Performance at month end

Mercury Grosvenor Trust PLC
14 December 2001

MONTHLY PERFORMANCE

MERCURY GROSVENOR TRUST plc

All information is at 30 November 2001 and unaudited.

Performance at month end with net income reinvested

                     One month Three months      One Three years     Five years
                                                year
Net asset value           0.6%        -0.9%    -5.4%       48.6%          99.4%
Share price              -2.4%       -10.7%   -16.3%       50.3%          88.6%
FTSE All-Share Index      4.4%        -2.4%   -12.4%        2.8%          44.1%


Sources: Merrill Lynch Investment Managers, Standard & Poor's Micropal
At month end
Net asset value:*                                        392.23p
Share price:                                             289.00p
Discount:                                                26.3%
Total assets:                                            £95.9m
Net yield:                                               5.0%
Gearing:                                                 0.0%
Ordinary shares in issue:                                25,186,755

*Includes current year net revenue of 11.4p.

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                                                           13.5
Electronics                                                                10.1
Information Technology                                                      8.5
Overseas Venture Funds                                                      7.7
Pharmaceuticals                                                             5.8
Hotels & Leisure                                                            2.6
Other                                                                       4.1
Fixed Interest                                                             23.8
Cash                                                                        0.4
Net current assets                                                          2.1
                                                                          100.0
Ten Largest Investments Company        % Portfolio Sector

PII Group                                     11.4 Support Services
Raymarine                                      7.2 Electronics
Tunstall Holdings                              6.6 Healthcare
Patientline**                                  6.0 Healthcare
Match Holdings                                 3.8 Healthcare
Alizyme*                                       3.5 Pharmaceuticals
Orbiscom                                       3.0 Information Technology
Weston Presidio III                            3.0 Overseas Funds
Trados                                         2.9 Information Technology
VTSI                                           2.7 Healthcare
                                              50.1

* 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).



14 December 2001.