Portfolio Update

Merrill Lynch Greater Europe IT PLC
19 April 2006

MERRILL LYNCH GREATER EUROPE INVESTMENT TRUST plc

All information is at 31 March 2006 and unaudited.

Performance at month end with net income reinvested

                                             One                Three              One                Since launch
                                             Month              Months             Year               (20Sep04)

Net asset value                              5.2%               13.6%              46.5%              66.8%
Share price                                  2.3%               13.9%              46.8%              60.0%
FTSE World Europe ex UK                      5.6%               11.3%              36.0%              53.0%

Sources: Merrill Lynch Investment Managers and Datastream.


At month end
Net asset value:                        164.84p            Includes net revenue return of 0.32p
Share price:                            158.00p
Discount to NAV:                           4.1%
Gearing:                                   9.5%
Net yield:                                 1.0%
Total assets:                           £239.9m
Ordinary shares in issue:               133,205,096


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

Financials                                        34.6            26.4 Germany                                     18.3
Industrials                                       14.1            12.2 France                                      17.6
Oil & Gas                                         10.5             7.9 Switzerland                                 13.8
Telecoms                                           6.7             4.4 Italy                                       10.7
Healthcare                                         6.5             9.0 Spain                                        5.3
Utilities                                          6.4             3.8 Sweden                                       4.9
Consumer Goods                                     6.0            10.5 Belgium                                      4.8
Consumer Services                                  5.8             9.8 Russia                                       4.7
Basic Materials                                    4.6             5.3 Netherlands                                  4.4
Technology                                         4.5            10.7 Ireland                                      4.0
Other Investments                                  2.2               - Israel                                       3.1
Net current liabilities                           (1.9)              - Finland                                      2.3
                                                                       Norway                                       1.9
                                                                       UK                                           1.8
                                                                       Greece                                       1.5
                                                                       Poland                                       1.5
                                                                       Other Countries                              1.3
                                                                       Net current liabilities                     (1.9)
                                                 -----           -----                                             -----
                                                 100.0           100.0                                             100.0
                                                 -----           -----                                             -----


Ten Largest Equity Investments

Company                                                Country of Risk

BBVA                                                     Spain
Credit Suisse                                            Switzerland
Fortum                                                   Finland
Ing Groep                                                Netherlands
Nestle                                                   Switzerland
Novartis                                                 Switzerland
RWE                                                      Germany
Siemens                                                  Germany
Total                                                    France
UBS                                                      Switzerland





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

European equity markets continued their upward trend in March, reaching fresh 4 1/2 year highs.  The FTSE World Europe
ex UK and MSCI Emerging Europe returned 5.6% and -1.6% in sterling terms respectively.  Investors focused on generally
upbeat data on economic growth in Europe, and largely ignored external factors such as high energy prices and the
prospect of further monetary tightening in the US.  Another increase in the European Central Bank's official interest
rates by 0.25% in March was generally shrugged off as a non-event.  European corporate earnings reported in recent
months continued to be slightly ahead of forecasts, albeit with some disappointments mainly in consumer related
sectors.

The Company's NAV returned 5.2% during March underperforming the reference index by 0.4%.  The contribution from the
Emerging Europe region was negative, as the region suffered from profit taking after a strong performance in January
and February.   The use of flexible gearing was also beneficial and the Company gained 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 seismic services company PGS which profited from continued excitement about the long-term prospects for the oil
services industry.  We expect oil service companies to be the recipient of significantly higher levels of capital
expenditure in the oil industry, as efforts are made to find new oil and price that oil to market.  The Company also
benefited from its holdings in Finish utility company Fortum, and in Germany medical group Fresenius and steel producer
Thyssenkrupp.

The main detractors to performance came from the Company's position in German logistics group Deutsche Post which has
experienced operational issues in its US business DHL, Dutch retailer Ahold after the company announced disappointing
results and reduced the outlook for 2006, and German mobile phone group Mobilcom falling on concerns that increased
competition in its mobile division would reduce earnings.

During the month the Company added to the food, beverage and tobacco sector through the purchase of shares in Swiss
food consumer company Nestle.  Other purchases included holdings in Italian insurance company Generali and German
construction group Hochtief.   These were partly funded by selling holdings in German car manufacturer Porsche, Italian
motorway operator Autostrade, Israel bank Hapoalim and significantly reducing the Company's position in German utility
E.On.

The Company continues to have a bias towards the financials, mainly through banks but also diversified financials and
insurance.  Other key sector weights include energy and capital goods.  Exposure to Emerging Europe decreased during
the month to finish at 10.6%.  The Company ended the month with a net market exposure of 109.5%.

Business confidence continues to rise in Continental Europe with economic developments generally surprising on the
upside.  European companies are in a healthier financial position than they have been for many years.  The global
economic recovery since 2003 has resulted in very strong cash flow generation, magnified by the dramatic improvement in
profitability due to radical restructuring that we have seen across many European industries.  Now that balance sheet
strength has been regained companies are increasingly looking for suitable acquisition candidates, and the market is
now prepared to reward companies that aim to boost the sustainable growth rate of their businesses through increased
investment spending and merger and acquisition activity.  European equity valuations are still attractive, earnings
growth is robust and earnings revisions remain positive.



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 2006




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