Performance at Month End

Merrill Lynch Greater Europe IT PLC
19 April 2005



MERRILL LYNCH GREATER EUROPE INVESTMENT TRUST plc

All information is at 31 March 2005 and unaudited.

Performance at month end with net income reinvested

                                                  One                  Three                 Since launch
                                                  Month                Months                (20Sep04)
Net asset value                                   -1.3%                2.3%                  13.9%
Share price                                       -0.7%                6.9%                   9.0%
FTSE World Europe ex UK                           -0.5%                1.5%                  12.5%

Sources: Merrill Lynch Investment Managers and Datastream.


Net asset value and share price performance are both calculated using the issue
price of 100.00p.  Share price performance was previously released with
reference to the first days closing share price of 94.00p.

At month end
Net asset value:                       113.90p            Includes net revenue of 0.15p
Share price:                           109.00p
Discount to NAV:                          4.3%
Gearing:                                  3.5%
Net yield:                                 N/A
Total assets:                          £194.1m
Ordinary shares in issue:              164,841,285

Benchmark

Sector Analysis                        Total Assets (%)      Index (%) Country Analysis                 Total Assets (%)

Financials                                        34.6            30.8 France                                      26.1
Cyclical Services                                  9.9             6.1 Germany                                     14.1
Resources                                          9.6             9.5 Switzerland                                 11.8
Non Cyclical Consumer Goods                        8.1            15.0 Italy                                       10.3
Basic Industries                                   6.0             7.2 Scandinavia                                  8.1
Utilities                                          5.8             6.3 Sweden                                       5.2
Non Cyclical Services                              5.7             1.4 Russia                                       3.1
Technology                                         5.5             4.8 Belgium                                      3.0
Telecoms                                           4.7             8.4 Ireland                                      2.9
Capital Goods                                      4.6             5.8 Spain                                        2.8
Cyclical Consumer Goods                            3.4             4.7 Turkey                                       2.7
Other Investments                                  2.1               - Netherlands                                  2.6
                                                                       Greece                                       2.1
                                                                       Israel                                       2.1
                                                                       Portugal                                     1.9
                                                                       Other Countries                              1.2
                                                 -----           -----                                            -----
                                                 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
Sanofi-Aventis                                                        3.1   France
Capitalia                                                             2.9   Italy
AXA                                                                   2.6   France
Societe Generale                                                      2.4   France
Carrefour                                                             2.4   France
Roche Holdings                                                        2.2   Switzerland
Belgacom                                                              2.2   Belgium
Deutsche Boerse                                                       2.0   Germany
                                                                     ----
Total                                                                27.6
                                                                     ----


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

The start of 2005 saw a continuation of the strong economic growth momentum that
marked late 2004.  However, this momentum came under pressure during March due
to higher energy prices, a pick up in inflation expectations and a rise in bond
yields, driven by fears that higher inflation would bring more aggressive
interest rate rises.  During March the FTSE World Europe ex UK (net) declined by
0.5% in sterling terms and the MSCI Emerging Europe markets fell 8.3%.

The Company's NAV returned -1.3% during the month underperforming the reference
benchmark index.

Cyclical sectors performed well in March with Commercial Services & Supplies
(+3%), Hotels, Restaurants & Leisure (+3%) and Consumer Durable and Apparel
(+2%) outperforming the market.  In addition some of the defensive sectors also
did well, these included Household & Personal Products advancing by 4% and Food
Beverages & Tobacco up 2%.  Semiconductors (-5%) and Technology Hardware &
Equipment (-3%) were poor performers.  Materials stocks (-3%) suffered profit
taking following a strong recent run.

During the period both stock and sector selection had a negative effect on
performance.  From a portfolio perspective the Company benefited from its sector
exposure to Pharmaceuticals, Insurance and Energy. The worst contributing
sectors were Utilities, Retailing and Telecoms. The Company's exposure to
Emerging Europe, particularly Turkey, had a negative impact on performance, due
to investors taking profits given the strong performance of many shares in the
region so far this year.

During the period the best performing stocks were Italian financials Capitalia
(+4%) and Fondiaria (+4%), German sportswear manufacture PUMA (+9%) and French
retailer Carrefour (+3%). The main detractors were from a number of Greek and
Turkish holdings which included banks, Alpha Bank (-10%) and Emporiki Bank of
Greece (-17%), Akbank (-18%) and construction group Enka Insaat (-9%).

During March the Company purchased Sanofi-Aventis, Fortum and DNB Nor and made
significant additions to Deutsche Boerse and Publicis.  These were funded by the
sale of ING Group, KBC, ASML and Unilever.

The main bias of the portfolio remains towards financials, mainly through banks
and insurance and more defensively orientated sectors such as energy, telecoms
and pharmaceuticals. The main country exposures are in France, Germany and
Switzerland. Our exposure to Emerging Europe decreased, finishing the month at
9.4%.  The Company ended the month with a net market exposure of 103.5%.

The macroeconomic newsflow was mixed in March.  Recent surveys suggest that
business confidence has deteriorated in Europe against a backdrop of a strong
Euro and high energy prices.  However, earnings growth remains robust at close
to double-digit levels despite weak nominal revenue trends due to corporate
restructuring, both financial and operational. European equity valuations look
attractive on both an absolute and relative basis. Our outlook remains positive
on the Emerging Europe region, medium term, despite the pull back in March.
European stocks have so far been unaffected by the increases in U.S. interest
rates, however, there could be more inflation scares during the second quarter
and 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.

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 April 2005




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