Portfolio Update

MERRILL LYNCH GREATER EUROPE INVESTMENT TRUST plc
All information is at 30 April 2007 and unaudited.

Performance at month end with net income reinvested

                                              One      Three       One         Since launch
                                            Month     Months      Year            (20Sep04)
                                                                                           
Net asset value                              4.3%       6.3%     13.7%                90.7%
Share price                                  4.5%       7.0%     12.7%                84.4%
FTSE World Europe ex UK                      5.7%       9.0%     18.8%                81.8%

Sources: BlackRock and Datastream.

At month end                                                                               
                                                                                           
Net asset value:                          186.19p    Includes net revenue of 0.95p         
Share price:                              179.75p                                          
Discount to NAV:                             3.5%                                          
Gearing:                                    10.4%                                          
Net yield:                                   1.1%                                          
Total assets:                             £255.0m                                          
Ordinary shares in issue:             124,729,045                                          
 

Benchmark                                                                                               
Sector Analysis                   Total Assets   Index   Country Analysis                  Total Assets 
                                           (%)     (%)                                              (%) 
                                                                                                        
Financials                                35.4    26.6   Germany                                   21.4 
Healthcare                                12.0     8.2   France                                    12.7 
Industrials                               10.3    12.6   Switzerland                               11.0 
Basic Materials                            8.1     5.9   Italy                                      8.3 
Oil & Gas                                  8.0     7.7   Spain                                      6.9 
Telecommunications                         6.4     4.8   Russia                                     6.8 
Utilities                                  6.3     4.5   Ireland                                    5.2 
Consumer Goods                             4.9    10.6   Netherlands                                4.3 
Consumer Services                          4.1     9.2   Finland                                    3.9 
Other Investments                          2.9       -   Turkey                                     2.8 
Technology                                 1.7     9.9   Austria                                    2.1 
Net current liabilities                   (0.1)      -   Israel                                     2.0 
                                                         Sweden                                     1.7 
                                                         Norway                                     1.5 
                                                         UK                                         1.4 
                                                         Poland                                     1.3 
                                                         Denmark                                    1.3 
                                                         Luxembourg                                 1.2 
                                                         Belgium                                    1.2 
                                                         Greece                                     1.2 
                                                         Hungary                                    1.0 
                                                         Cyprus                                     0.9 
                                                         Net current liabilities                   (0.1)
                                         -----   -----                                            ----- 
                                         100.0   100.0                                            100.0 
                                         -----   -----                                            ----- 
                                                                                                        

Ten Largest Equity Investments                                              
Company                                            Country of Risk        
                                                                          
Allianz                                            Germany                
AXA                                                France                 
BlackRock Eurasian Frontiers Fund                  Emerging Europe        
Credit Suisse                                      Switzerland            
Nokia                                              Finland                
Novartis                                           Switzerland            
Roche Holdings                                     Switzerland            
Siemens                                            Germany                
Societe Generale                                   France                 
Telefonica                                         Spain                  
 

Commenting on the markets, James Macmillan, representing the Investment Manager                    
noted:                                                                                             
                                                                                                   
European equity markets continued their upward trend in April and the FTSE                         
World Europe ex UK (net) returned 5.7%. Investors were encouraged by the upbeat                    
news flow on economic growth in Europe, particularly in Germany, positive                          
company results, and a continued stream of mergers & acquisitions                                  
transactions.  In contrast to the prevailing trend of recent years, large cap                      
stocks fared generally better than their smaller peers during the review                           
period.  Performance in Emerging Europe was negative largely due to                                
disappointing performance in Russia, and the MSCI Emerging Europe Index                            
returned -1.3%.                                                                                    
                                                                                                   
The Company's NAV returned 4.3% during April underperforming the reference                         
index by 1.4%.  The contribution from the Emerging Europe region was unhelpful                     
with Russia, Poland and Turkey having a negative contribution to performance.                      
The use of flexible gearing was positive in a rising market.                                       
                                                                                                   
During the month the Company benefited from its holding in French bank Societe                     
Generale which rose over 20% on rumours of a potential merger with Italian bank                    
Unicredito. Other stocks to have a positive contribution to performance were                       
do-it-yourself retailer Praktiker Bau and chemical companies Symrise and                           
Umicore.  The stocks which detracted from performance were mainly found in the                     
financial sector and included KKR private equity, and banks BBVA and Danske.                       
In addition, selected holdings in Russia and Turkey were also negative.                            
                                                                                                   
During the month the Company increased its exposure to utility and banking                         
sectors through the purchase of holdings in power utility E.On, Sberbank and                       
Erste Bank. This was partially funded by reducing exposure to energy and                           
diversified financials through the sale of shares in oil major Total and                           
mortgage provider Interhyp.                                                                        
                                                                                                   
The Company continues to have a bias towards financials, through banks, along                      
with pharmaceuticals, materials and energy.  Exposure to Emerging Europe                           
increased marginally during the month to finish at 13.9%, with key country                         
exposures being Turkey, Russia and the BlackRock Eurasian Frontiers Hedge Fund.                    
During the month the Company increased its net market exposure to 110.4%.                          
                                                                                                   
We remain positive on the prospects for European and Emerging European                             
equities.  Despite recent market volatility, the latest evidence appears to                        
suggest that the global economy remains in reasonable health with a slight                         
tempering of growth rather than the emergence of a recession or a serious                          
slowdown.  Companies have generally reported good Q1 results, with decent                          
earnings growth and record profits and this has been driven by a pick-up in                        
domestic consumer demand as well as robust global export demand. We believe a                      
combination of cheaply available finance, strong earnings 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).                                                                                         
                                                                                                   
22 May 2007