Performance at Month End

Mercury Grosvenor Trust PLC
10 October 2002

MONTHLY PERFORMANCE

MERCURY GROSVENOR TRUST plc

All information is at 30 September 2002 and unaudited.

Performance at month end with net income reinvested

                                         One month       Three months       One year      Three years       Five years
                                                                                
Net asset value                              -1.5%              -4.8%          -9.1%             18.8%            55.8%
Share price                                 -10.9%             -20.5%         -18.3%              1.0%            41.8%
FTSE All-Share Index                        -11.8%             -19.6%         -20.8%            -31.2%           -16.8%


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

At month end
Net asset value:*                             346.93p
Share price:                                  238.00p
Discount:                                     31.4%
Total assets:                                 £85.7m
Net yield:                                    3.4%
Gearing:                                      0.0%
Ordinary shares in issue:                     25,186,755

* includes current year net revenue of 6.5p.

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                                                    16.7
Information Technology                                        13.5
Electronics                                                   11.9
Hotels & Leisure                                               7.7
Overseas Venture Funds                                         6.1
Support Services                                               4.5
Media                                                          4.3
Pharmaceuticals                                                1.9
Other                                                          2.4
Fixed Interest                                                27.8
Net current assets                                             2.5
Cash                                                           0.7
                                                             100.0
Ten Largest Investments Company
                                                    %   Portfolio Sector

Raymarine                                           12.2 Electronics
Travelsphere                                         5.1 Hotels & Leisure
Castlebeck                                           4.5 Healthcare
Match Holdings                                       4.4 Healthcare
Eagle Rock                                           4.4 Media
Tunstall Holdings                                    3.5 Healthcare
Orbiscom                                             3.3 Information Technology
Weston Presidio III                                  3.1 Overseas Funds
Acuid                                                2.3 Information Technology
Patientline*                                         2.3 Support Services
                                                    45.1

* 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).



10 October 2002


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