Performance at month end

Mercury Grosvenor Trust PLC
9 November 2001


MONTHLY PERFORMANCE

MERCURY GROSVENOR TRUST plc

All information is at 31 October 2001 and unaudited.

Performance at month end with net income reinvested

                     One month Three months      One      Three      Five years
                                                year      years

Net asset value           0.1%        -0.5%    -6.5%       49.9%         103.0%

Share price              -0.8%       -15.4%   -10.5%       53.9%          93.1%

FTSE All-Share Index      3.5%        -8.5%   -19.4%        3.7%          40.7%


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

At month end

Net asset value:*                                        389.90p

Share price:                                             296.00p

Discount:                                                24.1%

Total assets:                                            £95.7m

Net yield:                                               4.9%

Gearing:                                                 0.0%

Ordinary shares in issue:                                25,186,755

*Includes current year net revenue of 10.1p.

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                                                                 21.7

Support Services                                                           14.8

Electronics                                                                 9.1

Information Technology                                                      8.0

Overseas Venture Funds                                                      7.6

Pharmaceuticals                                                             5.6

Hotels & Leisure                                                            2.5

Property                                                                    1.5

Distribution                                                                1.5

Engineering                                                                 1.1

Paper, Packaging & Printing                                                 0.5

Fixed Interest                                                             23.7

Cash                                                                        0.1

Net current assets                                                          2.3

                                                                          100.0

Ten Largest Investments                % Portfolio Sector
Company

PII Group                                     11.5 Support Services

Raymarine                                      7.2 Electronics

Tunstall Holdings                              6.6 Healthcare

Patientline**                                  6.1 Healthcare

Match Holdings                                 3.8 Healthcare

Orbiscom                                       2.9 Information Technology

Weston Presidio III                            2.9 Overseas Funds

Alizyme*                                       2.9 Pharmaceuticals

Trados                                         2.9 Information Technology

VTSI                                           2.7 Healthcare

                                              49.5

* Listed on the London Stock Exchange

** Traded on the Alternative Investment Market

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).


9 November 2001.