Performance at month end

Mercury Grosvenor Trust PLC
7 September 2001

MONTHLY PERFORMANCE

MERCURY GROSVENOR TRUST plc

All information is at 31 August 2001 and unaudited.

Performance at month end with net income reinvested

                      One month  Three months One year  Three years  Five years
Net asset value            1.1%         -9.0%    -2.0%        49.9%      106.9%
Share price               -7.6%        -13.7%   -11.5%        51.0%      124.6%
FTSE All-Share Index      -2.3%         -7.2%   -17.3%        14.0%       54.0%

At month end
Net asset value:*             395.97p
Share price:                  323.50p
Discount:                     18.3%
Total assets:                 £97.5m
Net yield:                    4.5%
Gearing:                      0.0%
Value of debt:                Nil
Ordinary shares in issue:     25,186,755

*Includes current year net revenue of 8.7p.

The NAV is recalculated monthly with respect to cash, cash equivalents and
quoted investments in the portfolio.

Unquoted investments were last revalued at 30 June 2001.
UK Sector                                                           % Portfolio

Healthcare                                                                 21.4
Support Services                                                           15.4
Electronics                                                                 8.8
Information Technology                                                      7.7
Overseas Venture Funds                                                      7.5
Pharmaceuticals                                                             6.5
Property                                                                    2.7
Hotels & Leisure                                                            2.6
Distribution                                                                1.5
Engineering                                                                 1.1
Paper, Packaging & Printing                                                 0.5
Cash/Fixed Interest                                                        24.3
                                                                          100.0
Ten Largest Investments Company                  % Portfolio Sector

PII Group                                     11.2 Support Services
Raymarine                                      7.0 Electronics
Tunstall Holdings                              6.5 Healthcare
Patientline**                                  5.6 Healthcare
Match Holdings                                 3.7 Healthcare
Alizyme*                                       3.5 Pharmaceuticals
Orbis*                                         3.0 Support Services
Orbiscom                                       2.9 Information Technology
Greycoat Estates                               2.7 Property
Weston Presido III                             2.7 Overseas Funds
                                              48.8

* Listed on the London Stock Exchange

** Traded on the Alternative Investment Market

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

Latest information is available by typing www.mlim.co.uk/its on the internet,
'MLIMINDEX' on Reuters and 'MLIM' on Bloomberg or '8800' on Topic3 (ICV
terminal).

7 September 2001.