Performance at Month End

Merrill Lynch Greater Europe IT PLC
17 May 2005


MERRILL LYNCH GREATER EUROPE INVESTMENT TRUST plc

All information is at 30 April 2005 and unaudited.

Performance at month end with net income reinvested
                                                  One                  Three                 Since launch
                                                  Month                Months                (20Sep04)
Net asset value                                   -3.9%                -1.8%                 9.4%
Share price                                       -3.2%                -0.2%                 5.5%
FTSE World Europe ex UK                           -4.1%                -1.9%                 7.9%

Sources: Merrill Lynch Investment Managers and Datastream.


At month end
Net asset value:                       109.45p           Includes net revenue of 1.01p
Share price:                           105.50p
Discount to NAV:                          3.6%
Gearing:                                  3.6%
Net yield:                                 N/A
Total assets:                          £185.1m
Ordinary shares in issue:              164,841,285


Benchmark
Sector Analysis                        Total Assets (%)      Index (%) Country Analysis                 Total Assets (%)
Financials                                        33.8            30.5 France                                      26.0
Cyclical Services                                 10.4             6.2 Germany                                     16.7
Non Cyclical Consumer Goods                       11.4            15.7 Switzerland                                 14.4
Resources                                          9.5             9.6 Scandinavia                                  7.6
Basic Industries                                   7.3             7.1 Italy                                        7.4
Non Cyclical Services                              5.9             1.3 Sweden                                       4.9
Utilities                                          4.9             6.5 Spain                                        3.7
Telecoms                                           4.6             8.2 Russia                                       3.5
Capital Goods                                      4.2             5.5 Ireland                                      3.2
Cyclical Consumer Goods                            3.2             4.5 Belgium                                      2.8
Technology                                         2.8             4.9 Netherlands                                  2.4
Other Investments                                  2.4               - Israel                                       2.3
Net Current Liabilities                           (0.4)              - Turkey                                       1.9
                                                                       Greece                                       1.6
                                                                       Portugal                                     0.9
                                                                       Poland                                       0.9
                                                                       Other Countries                              0.2
                                                                       Net Current Liabilities                     (0.4)
                                                 -----           -----                                            -----
                                                 100.0           100.0                                            100.0
                                                 -----           -----                                            -----


Ten Largest Equity Investments
Company                                     % of Total Assets             Country of Risk
Total                                                                 4.6   France
Sanofi-Aventis                                                        3.4   France
UBS                                                                   3.4   Switzerland
Roche Holdings                                                        2.7   Switzerland
Capitalia                                                             2.5   Italy
Ericsson                                                              2.5   Sweden
AXA                                                                   2.5   France
Credit Suisse                                                         2.4   Switzerland
Societe Generale                                                      2.4   France
Carrefour                                                             2.2   France
                                                                     ----
Total                                                                28.6
                                                                     ----
Commenting on the markets, James Macmillan, representing the Investment Manager
noted:

Equity markets declined for a second consecutive month in April 2005 with the
FTSE World Europe ex UK and MSCI Emerging Europe down 4.1% and 3.4% in sterling
terms respectively. Whilst investors were encouraged by the retreating oil
price, there was considerable concern about evidence of sharply decelerating
global economic growth.  Another widely anticipated 0.25% increase in US short
term interest rates (pencilled in for early May) did little to alter the market
expectation of further monetary tightening in the US.

The Company's NAV returned -3.9% during the month, outperforming the reference
benchmark index. During the month stock selection was slightly positive with
sector selection having a negative effect on performance.  The Company benefited
from exposure to Emerging Europe, with a number of holdings in Israel, Russia
and Turkey outperforming.

In light of a rising uncertainty the more defensive segments of the market did
best in April with Pharmaceuticals (+4%), Real Estate (+2%), Tobacco (+1%),
Other Utilities (+1%), Health (-2%) and Electricity (-2%) all posting above
average returns.  Against the trend IT Hardware stocks also 'outperformed' (-1%)
following a run of poor performance in previous months.  Most cyclical sectors
did poorly with Steel (-12%), Leisure & Hotels (-9%), Electronic & Electrical
Equipment (-9%), Forestry & Paper (-8%), Household Goods & Textiles (-7%) and
Engineering & Machinery (-7%) clearly underperforming.  The Life Assurance (-7%)
and Insurance (-7%) sectors also suffered because of their perceived exposure to
equity markets.

During the period the best performing stocks were Capitalia which rose after
good results and bid speculation within the Italian banking sector, Roche up
after positive news flow on its key cancer drug, and Fortum which rose ahead of
the IPO of its oil refining business Neste Oil. Other strong performers were
Emporiki Bank of Greece, Sanofi-Aventis and Statoil.  Stocks that detracted from
performance were engineering consultant Altran Technologies down after the
company missed second half margin targets, Prokom Software due to corporate
governance issues, and steel producer Arcelor due to concerns that the steel
cycle may have peaked. Other poor performers were car manufacturer Porsche,
Ahold and and Kuoni.

During March the Company purchased holdings in Swiss Investment bank Credit
Suisse, Healthcare company Fresenius and spirits producer Pernod Ricard.  This
was partly funded by reducing exposure to the IT sector by selling Nokia and
Altran Technologies.

The main bias of the Company is towards financials and defensives at the expense
of cyclicals and growth.   This is reflected at the sector level through banks,
diversified financials, energy, telecoms and pharmaceuticals. The main country
exposures are in France, Germany and Switzerland.  Our exposure to Emerging
Europe was 10.1% and the Trust ended the month with a net market exposure of
103.6%.

The macroeconomic newsflow was generally soft in April.  Recent surveys suggest
that business confidence has faltered in Continental Europe as a result of high
energy prices and a weak US Dollar.  Despite some bright spots in the periphery
countries such as Spain and Ireland, domestic demand across much of Continental
Europe continues to be weak as households suffer from persistently high
unemployment and weak purchasing power.  GDP growth in the Eurozone was reported
to have run at 0.5% quarter on quarter in Q1 with little improvement in
prospect.  The consensus view is that economic growth will remain below its
potential rate for the foreseeable future.  As a result few observers expect the
European Central Bank to raise interest rates any time soon.

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).

17 May 2005

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