Performance at Month End

Merrill Lynch UK Inv Tst PLC
10 December 2002


MONTHLY PERFORMANCE
MERRILL LYNCH UK INVESTMENT TRUST plc
All information is at 29 November 2002 and unaudited.

Performance at month end with net income reinvested
                                        One              Three               One              Three             Five
                                      month             months              year              years            years
Net asset value                        3.2%              -1.6%            -25.4%             -42.5%           -23.8%
Share price                            7.2%              -2.0%            -30.2%             -49.2%           -37.0%
FTSE All-Share Index                   3.5%              -1.5%            -17.9%             -29.9%            -0.6%

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


At month end
Net asset value*                                                             659.71p
Share price:                                                                 535.00p
Discount:                                                                      18.9%
Total assets:                                                                £127.3m
Net Yield:                                                                      4.8%
Gearing:                                                                       45.0%
Effective gearing:                                                             11.6%
Value of debt:                                                                £39.5m
Ordinary shares in issue:                                                 13,368,799

*Includes current year net revenue of 3.03p.

UK Sectors                                                                       % Total Assets
Financials                                                                                 22.5
Cyclical Services                                                                          14.4
Non-Cyclical Consumer Goods                                                                12.8
Resources                                                                                  10.6
Non-Cyclical Services                                                                       9.4
Utilities                                                                                   3.2
Basic Industries                                                                            2.0
General Industrials                                                                         1.8
Information Technology                                                                      0.3
Cash                                                                                       25.5
Net current liabilities                                                                   (2.5)
Total                                                                                    100.0


Ten Largest Equity Investments
Company
                                                                                  % Investments
BP                                                                                          8.0
GlaxoSmithKline                                                                             6.4
HSBC                                                                                        6.0
Barclays                                                                                    6.0
Vodafone                                                                                    5.6
Royal Bank of Scotland                                                                      5.5
HBOS                                                                                        4.3
Smith & Nephew                                                                              3.7
AstraZeneca                                                                                 3.4
Next                                                                                        3.2
Total                                                                                      52.1


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).

10 December 2002


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