Performance at Month End

Merrill Lynch UK Inv Tst PLC
19 November 2002


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

Performance at month end with net income reinvested
                                        One              Three               One              Three             Five
                                      month             months              year              years            years
Net asset value                        8.9%              -4.1%            -23.5%             -41.2%           -26.0%
Share price                           13.2%              -9.9%            -31.7%             -49.7%           -40.6%
FTSE All-Share Index                   7.8%              -4.6%            -17.3%             -27.9%            -4.1%

 Sources: Merrill Lynch Investment Managers, Standard & Poor's Micropal
At month end
Net asset value*                                                             656.03p
Share price:                                                                 515.00p
Discount:                                                                      21.5%
Total assets:                                                                £125.7m
Net Yield:                                                                      5.0%
Gearing:                                                                       45.9%
Effective gearing:                                                             13.4%
Value of debt:                                                                £39.5m
Ordinary shares in issue:                                                 13,368,799

*Includes current year net revenue of 11.55p.

UK Sectors                                                                       % Total Assets
Financials                                                                                 23.0
Cyclical Services                                                                          15.2
Non-Cyclical Consumer Goods                                                                13.4
Resources                                                                                  10.4
Non-Cyclical Services                                                                       8.2
Utilities                                                                                   3.2
Basic Industries                                                                            1.9
General Industrials                                                                         1.7
Information Technology                                                                      0.6
Cash                                                                                       23.8
Net current liabilities                                                                   (1.4)
Total                                                                                    100.0


Ten Largest Equity Investments
Company
                                                                                  % Investments
BP                                                                                          7.8
HSBC                                                                                        6.0
Barclays                                                                                    5.7
HBOS                                                                                        5.6
GlaxoSmithKline                                                                             5.4
Royal Bank of Scotland                                                                      5.1
Vodafone                                                                                    4.8
AstraZeneca                                                                                 4.2
Smith & Nephew                                                                              3.7
Next                                                                                        3.5
Total                                                                                      51.8



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).

19 November 2002



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