Portfolio Update

Merrill Lynch Greater Europe IT PLC
14 March 2006

MERRILL LYNCH GREATER EUROPE INVESTMENT TRUST plc

All information is at 28 February 2006 and unaudited.

Performance at month end with net income reinvested

                                             One                Three              One                Since launch
                                             Month              Months             Year               (20Sep04)
Net asset value                              3.4%               15.0%              37.2%              58.5%
Share price                                  3.3%               17.0%              42.6%              56.5%
FTSE World Europe ex UK                      2.2%               10.3%              28.2%              44.9%

Sources: Merrill Lynch Investment Managers and Datastream.


At month end
Net asset value:                        156.65p            Includes net revenue return of 0.15p
Share price:                            154.50p
Discount to NAV:                           1.4%
Gearing:                                  11.0%
Net yield:                                 1.0%
Total assets:                           £230.7m
Ordinary shares in issue:               132,955,096


Benchmark
Sector Analysis                        Total Assets (%)      Index (%) Country Analysis                 Total Assets (%)
Financials                                        34.7            33.8 Germany                                     20.8
Industrials                                       12.7            10.5 France                                      16.8
Oil & Gas                                         11.4             6.2 Switzerland                                 12.3
Utilities                                          8.0             6.9 Italy                                        9.8
Telecoms                                           6.9             6.1 Spain                                        5.4
Healthcare                                         6.2             9.3 Russia                                       4.9
Consumer Services                                  6.1             5.2 Sweden                                       4.6
Basic Materials                                    4.8             4.9 Ireland                                      3.9
Consumer Goods                                     4.5            12.3 Netherlands                                  3.9
Technology                                         3.3             4.8 Belgium                                      3.8
Other Investments                                  2.2               - Israel                                       3.3
Net current liabilities                           (0.8)              - Norway                                       2.5
                                                                       Finland                                      2.3
                                                                       UK                                           1.8
                                                                       Greece                                       1.6
                                                                       Poland                                       1.6
                                                                       Other Countries                              1.5
                                                                       Net current liabilities                     (0.8)
                                                 -----           -----                                             -----
                                                 100.0           100.0                                             100.0
                                                 -----           -----                                             -----


Ten Largest Equity Investments

Company                                                Country of Risk
BBVA                                                     Spain
Credit Suisse                                            Switzerland
Fortum                                                   Finland
Ing Groep                                                Netherlands
Novartis                                                 Switzerland
RWE                                                      Germany
Siemens                                                  Germany
Total                                                    France
UBS                                                      Switzerland
Unicredito Italiano                                      Italy





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

European equity markets continued their upward trend in February, reaching fresh
4 1/2 year highs.  The FTSE World Europe ex UK and MSCI Emerging Europe returned
2.2% and 6.5% in sterling terms respectively.  Investors focused on generally
upbeat data on economic growth in Europe and a slight drop in energy prices, and
largely ignored external factors such as the prospect of further interest rate
increases in the US.  Indications that the European Central Bank was likely to
increase its official interest rates by 0.25% in March were generally shrugged
off as a non-event.

The Company's NAV returned 3.4% during February, outperforming the reference
index by 1.2%.  The contribution from the Emerging Europe region was marginally
positive with strong stock selection in Turkey and Russia offset by
disappointing performance in Israel and Poland.  The use of flexible gearing was
also advantageous and the Company benefited from being positively geared in a
rising market.

During February the Company benefited from strong stock selection across a range
of sectors.  The best performing stock was Finnish utility Fortum which rose 10%
after the company had strong results and announced a special dividend (from the
Neste oil spin off) and a buyback programme.  The Company also benefited from
its holdings in speciality chemical companies Umicore and Syngenta, retail bank
Capitalia, construction company Enka Insaat, and car manufacturer Porsche.

The main detractor to performance came from the Company's exposure to the energy
sector which underperformed after February saw a pull back in commodity prices. 
The Company's holdings in refiners PKN and Motor Oil, along with oil producer
Statoil, had the most negative contribution to performance.  Other stocks to
have a negative impact included investment bank Credit Suisse down on poor
results, logistics group Deutsche Post and Ness Technologies.

During the month the Company established new positions in offshore seismic
company PGS and steel manufacturer Thyssenkrupp, and strengthened existing
holdings in Spanish bank BBVA and Syngenta.  This was funded by selling holdings
in German exchange Deutsche Boerse and Norwegian Bank DNB both of which after
strong performance reached our target prices.

The Company continues to have a bias towards the financials, mainly through
banks but also diversified financials and insurance.  Other key sector weights
include utilities and energy.  Exposure to Emerging Europe decreased slightly
during the month to finish at 11.2%.  The Company ended the month with a net
market exposure of 111%.

Business confidence continues to rise in Continental Europe with economic
developments surprisingly on the upside. However, concerns still remain that the
continued high oil price and a slowdown in global economic growth levels will
impact profit margins.  The corporate sector is now in good shape after years of
restructuring and 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.  Despite recent strong
performance European equity valuations are still attractive, earnings growth is
strong and earnings revisions remain positive.  In the absence of an external
stock we expect the European market to continue to do well.



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).


14 March 2006




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