Month End Performance

MERCURY GROSVENOR TRUST PLC
7 September 1999


All information is at 31st August 1999 and unaudited
Performance at month end with net income reinvested

                       Three       One     Three      Five
                      months      year     years     years
Net asset value          9.1%    14.5%     58.0%    144.7%
Share price              6.7%    14.4%     70.3%    104.6%
FTSE All-Share Index     2.4%    23.6%     67.0%    111.6%
At month end
Net asset value: 319.32p includes current yr net income of 5.98p
Share price:     262.00p Discount:                         18.0%
Total assets:    £82.81m Net yield:                         1.9%
Gearing:           0.0%  Value of debt:                     Nil

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

Unquoted investments were last revalued at 30th June 1999
UK Sector                    % Portfolio
Support Services                    23.9
Health                              14.1
Brewers, Pubs & Restaurants         11.6
Property                            10.0
Overseas Venture Funds               6.9    
Distribution                         4.9
Transport                            4.8
Media                                3.6
Pharmaceuticals                      3.4
Engineering                          1.9
Hotels & Leisure                     1.8
Electronics                          1.4
Paper, Packaging & Printing          1.3
Telecom                              1.2
Cash/Fixed Interest                  9.2       
                                   -----
                                   100.0

Ten Largest Investments
Company                   % Portfolio          Sector

Luminar+                      11.6         Brewers, Pubs &Restaurants
G2 Estates                    10.0         Property
Priory Healthcare              6.2         Health 
Braitrim                       6.0         Support Services 
PII                            5.3         Support Services
Cityflyer Express              4.8         Transport
Dechra Holdings                4.6         Distribution
Biocompatibles                 3.2         Health
Match Holdings                 3.2         Health
Patientline Holdings           3.2         Support Services
                             -----
                              58.1
                              ====

+  Listed on The London Stock Exchange

Sources: Mercury Asset Management Ltd, Micropal
Latest information is available by typing 'MAMINDEX' on Reuters, 'MAMI' on
Bloomberg, or '8800' on Topic3 (ICV terminal).