Performance at Month End

Merrill Lynch UK Inv Tst PLC
16 July 2002


MONTHLY PERFORMANCE
MERRILL LYNCH UK INVESTMENT TRUST plc
All information is at 28 June 2002 and unaudited.

Performance at month end with net income reinvested

                                       One              Three               One              Three               Five
                                      month             months              year              years              years
Net asset value                       -9.2%             -14.7%            -24.8%             -35.2%              -6.8%
Share price                           -7.5%             -14.4%            -30.6%             -41.5%             -17.5%
FTSE All-Share Index                  -8.4%             -10.9%            -14.8%             -17.4%              17.6%

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

At month end

Net asset value*                                                             770.83p
Share price:                                                                 655.00p
Discount:                                                                      15.0%
Total assets:                                                                £142.3m
Net Yield:                                                                      4.4%
Gearing:                                                                       38.5%
Effective gearing:                                                             14.8%
Value of debt:                                                                £39.5m
Ordinary shares in issue:                                                 13,393,799

*Includes current year net revenue of 3.86p.

UK Sectors                                                                       % Total Assets
Financials                                                                                 25.5
Non-Cyclical Consumer Goods                                                                16.0
Cyclical Services                                                                          13.5
Resources                                                                                  12.8
Non-Cyclical Services                                                                       7.8
General Industrials                                                                         2.4
Basic Industries                                                                            1.9
Information Technology                                                                      1.7
Utilities                                                                                   1.3
Cash                                                                                       17.9
Net current liabilities                                                                   (0.8)
Total                                                                                    100.0


Ten Largest Equity Investments
Company
                                                                                  % Investments
BP Amoco                                                                                    9.6
Barclays                                                                                    5.9
HSBC                                                                                        5.7
HBOS                                                                                        5.3
Royal Bank of Scotland                                                                      5.2
GlaxoSmithKline                                                                             5.2
AstraZeneca                                                                                 5.1
Vodafone                                                                                    3.9
Diageo                                                                                      3.4
Amersham                                                                                    3.3
Total                                                                                      52.6


Market commentary

UK Stockmarket Review

UK equities fell sharply over the month, with the FTSE All-Share falling 8.4%
and the FTSE 100 8.3% in sterling terms. The UK stockmarkets suffered along with
shares globally as investors' confidence in corporate accounting practices
weakened after WorldCom announced irregularities in its accounts.

Performance Review

The Company's Net Asset Value (NAV) fell 9.2% during May, underperforming the
FTSE All-Share Index.

Banking shares, which had performed well for much of the second quarter, fell
back during June after a profit warning from Abbey National. The Company
benefited from our choice of shares in this sector, largely through not holding
Abbey National and Lloyds TSB, although this was slightly offset by our
overweight position in HBOS. Also within the financials sector, our underweight
position in life assurance, particularly our avoidance of Aviva (formerly CGNU)
was beneficial).

The Company continued to benefit from holdings in defensive areas, including
beverages company Diageo. Conversely, performance was adversely affected by
several of our media holdings as this sector performed poorly over the month.
Holdings including Chrysalis, BSkyB and Reuters were negative contributors.

Outlook

Despite the economy's low nominal growth environment, there are a number of
trends within the UK that we expect to enhance earnings growth for a number of
companies held in the Company. These include outsourcing, pricing power, volume
growth and corporate restructuring. Our focus on stock selection based on
fundamental research should enable us to access these themes.

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).

16 July 2002





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