Portfolio Update

MERRILL LYNCH WORLD MINING TRUST plc

All information is at 29 February 2008 and unaudited.

Performance at month end with net income reinvested
                               One     Three       One     Three      Five
                             Month    Months      Year     Years     Years
Net asset value* (undiluted) 15.8%      6.5%     63.2%    225.5%    519.4%          
Net asset value* (diluted)   14.2%      5.9%     56.3%    208.8%    462.3%          
Share price*                 14.7%      4.3%     54.9%    199.4%    485.5%          
HSBC Global Mining Index     14.5%      8.8%     62.5%    190.9%    419.6%          
                                                                      
Sources: BlackRock, HSBC Global Mining Index, Datastream

*Net asset value and share price performance includes the warrant reinvestment,
assuming the 2004 and 2006 bonus warrant entitlement per share was sold and the
proceeds reinvested on the first day of trading.

At month end                                                                   
Net asset value                        Including Income          Capital Only  
Undiluted:                                     858.52p*               856.51p 
Diluted:                                        798.02p               796.33p                                           
*Includes net revenue of 2.01p                                                 
                            
Share price:                                    680.50p                        
Discount to NAV**:                               14.54%                        
Warrant price:                                  173.50p                        
Total assets:                                £1,399.20m                        
Net yield:                                        0.44%                        
Gearing:                                           3.6%                        

Ordinary shares in issue:                   157,700,479                        
Warrants in issue:                           29,814,855                        
Ordinary shares held in Treasury:            14,442,800                        
                                                                               
** Discount to NAV based on capital only, fully diluted NAV.
                   

Sector Analysis            % of Total         Country Analysis            % of Total
                               Assets                                         Assets
Diversified                      49.2         Latin America                     24.2
Base Metals                      22.2         Global                            20.4
Platinum                          8.2         South Africa                      13.5
Industrial Minerals               7.8         USA                                7.4
Gold                              6.1         Australasia                        6.9
Silver/Diamonds                   4.5         Canada                             6.6
Other                             3.3         Other Africa                       5.6
Net current liabilities          (1.3)        India                              4.2
                                              Indonesia                          4.1
                                              Europe                             3.8
                                              Emerging Europe                    3.8
                                              Laos                               0.8
                                              Net current liabilities           (1.3)
                                -----                                          -----
                                100.0                                          100.0
                                =====                                          =====


Ten Largest Equity Investments                                                 
                                                                               
Company                         Region of Risk                       
Alcoa                           USA                                  
BHP Billiton                    Global                               
Bumi Resources                  Indonesia                            
First Quantum Minerals          Zambia                               
Impala Platinum                 South Africa                         
Minas Buenaventura              Latin America                        
Rio Tinto                       Global                               
Teck Cominco                    Canada                               
Vale                            Latin America                        
Zinifex                         Australasia            
              

Commenting on the markets, Graham Birch, representing the Investment Manager
noted:

Whilst broader equity markets were mixed, the mining sector had an excellent
February. During the month, negotiations regarding the annual contract price
for iron ore settled on a 65% price increase for the 2008 contractual year.
Continuing power shortages in South Africa resulted in a rally in precious
metals prices, with platinum in particular making strong gains. Meanwhile in
equity news, BHP Billiton made its formal offer for Rio Tinto, raising the
level to 3.4 shares per Rio Tinto share.

Whilst the market continues to focus on the potential for a recession in the US
and its effect upon global growth, volatility will continue. However, over the
medium term, we believe that demand for metals and minerals will not be
severely derailed and we therefore are bullish on the outlook for mining
equities. M&A is also likely to continue to be a major feature of the market,
as mining companies look to grow output in an environment of limited organic
supply growth.

Latest information is available by typing www.blackrock.co.uk/its on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).

27 March 2008