Performance at Month End

Merrill Lynch Greater Europe IT PLC
11 March 2005




MERRILL LYNCH GREATER EUROPE INVESTMENT TRUST plc

All information is at 28 February 2005 and unaudited.

Performance at month end with net income reinvested

                                                  One                  Three                 Since launch
                                                  Month                Months                (20Sep04)
Net asset value                                   3.6%                  9.2%                 15.4%
Share price                                       3.8%                 12.0%                 16.8%
FTSE World Europe ex UK                           2.8%                  6.5%                 13.0%

Sources: Merrill Lynch Investment Managers and Datastream.


At month end
Net asset value:                       115.40p
Share price:                           109.75p
Discount to NAV:                          4.9%
Net yield:                                 N/A
Gearing:                                  2.2%
Total assets:                          £194.4m
Ordinary shares in issue:              164,841,285


Benchmark
Sector Analysis                        Total Assets (%)      Index (%) Country Analysis                 Total Assets (%)
Financials                                        36.4            30.6 France                                      22.2
Cyclical Services                                 10.4             6.2 Germany                                     13.6
Resources                                          9.6             9.5 Italy                                       11.7
Basic Industries                                   6.1             7.4 Switzerland                                 11.3
Technology                                         6.1             4.9 Netherlands                                  7.7
Telecoms                                           6.0             8.5 Sweden                                       5.4
Non Cyclical Services                              6.0             1.4 Belgium                                      4.4
Non Cyclical Consumer Goods                        5.8            14.9 Turkey                                       3.5
Utilities                                          5.5             6.2 Russia                                       3.1
Capital Goods                                      3.7             5.8 Ireland                                      3.0
Cyclical Consumer Goods                            3.3             4.6 Scandinavia                                  5.0
Other Investments                                  2.1               - Spain                                        2.6
Net Current Liabilities                           (1.0)              - Greece                                       2.5
                                                                       Israel                                       2.2
                                                                       Portugal                                     2.0
                                                                       Other Countries                              0.8
                                                                       Net Current Liabilities                     (1.0)
                                                 -----           -----                                            -----
                                                 100.0           100.0                                            100.0
                                                 -----           -----                                            -----


Ten Largest Equity Investments
Company                                     % of Total Assets             Country of Risk
UBS                                                                   4.0   Switzerland
Total                                                                 3.8   France
E.On                                                                  3.0   Germany
Capitalia                                                             2.8   Italy
AXA                                                                   2.6   France
Belgacom                                                              2.4   Belgium
Societe Generale                                                      2.4   France
Carrefour                                                             2.3   France
Credit Agricole                                                       2.2   France
Roche Holdings                                                        2.2   Switzerland
                                                                     ----
Total                                                                27.7
                                                                     ----



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

During February equity markets continued on their upward trend with the FTSE
World ex UK returning 2.8% and the MSCI Emerging European markets up by 5.7% in
Sterling terms.

Once again oil and commodity prices continued to rise, and markets were
dominated by M&A activity and speculation.  Q4 earnings were generally ahead of
expectations, however, there were some disappointments, especially from the
technology sector.

The Trust's NAV returned 3.6% during the month outperforming the benchmark
index. Cyclical and growth sectors did well in February with semiconductors,
materials, software and services, commercial services and supplies, automobiles
and hotels, restaurants and leisure clearly outperforming the broader market.
Unsurprisingly in the wake of a higher oil price energy stocks were also in
demand, as were high beta financial stocks such as Insurance and diversified
Financials.  The defensive segments of the market were mostly out of favour,
with Telecoms stocks falling 1% and the Utilities sector flat on the month.

During the period both stock and sector selection had a positive effect on
performance.  The Trust also benefited from its exposure to Emerging Europe.
From a portfolio perspective the best contributing sectors were banks, capital
goods and pharmaceuticals and the worst were materials, transport and media.

At the stock level a number of investments in the banking and energy sectors had
a positive impact on performance.  These included Capitalia, Alpha Bank, Statoil
and PKN.  Other strong performers were Turkish construction company Enka Insaat
and Hungarian Pharmaceutical Egis Gyogyszergyar.  The main detractors were media
stocks, Vivendi Universal and M6, French bank Credit Agricole and German sports
retailer Puma.

During February the Trust reduced its exposure to the consumer durables sector
by selling luxury goods retailer LVMH and sports retailer Adidas Salomon.
Within financials the Trust established new positions in German bank
HypoVereinsbank and sold Polish bank Kredyt Bank.  Other transactions included
the purchase of German utility RWE and Israeli agricultural chemical producer
Makhteshim Agan.

The main bias of the portfolio remains towards financials, mainly through banks
and more defensively orientated sectors such as energy, telecoms and utilities,
while the main country exposures are in France, Italy and Germany. Our exposure
to Emerging Europe remained constant during the month at 10.3%, with Turkey and
Israel being our preferred markets.  The Trust ended the month with a net market
exposure of 102%, compared to 99% at the end of January.

Recent surveys suggest that business confidence has picked up in Europe in spite
of a seemingly unfavourable macroeconomic backdrop of a strong Euro and high
energy prices. Earnings growth remains robust at close to double-digit levels
despite weak nominal revenue trends due to corporate restructuring, both
financial and operational. This has resulted in European companies now
delivering much higher profit margins than have been seen in the past two
economic cycles.  European equity valuations look attractive on both an absolute
and relative basis and we continue to focus on companies with internally
generated earnings momentum 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, going forward, the key issue will be the trend in long bonds.
We expect European short rates to stay low during 2005 as economic activity
remains sluggish, 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 the European interest rate.

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).

11 March 2005




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