock Eurasian Frontiers Hedge Fund failing to
offset the falls in Russia and Turkey. The Company's performance was negatively
impacted by positive gearing in a falling market.

During the period, the Company benefited from its exposure to the Materials and
Utilities sectors. Within the material space notable positive contributions
came from Akzo Nobel, which had underperformed in previous months and underwent
some mean reversion, and Arcelor Mittal, which benefited from rising steel
prices. Within Utilities a position in Iberdrola was beneficial as the stock
rose on market rumours that it would do a deal with EDF. Other positive
contributors to performance included Diversified Financial, Fortis, which
pleased the market by giving further disclosure on its structured credit
exposure and sold a subsidiary which strengthened its capital base; Insurance
company, Allianz, which benefited from the rally in insurance stocks following
good results that positively surprised the market; and Hellenic Telecoms
bounced back when Deutsche Telecom bought a strategic stake in the company.
Reversing the trend from the previous month, Consumer Discretionary and Health
Care stocks delivered weak performance. Consumer stocks, Africa Israel
Investments and Vestel Elektornik Sanayi, were notable laggards and
Pharmaceutical company, Eczacibasi Ilac Sanayi ve Ticaret, was a poor
performer.

During the month, the Company reduced its holdings in the Telecoms and
Technology sectors. The proceeds were used to increase holdings in the Nonlife
Insurance sector, adding to the position in Allianz; Chemicals, through the
purchase of more shares in Akzo Nobel; and Banks through increasing the
holdings in Banco Santander, Fortis and BNP Paribas.

The Company continues to have a bias towards Health Care, Materials, Telecoms
and Technology. Exposure to Emerging Europe fell during the month to finish at
13.1%, with the largest country exposure being Russia, along with the BlackRock
Eurasian Frontiers Hedge Fund which provides diversified exposure to the
region. During the month the Company reduced its net market exposure to 106.2%.

We remain positive on the prospects for European and Emerging European
equities. Global economic growth is clearly moderating in response to a weaker
US 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. We believe that at current prices, stocks are
attractively valued and 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).

24 April 2008