Portfolio Update

Merrill Lynch Greater Europe IT PLC
16 November 2006

MERRILL LYNCH GREATER EUROPE INVESTMENT TRUST plc

All information is at 31 October 2006 and unaudited.

Performance at month end with net income reinvested
                                             One                Three              One                Since launch
                                             Month              Months             Year               (20Sep04)
Net asset value                              2.3%               6.3%               29.1%              68.3%
Share price                                  2.1%               7.1%               27.1%              61.0%
FTSE World Europe ex UK                      1.8%               7.2%               25.4%              57.3%

Sources: BlackRock Merrill Lynch Investment Managers and Datastream.


At month end
Net asset value:                        164.25p            Includes net revenue of 0.01p
Share price:                            157.00p
Discount to NAV:                           4.4%
Gearing:                                   3.1%
Net yield:                                 1.3%
Total assets:                           £220.7m
Ordinary shares in issue:               130,238,932



Benchmark
Sector Analysis                         Total Assets         Index Country Analysis                         Total Assets
                                                 (%)           (%)                                                   (%)
Financials                                     38.1           34.4 France                                          18.5
Oil & Gas                                       9.8            6.2 Germany                                         18.0
Utilities                                       9.6            7.2 Switzerland                                     13.9
Basic Materials                                 9.4            5.0 Italy                                           10.3
Consumer Goods                                  8.1           12.5 Russia                                           7.7
Industrials                                     7.2           11.0 Netherlands                                      5.9
Telecommunications                              6.5            6.4 Spain                                            4.9
Healthcare                                      5.8            7.7 Ireland                                          4.3
Technology                                      3.2            4.3 Sweden                                           3.6
Other Investments                               2.2              - Belgium                                          3.5
Consumer Services                               1.7            5.3 Finland                                          3.4
Net current liabilities                        (1.6)             - Norway                                           1.8
                                                                   UK                                               1.7
                                                                   Turkey                                           1.4
                                                                   Poland                                           1.3
                                                                   Greece                                           0.9
                                                                   Israel                                           0.4
                                                                   Austria                                          0.1
                                                                   Net current liabilities                         (1.6)
                                              -----          -----                                                 -----
                                              100.0          100.0                                                 100.0
                                              -----          -----                                                 -----


Ten Largest Equity Investments
Company                                                Country of Risk
Allianz                                                Germany
AXA                                                    France
BBVA                                                   Spain
E.On                                                   Germany
ENI                                                    Italy
Nestle                                                 Switzerland
Novartis                                               Switzerland
RWE                                                    Germany
Total                                                  France
UBS                                                    Switzerland



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


European Equity markets posted further gains in October with the FTSE World Europe ex UK (net) returning 1.8%.
Performance in Emerging Europe was also strong with the MSCI Emerging Europe index (net) returning 3.0% in GBP terms.
Investors shrugged off concerns about a slowdown in US economic growth and another 0.25% increase in official interest
rates in Europe (to 3.25%).  Global commodity markets stabilised over the month after September's sharp falls and
sentiment was boosted by continued strong earnings reports from Europe's listed companies.



The Company's NAV returned 2.3% during October outperforming the reference index by 0.5%.  The contribution from the
Emerging Europe region was neutral with strong performance from Poland and Turkey offset by Russia, which suffered from
continued weakness in the oil price. The use of flexible gearing was advantageous with the Company benefiting from
being positively geared in a rising market.



During the month the Company benefited from strong stock selection especially in the telecom and material sectors.  The
Company's holdings in Swedish and Russian telecoms companies Teliasonera, and Mobile Telesystems, along with Dutch
based steel company Mittal Steel, all had a positive contribution to performance.  Other strong performing stocks
included Turkish bank Turkiye Is Bankasi, Nordic seismic services company PGS and Irish construction company Grafton
Group.



The stocks which detracted from performance were mainly found in the banking sector, which after strong performance in
the last few months lagged the broad market.  The Company's holding in Italian banks Unicredito and Banca Intesa, along
with French bank Credit Agricole, all had a negative impact on performance.  Other stocks to have a negative effect
were German chemical company Bayer and Swiss food manufacturer Nestle.



During the month the Company increased its exposure to the banking sector through the purchase of shares in Italian and
Greek banks, Banca Intesa and EFG.  The Company also added to automobiles through the purchase of shares in BMW.  These
transactions were funded by reducing exposure to capital goods and transport through the sale of shares in industrial
conglomerate Siemens and logistics group Deutsche Post.



The Company continues to have a bias towards the financials, through banks and diversified financials, along with
materials, energy and utilities.  Exposure to Emerging Europe marginally decreased during the month to finish at 10.8%.
The Company ended the month with a net market exposure of 103.1%.



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 Q3 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).




16 November 2006






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