Performance at Month End

Merrill Lynch Greater Europe IT PLC
17 January 2005



MERRILL LYNCH GREATER EUROPE INVESTMENT TRUST plc

All information is at 31 December 2004 and unaudited.

Performance at month end with net income reinvested

                                                  One                  Three                 Since launch
                                                  Month                Months                (20Sep04)
Net asset value                                   5.4%                 11.3%                 11.4%
Share price                                       4.1%                 10.6%                  8.5%
FTSE World Europe ex UK                           4.4%                 11.2%                 10.8%

Sources: Merrill Lynch Investment Managers and Datastream.


At month end
Net asset value:                       111.38p            includes net revenue of 0.06p
Share price:                           102.00p
Discount to NAV:                          8.4%
Net yield:                                 N/A

Total assets:                          £183.5m
Ordinary shares in issue:              164,841,285


Benchmark
Sector Analysis                       Total Assets (%)      Index (%) Country Analysis                  Total Assets (%)
Financials                                        34.0           30.3 France                                        22.0
Cyclical Services                                 12.1            6.0 Germany                                       14.8
Telecoms                                           9.8            9.5 Italy                                         13.8
Resources                                          9.1            8.8 Switzerland                                   10.9
Non-Cyclical Consumer Goods                        6.6           15.2 Netherlands                                    6.5
Cyclical Goods                                     6.6            4.7 Sweden                                         4.9
Basic Industries                                   5.4            7.1 Turkey                                         3.5
Technology                                         4.8            5.1 Spain                                          3.1
Utilities                                          4.3            6.3 Scandinavia                                    2.7
Capital Goods                                      2.5            5.7 Poland                                         2.6
Other Investments                                  2.3              - Belgium                                        2.6
Non Cyclical Services                              1.5            1.3 Other Countries                               11.6
Cash/Net Current Assets                            1.0              - Cash/Net Current Assets                        1.0
                                                 -----          -----                                              -----
                                                 100.0          100.0                                              100.0
                                                 -----          -----                                              -----


Ten Largest Equity Investments
Company                                     % of Total Assets             Country of Risk
Total                                                                 3.7   France
UBS                                                                   3.2   Switzerland
E.On                                                                  3.2   Germany
Deutsche Telekom                                                      3.0   Germany
Belgacom                                                              2.6   Belgium
Capitalia                                                             2.6   Italy
Roche Holdings                                                        2.6   Switzerland
Allied Irish Bank                                                     2.5   Ireland
AXA                                                                   2.5   France
Societe Generale                                                      2.5   France
                                                                     ----
Total                                                                28.4
                                                                     ----



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

The upward trend in European equity markets continued in December with the FTSE
World Europe ex UK advancing by 4.4% and the MSCI Emerging Europe up 5.4% in
Sterling terms. Dominant themes during the month were the retreating oil price
and continued dollar decline. The latest 0.25% increase in the Federal Reserve's
target rate was widely anticipated by most market participants and did not have
a negative impact on stock markets.

The Trust's NAV increased in value by 5.4% during the month, outperforming the
benchmark index. Outperformers at the sector level included defensive sectors
such as utilities, telecoms and pharmaceuticals; insurance also did well.
Underperformers were in the cyclical growth areas of the market such as
technology hardware, semiconductors and software services. Energy was also a
poor performer as a result of weaker oil prices.

At the stock level a number of holdings in the banking and insurance sectors
helped performance, with Capitalia, Alpha Bank, Denizbank, Skandia and Fondiaria
all having a positive effect.  Other strong performers included Turkish media
company Hurriyet Gazetecilik and tobacco company Altadis.   The main detractors
included Puma, Statoil and Russian nickel producer Norilsk Nickel.

During December the Trust established new positions in logistic group Deutsche
Post, Engineer ABB and added to existing positions in Roche and UBS.  These
transactions were funded by reducing positions in Altadis, AIB, ENI and Hennes &
Mauritz after strong performance. In addition we significantly reduced our
weighting in Deutsche Boerse after the announcement of their bid proposal for
the London Stock Exchange.  The Trust continued to increase its exposure to
Emerging Europe and the established new positions in Israeli banks Hapoalim and
United Mizrahi.  In addition we also purchased Russian telecom Mobile Telesystem
and exited our position in Norilsk Nickel.  At the end of the month our exposure
to this region was 10.3% and we continue to favour Turkey, Poland and Israel.

The main bias of the portfolio remains towards financials, mainly through banks,
and more defensively orientated sectors such as energy and telecoms, while the
main country exposures are in France, Germany and Italy. We continue to favour
companies which should benefit from a steady economic environment, and focus on
stock specific situations where restructuring, profitability and strong cashflow
could lead to stronger earnings growth, increased returns to shareholders and
potential merger activity.

The macroeconomic newsflow was mixed in December.  Recent surveys suggest that
business confidence may have bottomed in Europe as a result of falling energy
prices, however, domestic demand is still weak and Euro strength continues to
act as a constraint upon exporters.  Our view is that economic growth will
remain below its potential rate for the foreseeable future.  As a result we do
not 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 January 2005


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