Performance at Month End

Mercury Grosvenor Trust PLC
10 December 2002

MONTHLY PERFORMANCE

MERCURY GROSVENOR TRUST plc

All information is at 29 November 2002 and unaudited.

Performance at month end with net income reinvested

                                         One month       Three months            One       Three years       Five years
                                                                                year
Net asset value                               1.3%              -0.5%          -8.7%             15.2%            54.2%
Share price                                   0.0%             -17.8%         -22.1%             -9.6%            33.2%
FTSE All-Share Index                          3.5%              -1.5%         -17.9%            -29.9%            -0.6%


Sources: Merrill Lynch Investment Managers, Standard & Poor's Micropal
At month end
Net asset value:*                             350.69p
Share price:                                  219.50p
Discount:                                     37.4%
Total assets:                                 £86.5m
Net yield:                                    3.6%
Gearing:                                      0.0%
Ordinary shares in issue:                     25,186,755

* includes current year net revenue of 7.3p.

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                                                    17.0
Information Technology                                        14.6
Electronics                                                   11.8
Hotels & Leisure                                               7.7
Overseas Venture Funds                                         4.9
Support Services                                               4.5
Media                                                          4.2
Pharmaceuticals                                                2.4
Other                                                          2.4
Fixed Interest                                                27.9
Net current assets                                             2.5
Cash                                                           0.1
                                                             100.0


Ten Largest Investments Company
                                                        % Portfolio Sector

Raymarine                                                      12.1 Electronics
Travelsphere                                                    5.0 Hotels & Leisure
Match Holdings                                                  4.7 Healthcare
Castlebeck                                                      4.4 Healthcare
Eagle Rock                                                      4.4 Media
Tunstall Holdings                                               3.5 Healthcare
Orbiscom                                                        3.4 Information Technology
Acuid                                                           3.2 Information Technology
Alizyme                                                         2.5 Pharmaceuticals
Weston Presidio III                                             2.3 Overseas Funds
                                                               45.5



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 December 2002


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