Performance at Month End

Merrill Lynch Greater Europe IT PLC
10 December 2004


MERRILL LYNCH GREATER EUROPE INVESTMENT TRUST plc

All information is at 30 November 2004 and unaudited.

Performance at month end with net income reinvested

                                                  One          Since launch
                                                  Month            (20Sep04)
Net asset value                                   3.3%                  5.6%
Share price                                       5.4%                  4.3%
FTSE World Europe ex UK                           3.3%                  6.1%

Sources: Merrill Lynch Investment Managers and Datastream.


At month end
Net asset value:                       105.67p            includes net revenue of 0.07p
Share price:                            98.00p
Discount to NAV:                          7.3%
Net yield:                                 N/A

Total assets:                          £174.1m
Ordinary shares in issue:              164,841,285


Benchmark
Sector Analysis                       Total Assets (%)      Index (%) Country Analysis                  Total Assets (%)
Financials                                        34.5           30.1 France                                        22.4
Cyclical Services                                 10.8            6.0 Germany                                       14.7
Resources/Energy                                  10.0            9.2 Italy                                         14.1
Telecoms                                           9.0            9.2 Switzerland                                    9.2
Non-Cyclical Consumer Goods                        7.5           15.2 Netherlands                                    6.4
Basic Industries                                   6.8            7.1 Sweden                                         5.2
Cyclical Goods                                     6.7            4.6 Spain                                          5.1
Technology                                         4.9            5.5 Russia                                         3.6
Utilities                                          4.2            6.0 Turkey                                         3.2
Other Investments                                  2.4              - Ireland                                        3.0
Non Cyclical Services                              1.5            1.3 Poland                                         2.9
Capital Goods                                      1.4            5.8 Scandinavia                                    2.8
Cash/Net Current Assets                            0.3              - Other Countries                                7.1
                                                                      Cash/Net Current Assets                        0.3
                                                 -----          -----                                              -----
                                                 100.0          100.0                                              100.0
                                                 -----          -----                                              -----


Ten Largest Equity Investments
Company                                     % of Total Assets             Country of Risk
Total                                                                 3.9   France
E.On                                                                  3.1   Germany
Allied Irish Bank                                                     3.0   Ireland
Deutsche Telekom                                                      3.0   Germany
Belgacom                                                              2.8   Belgium
UBS                                                                   2.7   Switzerland
AXA                                                                   2.5   France
ENI                                                                   2.5   Italy
Credit Agricole                                                       2.5   France
Societe Generale                                                      2.5   France
                                                                     ----
Total                                                                28.5
                                                                     ----



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

During November continental European markets gained 3.3% while the emerging
European markets fell by 2.1%. This occurred against a backdrop of a retreating
oil price, a sharply weaker dollar and relief over a clear outcome from the US
Presidential elections in November. Earnings momentum continued to grow with
company results generally in line or ahead of expectations.

The Trust's NAV increased in value by 3.3% during the month, performing in line
with the benchmark index. There was no clear cut sector performance pattern in
November with steel and other metals, telecoms and transport being the strongest
performers. Underperformers included defensive sectors such as pharmaceuticals,
utilities and also more cyclical automobiles (dollar sensitive).

The best contribution to the Trust's performance came from the investments in
engineering consultant Altran, low cost airline Ryan Air, exchange provider
Deutsche Boerse and steel producer Arcelor.  The main detractors were in the
emerging European markets and included Turkish stocks, Denizbank and Hurriyet
Gazetecilik and Russian nickel producer Norilsk Nickel.

We continued to commit capital to the emerging European markets, and the Trust
established its first position in Hungary through the purchase of pharmaceutical
company Egis Gyogyzergyar.  Our exposure to this region at the end of the month
was 9.7%.

We also continued to increase exposure to the developed European stocks and
strengthened a number of key holdings during the month.

Financials - sold BNP Paribas and purchased Societe Generale as we believe there
is greater potential in this stock. Added to existing positions in Allied Irish
Bank, Credit Agricole and AXA, this was partly funded by selling DNB Nor, and
reducing weights in Banca Intesa and Banco Sabadell. Overall these transactions
represented a net increase to financials.

Telecoms - sold France Telecom and reinvested the proceeds into Portugal
Telecom.     Increased holdings in Belgacom and Deusche Telekom.

Utilities - sold Enel to fund purchase of EDP.

The main bias of the portfolio is towards financials 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 investments where
restructuring and organic growth are the key drivers, rather than a reliance on
strong external growth.

The macroeconomic newsflow once again was downbeat in November.  Recent surveys
suggest that business confidence has softened as high energy prices and a strong
Euro have had a dampening effect on sentiment.  Despite some bright spots in
France, Spain and Ireland, domestic demand in Europe continues to be weak with
high unemployment and reduced purchasing power as a result of higher fuel
prices.  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).


10 December 2004


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            The company news service from the London Stock Exchange