Investment Policy

Merrill Lynch World Mining Tst PLC
24 October 2003

MERRILL LYNCH WORLD MINING TRUST plc

Policy on investment in investment companies

In light of the recent publication of Investment Entities (Listing Rules and
Conduct of Business) Instrument 2003, the Board wishes to announce that it is
the Company's policy to invest no more than 15% of its gross assets in other
listed investment companies (including listed investment trusts).



By order of the Board



Miss D A Fish

for Merrill Lynch Investment Managers Group Services Limited

Secretary



24 October 2003



Contact for queries: Miss D A Fish, 020 7743 5153






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