Performance at Month End

Merrill Lynch Greater Europe IT PLC
15 July 2005


MERRILL LYNCH GREATER EUROPE INVESTMENT TRUST plc

All information is at 30 June 2005 and unaudited.

Performance at month end with net income reinvested
                                                  One                  Three                 Since launch
                                                  Month                Months                (20Sep04)
Net asset value                                   4.1%                 5.6%                  20.3%
Share price                                       3.4%                 4.1%                  13.5%
FTSE World Europe ex UK                           3.1%                 4.8%                  17.9%

Sources: Merrill Lynch Investment Managers and Datastream.


At month end
Net asset value:                       120.33p            Includes net revenue of 1.98p
Share price:                           113.50p
Discount to NAV:                          5.7%
Gearing:                                  0.0%
Net yield:                                 N/A
Total assets:                          £166.6m
Ordinary shares in issue:              140,414,347

During the month the company completed a tender offer of 24,426,938 shares.

Benchmark
Sector Analysis                         Total Assets (%)      Index (%) Country Analysis                Total Assets (%)
Financials                                         34.8            30.1 France                                     25.9
Non Cyclical Consumer Goods                        10.9            15.3 Germany                                    14.7
Resources                                          10.4            10.2 Switzerland                                12.2
Basic Industries                                   10.3             7.1 Scandinavia                                10.3
Cyclical Services                                   9.2             6.3 Italy                                       7.6
Utilities                                           6.1             6.5 Spain                                       5.7
Non Cyclical Services                               6.0             1.3 Russia                                      4.4
Telecoms                                            5.9             7.9 Netherlands                                 4.3
Cyclical Consumer Goods                             4.5             4.7 Ireland                                     4.0
Technology                                          1.6             5.0 Belgium                                     3.8
Capital Goods                                       1.1             5.6 Poland                                      2.8
Other Investments                                   2.8               - Sweden                                      2.6
Net Current Liabilities                            (3.6)              - Turkey                                      2.3
                                                                        Israel                                      1.7
                                                                        Greece                                      0.8
                                                                        Other Countries                             0.5
                                                                        Net Current Liabilities                    (3.6)
                                                  -----           -----                                           -----
                                                  100.0           100.0                                           100.0
                                                  -----           -----                                           -----


Ten Largest Equity Investments
Company                                               Country of Risk
AXA                                                     France
BBVA                                                    Spain
Capitalia                                               Italy
New Century Holdings Eagle                              Russia
Novartis                                                Switzerland
Repsol                                                  Spain
Societe Generale                                        France
Statoil                                                 Norway
Total                                                   France
UBS                                                     Switzerland


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

European equity markets continued to advance in June with the FTSE World Europe
ex UK and MSCI Emerging Europe up 3.4% and 7.9% in sterling terms respectively.
Investors shrugged off evidence of sharply decelerating global economic growth
and another rise in the oil price (to $60); instead market participants focused
on the benefits of a weaker Euro and speculated about a possible cut in official
interest rates in the Eurozone.  The European Union's decision to suspend the
implementation of the new constitution in the wake of its rejection by French
and Dutch voters was regarded as a non-event by most market participants.  The
latest 0.25% increase in US short term interest rates in late June had been
widely anticipated by market participants.

The Company's NAV returned 4.1% during the month outperforming the reference
benchmark index. During the month, stock selection was positive with sector
allocation being slightly negative. The contribution from Emerging Europe was
negligible, with strong performance from Turkey and Poland offset by poor
performance in Israel.

During the period the best performing stocks were in Norway, with oil company
Statoil benefiting from rising oil prices and its upstream exposure, and
insurance group Sampo rising after the company announced a share buy back
program. In addition the company has also been the subject of takeover rumours
after Old Mutual proposed to acquire Skandia.  Other strong performers included
exchange Deutsche Boerse which is currently experiencing strong trading volumes,
Capitalia after strong results and bid speculations within the Italian banking
sector, and in Poland Telekomunikacja Polska which traded up in anticipation of
dividend increase.

Stock positions that detracted from performance were chemical company Clariant
which continued to fall after last months profit warning and Israeli banks,
United Mizrahi and Bank Hapoalim, due to concerns over political tensions in the
Gaza.

During the month the Company established a new position in Novartis which was
funded by selling Roche.  Novartis having lagged the pharmaceutical sector is
now trading at an attractive valuation with above average growth prospects with
a strong pipeline. Other purchases included the France Telecom, Dutch retailer
Ahold and chemical companies DSM and Umicore.  These purchases were funded
mainly by reducing exposure to a number of cyclical stocks which after recent
strong performance have reached their target prices, and a significant reduction
to Ericsson after strong performance.

The Company continues to have a bias towards the financial and defensive areas
of the market.  At the sector level this is reflected through banks, diversified
financials, telecoms, energy and utilities.  During the month the Company's
exposure to Emerging Europe increased to 11.7%. The Company ended the month with
a net market exposure of 102%.

European Equity markets are performing better than one could expect against a
backdrop of very weak economic growth in Europe.  Generally speaking the
corporate sector is in good shape now following years of drastic cost cutting,
restructuring and financial re-engineering.  Selectively we see good investment
opportunities in many areas of the market, with a slight preference for large
cap over small cap. The suspension of the proposed new EU constitution in the
wake of its rejection in France and the Netherlands has not had a negative
impact on equity markets - in fact the recent weakening of the Euro is
beneficial for Europe's exporters and the Turkish market continued to perform
well in June.  Falling bond yields mean that financing conditions are
favourable, enabling many European stock exchange listed companies to
re-leverage their balance sheets by paying out increased dividends and/or buying
back their own shares.  In the absence of an external shock, European equities
should remain on an upward trajectory.

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 July 2005


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