Performance at Month End

Merrill Lynch Greater Europe IT PLC
15 February 2005




MERRILL LYNCH GREATER EUROPE INVESTMENT TRUST plc

All information is at 31 January 2005 and unaudited.

Performance at month end with net income reinvested

                                                  One                  Three                 Since launch
                                                  Month                Months                (20Sep04)
Net asset value                                    0.0%                 9.0%                 11.4%
Share price                                        3.7%                13.7%                 12.5%
FTSE World Europe ex UK                           -0.8%                 7.0%                  9.9%

Sources: Merrill Lynch Investment Managers and Datastream.


At month end
Net asset value:                       111.42p            includes net revenue of 0.04p
Share price:                           105.75p
Discount to NAV:                          5.1%
Net yield:                                 N/A

Total assets:                          £184.8m
Ordinary shares in issue:              164,841,285


Benchmark
Sector Analysis                        Total Assets (%)      Index (%) Country Analysis                 Total Assets (%)
Financials                                        35.2            30.3 France                                      23.1
Cyclical Services                                 10.9             6.2 Germany                                     12.7
Resources                                          9.3             9.0 Italy                                       11.8
Telecoms                                           7.0             8.9 Switzerland                                 10.7
Non-Cyclical Consumer Goods                        6.4            15.1 Netherlands                                  8.2
Basic Industries                                   6.3             7.3 Sweden                                       4.6
Technology                                         6.1             4.9 Belgium                                      3.8
Cyclical Consumer Goods                            5.8             4.7 Ireland                                      3.5
Non Cyclical Services                              4.7             1.4 Turkey                                       2.9
Utilities                                          4.3             6.4 Spain                                        2.7
Capital Goods                                      2.5             5.8 Scandinavia                                  2.6
Other Investments                                  2.3               - Russia                                       2.6
Net Current Liabilities                           (0.8)              - Poland                                       2.3
                                                                       Greece                                       2.3
                                                                       Portugal                                     2.2
                                                                       Other Countries                              4.8
                                                                       Net Current Liabilities                     (0.8)
                                                 -----           -----                                            -----
                                                 100.0           100.0                                            100.0
                                                 -----           -----                                            -----


Ten Largest Equity Investments
Company                                     % of Total Assets             Country of Risk
Total                                                                 3.6   France
E.On                                                                  3.2   Germany
UBS                                                                   3.2   Switzerland
Capitalia                                                             2.6   Italy
Belgacom                                                              2.6   Belgium
AXA                                                                   2.5   France
Societe Generale                                                      2.5   France
Allied Irish Bank                                                     2.4   Ireland
Credit Agricole                                                       2.4   France
Roche Holdings                                                        2.4   Switzerland
                                                                     ----
Total                                                                27.4
                                                                     ----



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

During January the FTSE World ex UK fell 0.8% while the Emerging European
markets rose by 3.9% in Sterling terms.  After a strong Q4 equity markets
European Equity markets continued to rise, despite anticipated potential
problems in the run up to the first Iraqi elections and the Bush inauguration.
The oil price once again rose sharply, and markets were dominated by M&A
activity and speculation, together with mixed signals from the beginning of the
fourth quarter earnings season, especially from the technology sector.

The Trust's NAV was flat over the month out performing the benchmark index which
fell 0.8%.  Market outperformers at the sector were more cyclical in nature and
included capital goods, transport and commercial services and supplies, food and
staples retailing also did well. Underperformers were in the cyclical growth
areas of the market such as technology hardware, semiconductors and software
services. Pharmaceuticals also lagged due to poor newsflow on the sector.

During the month the Trust benefited from its exposure to Turkey with Denizbank
and newspaper publisher Hurriyet having a positive contribution to performance.
Other strong performers included highway operator Autostrade and construction
group Lafarge.  The main detractors included sportswear manufacturer Puma, car
manufacturer BMW and Polish software company Prokom.

During January the Trust switched its exposure within the telecoms sector
establishing new positions in Nokia and KPN, and making significant reductions
to Deutsche Telekom and Telecom Italia. Other key transactions included the
purchase of Polish refiner PKN, and exiting our position in Polish bank PKO.

The main bias of the portfolio remains towards financials, mainly through banks,
and more defensively orientated sectors such as energy and telecoms, while the
main country exposures are in France, Germany and Italy. Our exposure to
Emerging Europe remained constant during the month at 10.2%, with Turkey, Poland
and Israel being our preferred markets.

The macroeconomic newsflow was mixed in 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. There are now
clear signs that liquidity is coming back to markets. Retail investors are
returning to risk assets while Europe shows the greatest potential for a
recovery in M&A activity. European equity valuations look attractive on both an
absolute and relative basis and we continue to focus on companies that
demonstrate sustainable earnings growth and strong cashflow generation. Our view
is that economic growth will remain below its potential rate for the foreseeable
future.  As a result we do not expect the European Central Bank to raise
interest rates any time soon, while in the UK short term interest rates appear
to have peaked for the time being.

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).

15 February 2005


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

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