Performance at Month End

Merrill Lynch UK Inv Tst PLC
12 June 2002


MONTHLY PERFORMANCE
MERRILL LYNCH UK INVESTMENT TRUST plc
All information is at 31 May 2002 and unaudited.

Performance at month end with net income reinvested

                                        One              Three               One              Three               Five
                                      month             months              year              years              years
Net asset value                       -2.5%              -2.1%            -20.8%             -26.2%               2.4%
Share price                           -3.9%              -4.5%            -28.2%             -36.0%             -12.4%
FTSE All-Share Index                  -1.2%               1.3%             -9.6%              -7.8%              27.8%

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

At month end
Net asset value*                                                          848.98p xd
Share price:                                                              708.00p xd
Discount:                                                                      16.6%
Total assets:                                                                £152.9m
Net Yield:                                                                      4.2%
Gearing:                                                                       34.9%
Effective gearing:                                                             16.7%
Value of debt:                                                                £39.5m
Ordinary shares in issue:                                                 13,393,799

*Includes current year net revenue of 2.92p.
100,000 shares were repurchased and cancelled during the month.

UK Sectors                                                                       % Total Assets
Financials                                                                                27.1
Non-Cyclical Consumer Goods                                                               15.8
Cyclical Services                                                                         15.6
Resources                                                                                 12.9
Non-Cyclical Services                                                                      8.4
General Industrials                                                                        2.5
Information Technology                                                                     1.6
Basic Industries                                                                           1.3
Utilities                                                                                  1.3
Cash                                                                                      14.6
Net current liabilities                                                                   (1.1)
Total                                                                                    100.0


Ten Largest Equity Investments
Company
                                                                                  % Investments
BP Amoco                                                                                    9.2
HSBC                                                                                        5.8
Barclays                                                                                    5.6
HBOS                                                                                        5.5
AstraZeneca                                                                                 5.1
Royal Bank of Scotland                                                                      4.9
GlaxoSmithKline                                                                             4.6
Vodafone                                                                                    4.3
Diageo                                                                                      3.3
Amersham                                                                                    3.1
Total                                                                                      51.4


Market commentary

UK Stockmarket Review
UK equities declined during May, with the FTSE All-Share returning -1.2% and the
FTSE 100
-1.4% in sterling terms. As in April, the only market segment to enjoy a
positive return was smaller companies. Mining shares were in favour and the
tobacco sector extended its strong performance buoyed by firm pricing and
expectations of corporate activity. The main drag on the market came from
pharmaceuticals, where GlaxoSmithKline plunged as a US court ruled their
Augmentin patent to be invalid. TMT shares performed poorly; this was
demonstrated by two symbolic events in May: the FTSE techMARK trading below
1,000, and Vodafone hitting a four-year low of 92.5p.

Performance Review
The Company's Net Asset Value (NAV) fell 2.5% during May, underperforming the
FTSE All share Index, which fell 1.2%.

Pharmaceuticals were the worst performing sector in May, as GlaxoSmithKline and
AstraZeneca (the two largest UK drug companies) were both hurt by product
specific issues. Whilst the Trust benefited from an underweight position in the
former, an overweight in the latter and in Amersham (dragged down by sector
sentiment) cancelled this out. Performance was also adversely affected by our
lack of exposure to British American Tobacco and Imperial Tobacco, as tobacco
shares rallied. Our overweight position in Anglo American proved positive, as
the market responded well to its proposed acquisition of Chilean copper mines
from Exxon and to the strength of the gold price.

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 Trust. 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).

11 June 2002





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