Performance at Month End

Merrill Lynch World Mining Tst PLC
9 April 2002


MERRILL LYNCH WORLD MINING plc

All information is at 28 March 2002 and unaudited.

Performance at month end with net income reinvested

                                                  One           Three           One         Three            Five
                                                month          months          year         years           years

Net asset value                                   5.8%          30.3%         41.9%        132.6%           54.1%
Share price                                       8.8%          38.0%         45.5%        118.9%           51.9%
HSBC Global Mining Index (capital only)           2.3%          17.4%         21.8%         72.0%           15.5%
MSCI World Metals & Mining Index (capital only)   1.2%          13.1%         15.5%         36.0%           -6.0%

Sources: Merrill Lynch Investment Managers, HSBC Global Mining Index, Datastream

At month end

Net asset value:                                                                          155.12p
Share price:                                                                              129.75p
Discount to NAV:                                                                            16.4%
Total assets:                                                                             £259.3m
Gearing:                                                                                     2.9%
Effective gearing:                                                                           5.9%
Net historic yield:                                                                          2.4%
Ordinary shares in issue:                                                             162,945,461

Sector Analysis                                                            % Total Assets

Gold                                                                                 29.8
Diversified                                                                          23.4
Base Metals                                                                          18.1
Platinum                                                                             13.1
Industrial Minerals                                                                   7.7
Silver/Diamonds                                                                       6.4
Base Metal Futures                                                                    3.5
Gold Bullion                                                                          0.8
Net current liabilities                                                              (2.8)
                                                                                    100.0




Country Analysis                                                            % Total Assets
South Africa                                                                         35.9
Latin America                                                                        15.5
Europe                                                                               15.2
Canada                                                                               13.8
Australasia                                                                          10.4
USA                                                                                   6.2
China                                                                                 1.5
Base Metals Futures                                                                   3.5
Gold Bullion                                                                          0.8
Net current liabilities                                                              (2.8)
                                                                                    100.0

Ten Largest Equity Investments                                       % Investments           Country of Risk
Company
Gold Fields                                                                   10.9           South Africa
Minas Buenaventura                                                             7.7           Peru
Impala Platinum                                                                7.5           South Africa
Harmony                                                                        6.3           South Africa
BHP Billiton                                                                   6.2           Global
Pechiney                                                                       5.1           France
CVRD                                                                           4.9           Brazil
Aber                                                                           4.8           Canada
Anglo Platinum                                                                 4.5           South Africa
Alcan Aluminium                                                                3.8           Canada
Total                                                                         61.7


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

March was another excellent month for the Trust's portfolio and we saw a capital
return of some 5.8% - well ahead of the benchmark return of 2.3%. Metals prices
were generally firmer, with base metals up on average by about 3% and gold up
2%. For the first quarter as a whole, the Trust's portfolio rose 30.3%
reflecting an improved economic outlook and a positive re-rating of mining
equities.

The most significant plus point for the Trust in March was the strength of the
gold stocks. Our largest holding - the South African gold company Gold Fields -
rose by 20% during the month; an increase which provoked us to lock in some
profits. Gold Fields is doing well because it has eschewed gold price hedging
and is benefiting from the strong Rand price of bullion.

March was a busy month for corporate action. Anglo American fulfilled a long
standing ambition to enter the iron ore industry by purchasing a stake in the
South African iron ore miner Kumba. Kumba is now 'in play' and we increased the
Trust's holding in this stock to 1.2% of NAV. We also took advantage of the
Brazilian Government's sale of its holding in the iron ore company CVRD to add
to the Trust's holding which now stands at 4.9% of the portfolio.

Xstrata's debut in the London market was wildly successful with its capital
raising some seven times oversubscribed. Early dealings were at a 10-15% premium
and the Trust took advantage of this to lock in a profit on its holding.

Signs of economic recovery have become more noticeable in recent weeks and the
mining sector has been a beneficiary. However, having enjoyed such a superb
start to the year it would not be surprising if the market now entered a more
quiescent phase.

Derivatives Exposure

The Trust conducts a small amount of derivatives activity from time to time. At
the end of March the Trust held aluminium and copper futures which in aggregate
are equivalent to about 3.4% of the portfolio. The Trust has also written puts
on aluminium which, if exercised, would add a further 1% to direct base metals
exposure. The Trust has written short dated gold options which, if exercised,
would either double the physical gold holding to 1.6% of the NAV or result in an
outright sale of the position. Additionally, the Trust has written calls against
the bulk of its holdings in Alcoa and Anglo American - equivalent to about 2.5%
of NAV.

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).

9 April 2002
ENDS



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