Performance at Month End

Merrill Lynch UK Inv Tst PLC
13 December 2001


MONTHLY PERFORMANCE

MERRILL LYNCH UK INVESTMENT TRUST plc

All information is at 30 November 2001 and unaudited.

Performance at month end with net income reinvested

                             One    Three        One          Three        Five
                           month   months       year          years       years
Net asset value             5.7%    -6.1%     -20.0%         -11.5%       21.3%
Share price                 4.9%    -8.2%     -23.2%         -23.0%        8.7%
FTSE All-Share Index        4.4%    -2.4%     -12.4%           2.8%       44.1%

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


At month end

Net asset value*                                         915.69p

Share price:                                             800.00p

Discount:                                                12.6%

Total assets:                                            £168.3m

Net Yield:                                               3.8%

Gearing:                                                 30.9%

Effective gearing:                                       23.6%

Value of debt:                                           £39.5m

Ordinary shares in issue:                                14,093,562

(There were no share repurchases during the month)
*Includes current year net revenue of 2.2p


UK Sectors                                                          % Portfolio

Financials                                                                27.5

Cyclical Services                                                         18.6

Non-Cyclical Consumer Goods                                               14.1

Non-Cyclical Services                                                     13.1

Resources                                                                 12.8

Information Technology                                                     2.9

General Industrials                                                        2.6

Basic Industries                                                           2.1

Utilities                                                                  1.0

Cash                                                                       7.4

Net current liabilities                                                   (2.1)

Total                                                                    100.0


Ten Largest Equity Investments
Company
                                                                  % Investments
BP Amoco                                                                    7.2

Vodafone                                                                    6.0

Barclays                                                                    5.6

GlaxoSmithKline                                                             5.0

Royal Bank of Scotland                                                      4.7

AstraZeneca                                                                 4.5

HSBC                                                                        4.2

British Telecom                                                             3.3

Amersham                                                                    2.9

BskyB                                                                       2.7

Total                                                                      46.1



Market commentary

UK Stockmarket Review

The FTSE All Share Index rose by 4.4%, driven higher by the continued strength
of cyclical growth shares, as investors increased their exposure to this area
at the expense of traditionally defensive shares, which markedly
underperformed.

Fund Performance Review

The Net Asset Value (NAV) of Merrill Lynch UK Investment Trust plc
outperformed during November, rising by 5.7%.

We continued to increase our exposure to cyclical shares, largely through the
media sector, which proved positive as this sector rallied. Our holdings in
Granada, BSkyB and Capital Radio aided performance. In addition we initiated a
position in MM02 (the new company formed by the de-merger of BT's wireless
division), when the shares began trading, which performed well. However, our
underweight stance in Vodafone was negative. During November we initiated
several positions in the technology sector, including Mysis, Logica and
Spirent, despite our expectations that corporate news is likely to remain
difficult over the next few months. We expect that share prices will improve
as investors focus on the prospect of economic recovery in the second half of
next year.

Outlook

Over the short term we believe that the UK stockmarket should perform well,
driven by liquidity and investors balancing their portfolios, moving further
out of defensive shares. Although the near term outlook for the stockmarket
remains uncertain, we should begin to have a clearer view as we enter 2002.


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).


13 December 2001