Performance at Month End

Merrill Lynch Greater Europe IT PLC
16 August 2005


MERRILL LYNCH GREATER EUROPE INVESTMENT TRUST plc

All information is at 31 July 2005 and unaudited.

Performance at month end with net income reinvested

                                                  One                  Three                 Since launch
                                                  Month                Months                (20Sep04)
Net asset value                                   8.0%                 18.8%                 30.0%
Share price                                       8.8%                 17.1%                 23.5%
FTSE World Europe ex UK                           6.8%                 16.8%                 25.9%

Sources: Merrill Lynch Investment Managers and Datastream.


At month end
Net asset value:                       130.00p            Includes net revenue of 2.04p
Share price:                           123.50p
Discount to NAV:                          5.0%
Gearing:                                  3.4%
Net yield:                                 N/A
Total assets:                          £185.7m
Ordinary shares in issue:          140,414,347


Benchmark
Sector Analysis                         Total Assets (%)      Index (%) Country Analysis                Total Assets (%)
Financials                                         33.9            31.1 France                                     25.1
Basic Industries                                   10.9             7.3 Germany                                    15.2
Resources                                          10.2             7.5 Switzerland                                11.6
Cyclical Services                                  10.1             6.4 Scandinavia                                 9.9
Non Cyclical Consumer Goods                         9.8            15.9 Italy                                       8.2
Utilities                                           7.2             6.6 Netherlands                                 5.7
Non Cyclical Services                               5.7             1.3 Spain                                       5.2
Telecoms                                            5.7             8.1 Russia                                      4.4
Cyclical Consumer Goods                             4.3             5.0 Ireland                                     3.8
Capital Goods                                       0.9             5.8 Belgium                                     3.6
Technology                                          0.4             5.0 Poland                                      2.8
Other Investments                                   2.6               - Greece                                      2.0
Net Current Liabilities                            (1.7)              - Israel                                      1.7
                                                                        Sweden                                      1.3
                                                                        Turkey                                      0.9
                                                                        Other Countries                             0.3
                                                                        Net Current Liabilities                    (1.7)
                                                  -----           -----                                           -----
                                                  100.0           100.0                                           100.0
                                                  -----           -----                                           -----


Ten Largest Equity Investments
Company                                               Country of Risk
AXA                                                     France
BBVA                                                    Spain
Capitalia                                               Italy
Fortum                                                  Finland
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 rally in July, reaching three year highs.
The FTSE World Europe ex UK and MSCI Emerging Europe were up 6.8% and 12.2% in
sterling terms respectively. This strong performance occurred against a backdrop
of high oil prices (above $60), euro weakness tailing off in the aftermath of
the Chinese revaluation, and continued tightening from the Federal Reserve.
European second quarter earnings were generally positive, however, there were
some disappointments mainly in the consumer related sectors.

The Company's NAV returned 8.0% during the month outperforming the reference
benchmark index by 1.2%.  During the month both stock selection and sector
allocation were positive. In terms of sector allocation the Company benefited
from its limited exposure to the poorly performing technology hardware sector.
The contribution from Emerging Europe was positive during July with strong
performance from Poland and Israel.  In addition, a -3.4% cash position also had
a positive effect on performance in a rising market.

During the period the best performing stocks were utility Fortum which rose 16%
benefiting from rising power and carbon trading costs, advertising agency
Publicis, up by 19% after strong first half results led to a stock re-rating,
and trading exchange Deutsche Boerse up 14%, which is currently experiencing
strong operating momentum in its derivative business.  In addition, the Company
also benefited from strong stock selection within the banking sector, with Greek
bank Emporiki up 32% and Turkish bank Akbank up 19%.

Stock positions that detracted from performance were, toll road operator
Autostrade (-3%) after poor macro news flow from Italy, hypermarket Carrefour
(-1%) after disappointing results, and within the construction sector Enka
Insaat (-5%) on concerns over electricity contracts and Grafton Group (0%) flat
as fears that a consumer slowdown in the UK would impact its UK operations.

During the month the Company established new positions in Dutch office
stationery provider Burhmann and German steel maker Salzgitter, and made
significant additions to Italian utility Enel and Greek bank Emporiki.  This was
funded through the sale of a number of stocks which after strong performance
reached their target prices, these included Turkish bank Akbank, Swedish
telecoms equipment maker Ericsson and Spanish tobacco manufacturer Altadis.

The Company continues to have a bias towards the financials, mainly through
banks.  Other key sector weights include materials, energy and telecoms.
Exposure to Emerging Europe decreased slightly during the month to finish at
10.2%. The Company ended the month with a net market exposure of 103.4%.

European equity markets continued to perform well in July. Despite the poor
macro economic backdrop the corporate sector is in good shape after years of
restructuring (ongoing) and companies are becoming increasingly focused on cost
cutting and corporate efficiency. In a low bond yield environment financing
conditions are favourable enabling many companies to re-leverage their balance
sheets by paying out increased dividends and/or buying back their own shares.
The second quarter results season has got off to a strong start with many
companies announcing results ahead of expectations.   In the absence of an
external shock European equities should remain on an upward trajectory.



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16 August 2005


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