Interim Results

Merrill Lynch Greater Europe IT PLC
18 April 2005


               MERRILL LYNCH GREATER EUROPE INVESTMENT TRUST plc

                 Interim results for the period from launch on
                     20 September 2004 to 28 February 2005


•    The net asset value ('NAV') per share rose by 15.6% to 115.57p over the 
     period from launch on 20 September 2004 to 28 February 2005.  During the 
     same period the FTSE World Europe ex UK Index rose by 13%.

•    The share price rose by 9.8% from 100.00p to 109.75p at 28 February 2005.

•    NAV was 114.03p at 15 April 2005.

•    Share price was 109.00p at 15 April 2005.




For further information please contact:

Jonathan Ruck Keene                                    020 7743 2178
James Macmillan                                        020 7743 2289
Nigel Webb                                             020 7743 2302
Merrill Lynch Investment Managers

Or
William Clutterbuck                                    020 7379 5151
The Maitland Consultancy




The Chairman, John Walker-Haworth, commented:

'Following last year's reconstruction of Merrill Lynch European Investment
Trust, I am pleased to present the first report of its successor company,
Merrill Lynch Greater Europe Investment Trust, whose shares commenced dealing on
20 September 2004.  During the period to 28 February 2005, European markets and
Emerging European markets performed strongly, and I am delighted to report that
the net asset value per share of the Company rose by 15.6% to 115.57p, and the
share price rose by 9.8% to 109.75p.  During the same period the FTSE World
Europe ex U.K. Index rose by 13%.

'With the objective of aligning the share price more closely with the net asset
value of the Company, the Directors are operating a discount protection
mechanism.  On 31 May 2005, and every six months thereafter, the Company is able
to make a tender offer for up to 20% of its issued share capital at net asset
value per share, less 2%.  It is encouraging that at present the discount of the
share price to the net asset value per share has narrowed to approximately 4%.
This is a much lower figure than the discount experienced by its predecessor
company for a number of years prior to the reconstruction.  The Directors
consider the relatively narrow discount reflects the availability of the
discount protection mechanism, the attractiveness of the investment objectives
of the Company and the good performance of the fund manager.

'Earnings of European companies have recovered strongly and confidence has
improved.'



Commenting upon the outlook for the Company, James Macmillan of Merrill Lynch
Investment Managers, the Investment Manager, noted:

'Recent surveys suggest that business confidence has picked up in Europe. 
Earnings growth remains robust at close to double-digit levels despite weak
nominal revenue due to corporate restructuring, both financial and operational. 
This has resulted in higher profit margins than have been achieved in the past
two economic cycles.  European equity valuations look attractive on both an
absolute and relative basis.  However, European emerging market valuations are
now starting to look fully valued after a period of strong performance.  We
continue to focus on companies that are capable of producing organic growth and
those with the capacity for sustainable dividend growth from current levels.
European stocks have so far been unaffected by the increases in U.S. interest
rates, however, the key issue will be the trend in long bonds.  We expect that
European short rates will stay low during 2005 as economic activity remains
sluggish, across most of the large Eurozone countries.  However, if the global
economy stays on an expansionary trend, then it is not unreasonable to expect
long-term interest rates to increase modestly and this would be reflected in
European interest rates.'




REVENUE STATEMENT
for the period from 20 September 2004 to 28 February 2005
                                                                                                Period ended
                                                                                            28 February 2005
                                                                                                       £'000
                                                                                                 (unaudited)

Income (Note 3)                                                                                          443
Operating expenses (Note 5)                                                                             (289)
                                                                                                   ----------
Net return before finance costs and taxation                                                             154
Interest payable and similar charges                                                                      (5)
                                                                                                   ----------
Return on ordinary activities before taxation                                                            149
Taxation on ordinary activities                                                                          (45)
                                                                                                   ----------
Return on ordinary activities after taxation transferred to reserves                                     104
                                                                                                   ==========
Return per ordinary share                                                                              0.06p
                                                                                                   ==========




STATEMENT OF TOTAL RETURN PER ORDINARY SHARE
                                                                                                Period ended
                                                                                            28 February 2005
                                                                                                 (unaudited)

Earnings                                                                                               0.06p
Capital return                                                                                        15.75p
                                                                                                    --------
Total return                                                                                          15.81p
                                                                                                    ========




SUMMARISED BALANCE SHEET
as at 28 February 2005
                                                                                           28 February 2005
                                                                                                      £'000
                                                                                                (unaudited)
Fixed assets
Investments                                                                                         196,658
                                                                                                  ----------
Current assets
Debtors                                                                                                 586

