Portfolio Update

Merrill Lynch Greater Europe IT PLC
23 March 2007

MERRILL LYNCH GREATER EUROPE INVESTMENT TRUST plc

All information is at 28 February 2007 and unaudited.

Performance at month end with net income reinvested

                                             One                Three              One                Since launch
                                             Month              Months             Year               (20Sep04)
Net asset value                              -0.9%              5.0%               12.2%              77.9%
Share price                                  -0.1%              4.8%               9.9%               72.1%
FTSE World Europe ex UK                      -0.5%              4.5%               14.5%              65.9%

Sources: BlackRock and Datastream.

At month end
Net asset value:                        173.64p            Includes net revenue of 0.04p
Share price:                            167.75p
Discount to NAV:                           3.4%
Gearing:                                   8.9%
Net yield:                                 1.2%
Total assets:                           £235.9m
Ordinary shares in issue:               124,729,045*
*Excludes 5,509,887 shares held in Treasury.


Benchmark
Sector Analysis                         Total Assets         Index Country Analysis                         Total Assets
                                                 (%)           (%)                                                   (%)
Financials                                     41.3           27.0 Germany                                         21.7
Healthcare                                     11.8            8.3 France                                          15.9
Industrials                                    11.4           12.4 Switzerland                                     14.4
Oil & Gas                                       9.3            7.3 Italy                                            8.4
Basic Materials                                 7.6            5.6 Spain                                            8.4
Consumer Goods                                  4.9           10.9 Russia                                           7.2
Utilities                                       4.0            4.4 Ireland                                          4.6
Consumer Services                               3.9            9.5 Netherlands                                      3.6
Other Investments                               3.1              - Greece                                           2.3
Telecommunications                              3.0            4.7 Turkey                                           2.1
Technology                                      1.8            9.9 Belgium                                          2.0
Net current liabilities                        (2.1)             - Denmark                                          1.9
                                                                   Sweden                                           1.8
                                                                   Norway                                           1.7
                                                                   Israel                                           1.6
                                                                   Finland                                          1.2
                                                                   UK                                               1.1
                                                                   Austria                                          1.0
                                                                   Poland                                           1.0
                                                                   Cyprus                                           0.2
                                                                   Net current assets                              (2.1)
                                              -----          -----                                                 -----
                                              100.0          100.0                                                 100.0
                                              -----          -----                                                 -----


Ten Largest Equity Investments
Company                                             Country of Risk
Allianz                                             Germany
AXA                                                 France
BBVA                                                Spain
Banco Santander                                     Spain
BlackRock Eurasian Frontiers Fund                   Emerging Europe
Credit Suisse                                       Switzerland
Novartis                                            Switzerland
Roche Holdings                                      Switzerland
Telefonica                                          Spain
UBS                                                 Switzerland




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

Equity markets delivered healthy returns for the majority of February but
suffered an abrupt correction at the end of the month which resulted in a broad
based global equity decline and an increase in volatility which has continued
into March.  The FTSE World Europe ex UK (net) returned -0.5% and the MSCI
Emerging Europe Index returned -2.2%.

The Company's NAV returned -0.9% during February underperforming the reference
index by 0.4%.  The contribution from the Emerging Europe region was helpful
with Turkey and the BlackRock Eurasian Frontiers Fund having a positive
contribution to performance.  The use of flexible gearing was neutral.

During the month the Company benefited from strong stock selection across a
range of sectors.  Within the banking sector the Company's holdings in Turkish
banks Sekerbank and Turkyie Is Bankasi, along with Allied Irish Bank, had a
positive contribution to performance.  Elsewhere other strong performing stocks
were insurance company Allianz, steel producer Arcelor Mittal, and electrical
installations group Legrand.

Performance was impacted by disappointing stock selection in the automobiles
sector, along with the Company's holding in network equipment maker Ericsson
which fell on concerns that lower margins and poor cash flow would dilute strong
revenue growth.  Other stocks to have a negative effect were imaging technology
company Agfa Gevaert, energy group Dogan Sirketler, and home improvement
retailer Praktiker.

During the month the Company increased its exposure to transport and capital
goods through the purchase of holdings in logistics Group Deutsche Post and
industrial conglomerate Siemens.   Within the banking sector the Company took
profits in Turkish banks Sekerbank and Turykie Is Bankasi after strong
performance and established a new position in bank Banco Santander.  The Company
also exited positions in telecoms provider Telecom Italia and utility Fortum.

The Company continues to have a bias towards financials, through banks and
diversified financials, along with pharmaceuticals, materials and energy. 
Exposure to Emerging Europe decreased during the month to finish at 11.9%, with
key country exposures being Turkey, Russia and the BlackRock Eurasian Frontiers
Hedge Fund.  During the month the Company reduced its net market exposure to
108.9%.

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 Q4 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).





23 March 2007








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