Performance at Month End

Merrill Lynch World Mining Tst PLC
12 March 2003


MERRILL LYNCH WORLD MINING 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                                                       3.0%       5.8%       2.1%      50.7%     115.8%
Share price                                                           2.1%       7.1%       6.4%      52.5%     120.1%
HSBC Global Mining Index (capital only)                               5.4%       0.7%     -16.5%      13.9%      27.6%
MSCI World Metals & Mining Index (capital only)                       7.4%      -3.1%     -22.1%      -8.0%      -8.7%

 Sources: Merrill Lynch Investment Managers, HSBC Global Mining Index,
Datastream
At month end
Net asset value:                      147.61p xd            Discount to NAV:                                       15.5%
Share price:                          124.75p               Net historic yield:                                     1.7%
Total assets:                         £247.4m
Gearing:                              3.2%                  Effective gearing:                                      5.2%
Ordinary shares in issue:             162,800,000


Sector Analysis                             % Total          Country Analysis                          % Total Assets
                                             Assets
Diversified                                    34.0          South Africa                                        29.5
Gold                                           27.6          Europe                                              21.8
Base Metals                                    17.4          Canada                                              15.0
Platinum                                       10.6          Australasia                                         14.3
Silver/Diamonds                                 6.3          Latin America                                       13.9
Industrial Minerals                             6.1          USA                                                  4.5
Net current liabilities                         (2.0)        China                                                2.7
                                                             Vietnam                                              0.3
                                                             Net current liabilities                            (2.0)
                                              100.0                                                             100.0


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

February was a month in which we showed modest portfolio gains of 3.0% but
failed to keep pace with our rising benchmark index which rose 5.4%. These
figures compare with the FTSE All Share Index rise of 2.6%.

Part of the underperformance can be laid at the door of weak gold shares, as
evidenced by the FTSE Gold Mines Index falling 2.3%.  We have been overweight in
gold shares and with bullion slipping from $368/oz to $349/oz this was a hard
trend to swim against. South Africa was also weak, with companies again
contending with a strong rand and concern over the forthcoming minerals
royalties.

All in all, these are tough markets for fund managers to deliver any consistency
of returns on a month to month basis. What we are going to do is to aim for
longer-term returns, ignoring the market 'noise', and continue with our policy
of investment predominantly in relatively established, cash generative, dividend
paying companies.

There are many such companies around in the mining sector. All the 'big' UK
listed diversified mining companies reported figures in recent weeks and all
showed their strength in depth, with powerful cashflows, earnings and dividends.
These companies in aggregate make up a bigger percentage than usual of the
Trust's portfolio at about 14% of the net asset value.

We have also taken note of the current strength of the Chinese economy, which is
sucking in imports of alumina, iron ore, nickel and copper. We have added to our
holdings in those companies which produce such materials.

Derivatives

Although we tend to agree with Warren Buffet's recent comments about the dangers
of the derivatives markets, there are ways in which they can be useful to the
Trust's portfolio. We sell small quantities of put and call options in order to
generate option premiums for the Trust's account. At present we have written a
call option over a portion of the Trust's holding in CVRD.If exercised this
would reduce the CVRD position from about 4.8% to 4.1% of the portfolio. We have
written put options covering shares in Rio Tinto, MIM and Anglo-American.  If
exercised, these options would increase our holdings in these companies to about
6.2%, 3.4% and 2.6% of the portfolio respectively.

Outlook

Investors are transfixed by the prospect of war in Iraq.  This situation could
well generate some interesting investment opportunities for the Trust in the
coming weeks.

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).

12 March 2003


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