Performance at Month End

Merrill Lynch Greater Europe IT PLC
19 October 2005


MERRILL LYNCH GREATER EUROPE INVESTMENT TRUST plc

All information is at 30 September 2005 and unaudited.

Performance at month end with net income reinvested

                                                  One                  Three                 Since launch
                                                  Month                Months                (20Sep04)
Net asset value                                   4.6%                 12.8%                 35.7%
Share price                                       7.1%                 16.1%                 31.8%
FTSE World Europe ex UK                           4.4%                  9.8%                 29.5%

Sources: Merrill Lynch Investment Managers and Datastream.


At month end
Net asset value:                       135.77p            Includes net revenue of 2.10p
Share price:                           131.75p
Discount to NAV:                          3.0%
Gearing:                                 10.4%
Net yield:                                 N/A
Total assets:                          £207.1m
Ordinary shares in issue:              140,414,347


Benchmark
Sector Analysis                        Total Assets (%)      Index (%) Country Analysis                 Total Assets (%)
Financials                                        31.5            31.0 France                                      23.8
Basic Industries                                  12.3             7.2 Germany                                     16.0
Resources                                         11.9             7.8 Switzerland                                 14.1
Non Cyclical Consumer Goods                       10.1            15.6 Scandinavia                                  8.5
Utilities                                          7.5             6.8 Russia                                       6.1
Cyclical Services                                  6.9             6.6 Italy                                        5.8
Non Cyclical Services                              6.3             1.2 Spain                                        4.7
Telecoms                                           4.4             7.7 Sweden                                       4.4
Cyclical Consumer Goods                            4.3             5.3 Ireland                                      4.3
Technology                                         4.1             5.0 Israel                                       3.9
Capital Goods                                      0.9             5.8 Netherlands                                  3.2
Other Investments                                  2.7               - Poland                                       3.0
Net Current Liabilities                           (2.9)              - Greece                                       2.2
                                                                       Belgium                                      1.8
                                                                       Turkey                                       0.9
                                                                       Other Countries                              0.2
                                                                       Net Current Liabilities                     (2.9)
                                                 -----           -----                                             -----
                                                 100.0           100.0                                             100.0
                                                 -----           -----                                             -----


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




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

Following a bout of profit taking in August European equity markets continued to
advance strongly in September. The FTSE World Europe ex UK and MSCI Emerging
Europe returned 4.4% and 11.9% in sterling terms respectively.  Investors were
relieved by the fact that the price of oil was starting to subside in the wake
of the devastation caused by the hurricanes in the US.  Another 0.25% increase
in the US Fed Fund Rate did not have a negative impact on market sentiment.
After an initial sell-off the unclear outcome of the German parliamentary
elections was also shrugged off as a non-event.  European corporate earnings
reported in recent months were generally in line with forecasts, with some
disappointments mainly in consumer related sectors.

The Company's NAV returned 4.6% during September outperforming the reference
index by 0.2%.  Once again the contribution from the Emerging Europe region was
positive with strong performance from Russia and Poland. The use of flexible
gearing was also helpful and the Company benefited from being positively geared
in a rising market.

During the period the best performing stocks were Polish refiner PKN which rose
22% and Spanish oil company Repsol up 12%. Both companies have benefited from
higher refining margins driven by global refining capacity shortages. Other
stocks which had a positive contribution to performance were German steel maker
Salzgitter (36%) up on bid speculation, and Polish and Russian telecoms
Teleckomunikacja (+16%) and Sistema (+23%).

Stock positions that detracted from performance were Dutch food retailer Ahold
which fell 13% after the company released disappointing second quarter results,
and Deutsche Post down 5% after announcing a bid for UK Logistics group Exel.
Other underperforming stocks included SES Global (-6%), Emporiki Bank (-3%) and
Capitalia (0%).

During the month the Company increased its weighting in the energy sector and
added new positions with exposure to refining and oil services.   Within the
insurance sector the Company sold existing positions in Fondiaria, after strong
performance, and Aegon in favour of Allianz.  Other transactions included the
purchase of pharmaceutical company Akzo Nobel, handset equipment maker Ericsson
and in Russian company Ness Technologies. These were funded by selling Media
conglomerate Vivendi Universal and United Mizrahi Bank, both of which after
strong performance reached our target prices.

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 during the month to finish at 14.1% and
the Company ended the month with a net market exposure of 110.4%.

Recent surveys suggest that business confidence is starting to rise in
Continental Europe signalling 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 level will impact profit
margins. In Europe the corporate sector is in good shape after years of
restructuring (ongoing); companies have been focused on cost cutting and
corporate efficiency but are increasingly looking for suitable acquisition
candidates now that balance sheet strength has been regained. This has been
reflected in second quarter results which have shown strong earnings growth.


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).


19 October 2005



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