Portfolio Update

Merrill Lynch Greater Europe IT PLC
21 December 2006

MERRILL LYNCH GREATER EUROPE INVESTMENT TRUST plc

All information is at 30 November 2006 and unaudited.

Performance at month end with net income reinvested
                                             One                Three              One                Since launch
                                             Month              Months             Year               (20Sep04)
Net asset value                              0.7%               6.0%               23.0%              69.5%
Share price                                  1.9%               7.3%               22.7%              64.1%
FTSE World Europe ex UK                      0.9%               6.4%               20.8%              58.7%

Sources: BlackRock Merrill Lynch Investment Managers and Datastream.


At month end
Net asset value:                        165.45p            Includes net revenue of 0.10p
Share price:                            160.00p
Discount to NAV:                           3.3%
Gearing:                                  10.2%
Net yield:                                 1.3%
Total assets:                           £237.3m
Ordinary shares in issue:               133,705,096



Benchmark
Sector Analysis                         Total Assets         Index Country Analysis                         Total Assets
                                                 (%)           (%)                                                   (%)
Financials                                     39.6           34.0 France                                          17.7
Utilities                                       8.8            7.4 Germany                                         15.9
Oil & Gas                                       8.7            6.4 Switzerland                                     13.3
Consumer Goods                                  8.0           12.6 Italy                                           11.5
Basic Materials                                 7.1            5.0 Russia                                           7.3
Industrials                                     7.1           11.3 Netherlands                                      5.2
Healthcare                                      5.9            7.5 Spain                                            5.2
Telecommunications                              5.5            6.4 Ireland                                          3.9
Technology                                      2.9            4.2 Finland                                          3.2
Other Investments                               2.1              - Sweden                                           2.0
Consumer Services                               1.4            5.2 Belgium                                          2.0
Net current assets                              2.9              - UK                                               1.8
                                                                   Greece                                           1.7
                                                                   Denmark                                          1.3
                                                                   Iceland                                          1.3
                                                                   Turkey                                           1.2
                                                                   Norway                                           1.1
                                                                   Poland                                           1.0
                                                                   Israel                                           0.4
                                                                   Austria                                          0.1
                                                                   Net current assets                               2.9
                                              -----          -----                                                 -----
                                              100.0          100.0                                                 100.0
                                              -----          -----                                                 -----


Ten Largest Equity Investments
Company                                                Country of Risk
AXA                                                    France
Credit Suisse                                          Switzerland
ENI                                                    Italy
E.ON                                                   Germany
Nestle                                                 Switzerland
Novartis                                               Switzerland
Telefonica                                             Spain
Total                                                  France
UBS                                                    Switzerland
Unicredito                                             Italy


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


European Equity markets posted modest gains in November with the FTSE World Europe ex UK (net) returning 0.9%.   After
a strong start to the month share prices pared back earlier gains amidst concerns about the impact of a weak US dollar
on the profit outlook for European companies. Performance in Emerging Europe was strong, as Russia benefited from a
rebound in the energy sector.  The MSCI Emerging Europe Index (net) returned 5.4% in GBP terms.



The Company's NAV returned 0.7% during November underperforming the reference index by 0.2%.  The stocks to detract
from performance were found in the financial sector which pulled back during the month after a lacklustre Q3 results
season. In addition the Company's holdings in Mittal Steel, pharmaceutical company Novartis and car manufacturer BMW
also had a negative contribution to performance.



The contribution from the Emerging Europe region was positive with strong performance from Poland and Russia offset by
poor stock selection in Turkey. The use of flexible gearing was beneficial with the Company benefiting from being
positively geared in a rising market.



During the month the Company benefited from strong stock selection within the energy sector which rose reflecting the
rise in the oil prices.   The best performing stocks were those with leverage to the oil price through refining and
upstream exposure.  In addition, the Company's exposure to power utilities also benefited from the increase in oil
prices. Other strong performing stocks included construction group Vinci, Investment Bank Credit Suisse and in the
material sector, speciality chemical company Syngenta and Russian steel producer Novolipetsk.



During the month the Company increased its exposure to the banking sector by establishing new positions in Danish,
Greek and Icelandic banks.  The Company also added to chemical and electrical equipment through the purchase of shares
in Altana and Legrand. These transactions were funded by selling holdings in chemical company BASF and telecom operator
Teliasonera after strong performance.



The Company continues to have a bias towards the financials, through banks and diversified financials, along with
energy, utilities and telecoms.  Exposure to Emerging Europe remained unchanged at 9.9%. The Company ended the month
with a net market exposure of 110.2%.



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).




21 December 2006






                      This information is provided by RNS
            The company news service from the London Stock Exchange