Performance at Month End

Merrill Lynch Greater Europe IT PLC
21 September 2005


MERRILL LYNCH GREATER EUROPE INVESTMENT TRUST plc

All information is at 31 August 2005 and unaudited.

Performance at month end with net income reinvested
                                                  One                  Three                 Since launch
                                                  Month                Months                (20Sep04)
Net asset value                                   -0.6%                11.8%                 29.2%
Share price                                       -0.4%                12.1%                 23.0%
FTSE World Europe ex UK                           -1.5%                 8.4%                 24.0%

Sources: Merrill Lynch Investment Managers and Datastream.


At month end
Net asset value:                       129.26p            Includes net revenue of 2.04p
Share price:                           123.00p
Discount to NAV:                          4.8%
Gearing:                                  4.7%
Net yield:                                 N/A
Total assets:                          £187.0m
Ordinary shares in issue:              140,414,347


Benchmark
Sector Analysis                        Total Assets (%)      Index (%) Country Analysis                 Total Assets (%)
Financials                                        32.9            30.9 France                                      25.1
Cyclical Services                                 11.3             6.4 Germany                                     16.1
Basic Industries                                  10.8             7.3 Switzerland                                 11.4
Resources                                          9.9             7.5 Scandinavia                                  8.7
Non Cyclical Consumer Goods                        8.1            16.0 Italy                                        8.6
Utilities                                          7.6             6.8 Netherlands                                  5.2
Telecoms                                           6.2             8.0 Spain                                        5.1
Non Cyclical Services                              5.7             1.3 Russia                                       4.6
Cyclical Consumer Goods                            4.1             5.0 Ireland                                      3.5
Capital Goods                                      1.0             5.9 Belgium                                      3.5
Technology                                         0.4             4.9 Poland                                       2.8
Other Investments                                  2.7               - Greece                                       1.8
Net Current Liabilities                           (0.7)              - Israel                                       1.8
                                                                       Sweden                                       1.2
                                                                       Turkey                                       1.0
                                                                       Other Countries                              0.3
                                                                       Net Current Liabilities                     (0.7)
                                                 -----           -----                                             -----
                                                 100.0           100.0                                             100.0
                                                 -----           -----                                             -----


Ten Largest Equity Investments
Company                                                Country of Risk
AXA                                                      France
BBVA                                                     Spain
Capitalia                                                Italy
Fortum                                                   Finland
France Telecom                                           France
New Century Holdings Eagle LP                            Russian Federation
Novartis                                                 Switzerland
Repsol                                                   Spain
Total                                                    France
UBS                                                      Switzerland

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

After reaching a 3-year high earlier in the summer European equity markets
suffered a bout of profit taking in August, however Emerging European markets
continued to perform well. The FTSE World Europe ex UK and MSCI Emerging Europe
returned -1.5% and +7.5% in sterling terms respectively. Investor sentiment was
shaken by yet another record high in the oil price ($70 per barrel) in the wake
of the devastation caused by the hurricanes in the US.  Concerns about a
weakening in economic growth led to a dramatic change in US interest rate
expectations with most market participants no longer expecting further rapid
rate increases by the Federal Reserve.

The Company's NAV returned -0.6% during August outperforming the reference
benchmark index by 0.9%.  During the month both stock selection and sector
allocation were positive. In terms of sector allocation the Company benefited
from its limited exposure to the poorly performing technology hardware sector
and a high weighting in the energy sector, which continued to outperform. The
contribution from Emerging Europe was positive during August with strong
performance from Russia and Israel.

During the period the best performing stocks were Norwegian oil producer Statoil
(+9%), German steel maker Salzgitter (+14%), Russian telecom Sistema (+12%) and
Israeli Bank Hapoalim (+9%).  Stock positions that detracted from performance
were Irish construction company Grafton Group (-10%), and within the banking
sector Capitalia (-6%) and Emporiki (-6%).

During the month the Company established new positions in construction group
Vinci and diversified telecom company Bouygues.  These purchases were mainly
funded through the sale of pharmaceutical company Sanofi-Aventis, cement
producer Lafarge, and Danske Bank.

The Company continues to have a bias towards the financials, mainly through
banks.  Other key sector weights include utilities, energy and telecoms.
Exposure to Emerging Europe increased slightly during the month to finish at
10.2%. The Company ended the month with a net market exposure of 104.7%.

Recent surveys suggest that business confidence is starting to rise in
Continental Europe signalling that economic growth may pick up after the
slowdown in the first half of the year.  However, concerns still remain that the
continued high oil price and a slowdown in global economic growth levels will
impact profit margins.  Despite the challenging macro economic backdrop the
corporate sector is in good shape after years of restructuring (ongoing) and
companies are becoming increasingly focused on cost cutting and corporate
efficiency. In a low bond yield environment financing conditions are favourable
enabling many companies to releverage their balance sheets by paying out
increased dividends and/or buying back their own shares.  The second quarter
results season has got off to a strong start with many companies announcing
results ahead of expectations.   In the absence of an external shock European
equities should remain on an upward trajectory.

Latest information is available by typing www.mlim.co.uk/its on the internet,
'MLIMINDEX' on Reuters, 'MLIM' on Bloomberg or '8800' on Topic 3 (ICV terminal).


21 September 2005


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