Performance at Month End

Merrill Lynch UK Inv Tst PLC
14 March 2002


MONTHLY PERFORMANCE
MERRILL LYNCH UK INVESTMENT TRUST plc

All information is at 28 February 2002 and unaudited.

Performance at month end with net income reinvested

                                        One              Three               One              Three               Five
                                      month             months              year              years              years

Net asset value                       -0.8%              -4.3%            -21.2%             -19.8%              10.7%
Share price                           -5.1%              -6.2%            -26.7%             -29.6%              -4.2%
FTSE All-Share Index                  -0.8%              -1.4%            -11.7%              -6.1%              33.2%

Sources: Merrill Lynch Investment Managers, Standard & Poor's Micropal

At month end

Net asset value*                                                             876.02p
Share price:                                                                 750.00p
Discount:                                                                      14.4%
Total assets:                                                                £157.1m
Net Yield:                                                                      4.0%
Gearing:                                                                       33.6%
Effective gearing:                                                             21.2%
Value of debt:                                                                £39.5m
Ordinary shares in issue:                                                 13,493,799

(374,763 shares were repurchased and cancelled during the month)
*Includes current year net revenue of 4.40p
UK Sectors                                                                       % Total Assets
Financials                                                                                24.4
Non-Cyclical Consumer Goods                                                               19.3
Cyclical Services                                                                         16.2
Resources                                                                                 12.5
Non-Cyclical Services                                                                     10.4
Basic Industries                                                                           2.8
General Industrials                                                                        2.4
Information Technology                                                                     1.9
Utilities                                                                                  0.8
Cash                                                                                      10.5
Net current liabilities                                                                   (1.2)
Total                                                                                    100.0


Ten Largest Equity Investments
Company
                                                                                  % Investments
BP Amoco                                                                                    8.5
AstraZeneca                                                                                 5.6
Vodafone                                                                                    5.2
GlaxoSmithKline                                                                             5.2
Barclays                                                                                    4.6
HBOS                                                                                        4.4
HSBC                                                                                        4.1
Royal Bank of Scotland                                                                      4.0
Amersham                                                                                    3.2
Diageo                                                                                      3.2
Total                                                                                      48.0


Market commentary

UK Stockmarket Review

UK equities drifted lower over the month, with the FTSE All Share Index falling
0.8%. At a sector level, cyclical shares strengthened with resources and basic
industries in demand. This did not however reflect a broader move towards growth
shares as gains in pharmaceuticals and consumer staples were also recorded.
Concerns within the financial sector continued during February and banks,
insurance and life assurance declined. Telecoms also disappointed as Cable &
Wireless issued a profit warning and Energis' collapse continued to impact the
sector.

Fund Performance Review

The Company's Net Asset Value (NAV) performed in line with the FTSE All Share
Index over the month, returning -0.8%.

Relative performance was aided by the Trust's positioning within telecoms, where
an overweight stance in BT Group and underweight position in Vodafone proved
positive. BT recovered from an oversold position whilst Vodafone suffered after
several wireless telecoms companies were de-rated in the US. However,
performance suffered slightly from the overweight position in mm02.

The long-term positive stance in healthcare group Amersham aided performance as
it performed well following strong results. The company remains resilient
despite the difficult stockmarket environment.

The Trust's exposure to beverages was increased, by adding to Diageo and
participating in a placing of Allied Domecq (acquisition finance). In our view,
profitability in the spirits market is likely to be supported by the popularity
of 'ready to drink' brands. During the month, we participated in a placing of
HBOS shares, which are currently trading on a low prospective rating. This
company has experienced tremendous growth, taking market share in the mortgage
and life sectors.

Outlook

Although the pace of UK economic recovery may be slow, we intend to increase the
Trust's cyclical exposure in anticipation that investors will become more
optimistic about the outlook for corporate earnings in 2003.

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).

11 March 2002



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