Performance at Month End

Merrill Lynch World Mining Tst PLC
14 May 2002

MERRILL LYNCH WORLD MINING plc

All information is at 30 April 2002 and unaudited.

Performance at month end with net income reinvested

                                             One            Three           One         Three              Five
                                           month           months          year         years             years
Net asset value                             0.4%            17.8%         24.2%         81.4%             56.8%
Share price                                 6.7%            29.2%         36.7%         94.7%             66.2%
HSBC Global Mining Index                   -3.6%             4.5%          4.5%         31.6%             12.0%
(capital only)
MSCI World Metals & Mining Index           -4.7%             1.1%         -3.9%          5.4%            -11.5%
(capital only)

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

At month end
Net asset value:                                                                          155.67p
Share price:                                                                              138.50p
Discount to NAV:                                                                            11.0%
Total assets:                                                                             £264.7m
Gearing:                                                                                     4.9%
Effective gearing:                                                                           6.1%
Net historic yield:                                                                          2.3%
Ordinary shares in issue:                                                             162,945,461


Sector Analysis                                                            % Total Assets
Gold                                                                                 30.4
Diversified                                                                          21.8
Base Metals                                                                          16.6
Platinum                                                                             13.9
Industrial Minerals                                                                   7.7
Silver/Diamonds                                                                       6.5
Base Metal Futures                                                                    3.4
Gold Bullion                                                                          0.8
Net current liabilities                                                              (1.1)
                                                                                    100.0


Country Analysis                                                            % Total Assets
South Africa                                                                         37.2
Europe                                                                               14.7
Latin America                                                                        14.6
Canada                                                                               13.0
Australasia                                                                          10.6
USA                                                                                   5.4
China                                                                                 1.4
Base Metals Futures                                                                   3.4
Gold Bullion                                                                          0.8
Net current liabilities                                                              (1.1)
                                                                                    100.0


Ten Largest Equity Investments                                          % Investments           Country of Risk
Company
Gold Fields                                                                      11.2           South Africa
Impala Platinum                                                                   8.4           South Africa
Minas Buenaventura                                                                7.2           Peru
Harmony Gold Mining                                                               6.8           South Africa
BHP Billiton                                                                      5.7           Global
Aber Diamond                                                                      5.0           Canada
CVRD                                                                              4.8           Brazil
Pechiney                                                                          4.6           France
Anglo Platinum                                                                    4.5           South Africa
WMC                                                                               3.4           Australia
Total                                                                            61.6


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

April was another reasonably good month for the Trust in both absolute and
relative terms. The portfolio's one third weighting in gold shares was the key
to generating a positive return and gains in this area offset losses amongst the
diversified mining companies and base metals shares.

Gold bullion appears to have found a new trading range and US$300/oz - a ceiling
for the market hitherto - may now have become the floor. Gold is benefiting from
the overall poor state of the capital markets as well as the high level of
political uncertainty. Towards the end of the month developing signs of dollar
weakness helped gold.

Gold shares have now begun to discount higher gold prices. In particular, there
has been a surge in demand for the 'unhedged' companies that will benefit the
most from an improvement in the gold price environment. The global leaders in
this regard, Harmony and Gold Fields, both released much stronger first quarter
earnings during April and finished the month up by around 15% in US$ terms. In
aggregate, Harmony and Gold Fields now comprise around 20% of the portfolio and
we have taken advantage of the share price strength to reduce the holdings
somewhat and lock-in profit.

Base metals shares and diversified mining companies ran into 'profit taking' as
investors questioned the force of the unfolding global recovery. This was
prompted by a lacklustre start to the first quarter 2002 earnings season and
disappointing production numbers from Rio Tinto and Billiton. On average, base
metals prices eased back around 2% during April.

Outlook

This time last year the mining sector suffered a sharp downwards correction as
investors downgraded economic expectations. This year the signs of economic
recovery are more palpable, but seasonal weakness and share price consolidation
over the summer remains a possibility - especially given the strength of the
performance so far in 2002.

Derivatives Exposure

At the end of April, 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. The Trust has written Alcoa puts
which, if exercised, would add slightly to the Trust's holding in the company
(currently 1.4% 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).

14 May 2002

ENDS



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