Current liabilities
Bank overdraft                                                                                       (4,188)
Other creditors                                                                                      (2,543)
                                                                                                  ----------
                                                                                                     (6,731)
                                                                                                  ----------
Net current liabilities                                                                              (6,145)
                                                                                                  ----------
Net assets                                                                                          190,513
                                                                                                  ==========

Capital and reserves
Capital share capital                                                                                   165
Share premium                                                                                       164,084
Capital reserve - realised                                                                            5,881
Capital reserve - unrealised                                                                         20,279
Revenue reserve                                                                                         104
                                                                                                 -----------
Total equity shareholders' funds                                                                    190,513
                                                                                                  ==========
Net asset value per ordinary share                                                                  115.57p
                                                                                                  ==========




SUMMARISED CASH FLOW STATEMENT
for the period from 20 September 2004 to 28 February 2005
                                                                                               Period ended
                                                                                           28 February 2005
                                                                                                      £'000
                                                                                                (unaudited)

Net cash inflow from operating activities                                                               353
Returns on investment and servicing of finance                                                          (23)
Capital expenditure and financial investment:

Purchase of fixed asset investments                                                                (113,685)
Proceeds from the sale of fixed asset investments                                                    79,372
Exchange losses on foreign currency transactions                                                       (211)
Financing                                                                                            30,006
                                                                                                  ----------
Decrease in cash                                                                                     (4,188)
                                                                                                  ==========



RECONCILIATION OF NET RETURN BEFORE FINANCE COSTS AND TAXATION TO NET CASH
INFLOW FROM OPERATING ACTIVITIES
                                                                                               Period ended
                                                                                           28 February 2005
                                                                                                      £'000
                                                                                                (unaudited)

Net return before finance costs and taxation                                                            154
Increase in debtors and prepayments                                                                      (7)
Increase in creditors                                                                                   257
Tax on investment income included within gross income                                                   (51)
                                                                                                  ----------
Net cash inflow from operating activities                                                               353
                                                                                                  ==========




NOTES TO THE INTERIM ANNOUNCEMENT


1. Principal activity

The principal activity of the Company is that of an investment trust within the
meaning of section 842 of the Income and Corporation Taxes Act 1988.


2. Basis of preparation

The Company's financial statements will be prepared in accordance with
applicable UK accounting standards and specifically in accordance with the
Statement of Recommended Practice 'Financial Statements of Investment Trust
Companies' issued by the Association of Investment Trust Companies in January
2003.


3. Income
                                                                                                Period ended
                                                                                            28 February 2005
                                                                                                       £'000
                                                                                                 (unaudited)
Income from investments:
Overseas dividends                                                                                       314
Interest receivable and other income:
Deposit and cash fund interest                                                                           129
                                                                                                   ---------
Total income                                                                                             443
                                                                                                   =========


4. Investment management fees

The Manager has agreed to waive its fees in respect of the first accounting
period to 31 August 2005 up to a maximum of £600,000 excluding VAT.  As a
consequence no management fees were payable for the interim period to 28
February 2005.


5. Operating expenses
                                                                                                 Period ended
                                                                                             28 February 2005
                                                                                                        £'000
                                                                                                  (unaudited)

Custody fee                                                                                                26
Registrars' fee and other administrative costs                                                            263
                                                                                                      -------
                                                                                                          289
                                                                                                      =======

6. Dividend

The Board has not declared an interim dividend, as dividends are considered and
paid annually in respect of each accounting period.


7. Ordinary shares

The number of ordinary shares in issue during the period, and at the period end, 
was 164,841,285.


8. Reconciliation of movements in equity shareholders' funds
                                                                                                Period ended
                                                                                            28 February 2005
                                                                                                       £'000
                                                                                                 (unaudited)

Opening shareholders' funds                                                                          164,841
Net gains on investments                                                                              25,965
Revenue profits available for distribution                                                               104
Amortisation of management fee waiver                                                                   (397)
                                                                                                   ----------
Closing shareholders' funds                                                                          190,513
                                                                                                   ==========


9. Publication of non-statutory accounts

The financial information contained in this interim report does not constitute
statutory accounts as defined in section 240 of the Companies Act 1985.  The
financial information for the period ended 28 February 2005 has not been
audited.


10. Annual Results

The Company expects to announce the results for the year ending 31 August 2005
in October 2005.  The annual report should be available by the end of October
2005, with the Annual General Meeting being held on 22 November 2005.  No
comparative figures are available.

33 King William Street
London
EC4R 9AS

18 April 2005


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