Performance at Month End

Merrill Lynch Greater Europe IT PLC
15 November 2005




MERRILL LYNCH GREATER EUROPE INVESTMENT TRUST plc

All information is at 31 October 2005 and unaudited.

Performance at month end with net income reinvested
                                             One                Three              One                Since launch
                                             Month              Months             Year               (20Sep04)
Net asset value                              -4.0%               0.3%              27.5%              30.4%
Share price                                  -4.3%               2.1%              35.6%              26.1%
FTSE World Europe ex UK                      -3.2%              -0.4%              22.1%              25.4%

Sources: Merrill Lynch Investment Managers and Datastream.


At month end
Net asset value:                        128.79p            Includes net revenue return of -0.06p
Share price:                            124.50p
Discount to NAV:                           3.3%
Gearing:                                  12.7%
Net yield:                                 1.3%
Total assets:                           £203.9m
Ordinary shares in issue:               140,414,347


Benchmark
Sector Analysis                        Total Assets (%)      Index (%) Country Analysis                 Total Assets (%)
Financials                                        30.4            31.7 France                                      21.7
Basic Industries                                  11.2             7.2 Germany                                     16.2
Resources                                         10.3             7.3 Switzerland                                 11.3
Non Cyclical Consumer Goods                        9.9            16.2 Scandinavia                                  7.9
Utilities                                          7.1             6.6 Russia                                       6.6
Cyclical Services                                  6.7             6.5 Italy                                        5.7
Non Cyclical Services                              5.1             1.1 Sweden                                       4.8
Telecoms                                           5.0             7.6 Ireland                                      4.2
Cyclical Consumer Goods                            3.7             5.1 Spain                                        4.1
Technology                                         3.6             4.9 Israel                                       3.8
Capital Goods                                      2.0             5.8 Poland                                       2.7
Other Investments                                  3.2               - Belgium                                      2.7
Net Current Assets                                 1.8               - Greece                                       2.4
                                                                       Netherlands                                  2.2
                                                                       Turkey                                       0.9
                                                                       Hungary                                      0.7
                                                                       Other Countries                              0.3
                                                                       Net Current Assets                           1.8
                                                 -----           -----                                             -----
                                                 100.0           100.0                                             100.0
                                                 -----           -----                                             -----


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




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



European equity markets suffered profit taking in October. The FTSE World Europe
ex UK and MSCI Emerging Europe returned -3.2% and -8.4% in sterling terms
respectively.  Investors were rattled by concerns that higher energy prices
might lead to broader inflation pressures; the prospect of another 0.25%
increase in the US Fed Fund Rate (to 4%) also had a negative impact on market
sentiment, and bond markets sold off sharply.  In contrast to events in the US,
the European Central Bank kept official interest rates unchanged during the
month; however, many observers expect interest rate rises in the coming months
to counter the threat of higher inflation. 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 -4.0% during October underperforming the reference
benchmark index by 0.8%.  The contribution from the Emerging Europe region was
negative as October saw a general sell off in the region.  The use of flexible
gearing was also negative as the Company suffered from being positively geared
in a falling market.



The best performing stocks during the month were Norwegian telecoms group
Telenor which rose 9% after the company announced that it had agreed to buy
Vodafone Sweden.  The Company also benefited from strong stock selection in the
Insurance sector, with Allianz and AXA outperforming.  Other stocks to have a
positive contribution to performance were pharmaceuticals group Novartis,
diversified telecom group Bouygues, and low cost airline Ryan Air.



The stocks which detracted from performance were mainly found in the energy
sector after October saw a general sell off in energy and energy related stocks.
The worst performing stocks in the portfolio were those which were highly
leveraged to the oil price through refining and upstream exposure; these
included Statoil and Repsol.  In addition, power utility Fortum suffered from
profit taking and fell 12% as it also benefits from a high oil price.   Other
poor performers included Ericsson and Telenet.



During the month the Company purchased shares in Belgium based cable operator
Telenet, Russian Nickel producer Norilsk Nickel and Swedish lock manufacturer
Assa Abloy.  These were funded by selling holdings in office stationery supplier
Buhrmann and chemicals company Clariant, and reducing the holding in Novartis.



The Company continues to have a bias towards the financials, mainly through
banks.  Other key sector weights included utilities, energy and telecoms.
Exposure to Emerging Europe increased slightly during the month to finish at
16.0%.

During October business confidence rose strongly in Continental Europe
signalling that economic growth has picked 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.
The corporate sector is now 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. The third quarter results season has
seen strong earnings performance especially in the financial sector.




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 November 2005




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

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