Performance at Month End

Mercury Grosvenor Trust PLC
11 September 2002

MONTHLY PERFORMANCE

MERCURY GROSVENOR TRUST plc

All information is at 30 August 2002 and unaudited.

Performance at month end with net income reinvested

                                       One month       Three months            One      Three years      Five years
                                                                              year
Net asset value                            -0.4%              -6.3%          -9.2%            18.9%           55.8%
Share price                                 1.5%             -15.0%         -15.4%            11.6%           55.5%
FTSE All-Share Index                        0.3%             -16.6%         -18.7%           -24.9%            2.0%


Sources: Merrill Lynch Investment Managers, Standard & Poor's Micropal
At month end
Net asset value:*                             352.28p
Share price:                                  267.00p
Discount:                                     24.2%
Total assets:                                 £87.2m
Net yield:                                    3.0%
Gearing:                                      0.0%
Ordinary shares in issue:                     25,186,755

* includes current year net revenue of 5.9p.

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 2002.
UK Sector                                             Total Assets
                                                                 %

Healthcare                                                    16.4
Information Technology                                        13.4
Electronics                                                   11.6
Hotels & Leisure                                               7.8
Overseas Venture Funds                                         6.1
Support Services                                               4.7
Media                                                          4.2
Pharmaceuticals                                                3.3
Other                                                          2.4
Fixed Interest                                                27.4
Net current assets                                             2.6
Cash                                                           0.1
                                                             100.0
Ten Largest Investments Company
                                                        % Portfolio Sector

Raymarine                                                      12.0 Electronics
Travelsphere                                                    5.0 Hotels & Leisure
Castlebeck                                                      4.4 Healthcare
Match Holdings                                                  4.4 Healthcare
Eagle Rock                                                      4.3 Media
Tunstall Holdings                                               3.5 Healthcare
Orbiscom                                                        3.3 Information Technology
Weston Presidio III                                             3.1 Overseas Funds
Alizyme*                                                        2.8 Pharmaceuticals
Patientline**                                                   2.4 Support Services
                                                               45.2

* 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).



11 September 2002


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

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