RNS Number:3972H
Merrill Lynch Investment ManagersLd
12 February 2003

                                                                FORM SAR 5


                                       Date of disclosure....12th FEBRUARY, 2003

             DISCLOSURE UNDER NOTE 3 OF RULE 5 OF THE RULES GOVERNING
                   SUBSTANTIAL ACQUISITIONS OF SHARES ("SARs")

                 
Date of sale........11TH FEBRUARY, 2003....................................

Sale of......MERCURY GROSVENOR TRUST PLC..................(name of company)


(1) Class of voting shares    Number of shares/rights   If rights over shares
    (eg ordinary shares)      over shares sold          sold, as opposed
                                                        to the shares
                                                        themselves, specify
                                                        nature of rights

    ..25P ORDINARY SHARES     ...90,000.......shares    .....................
                              ...90,000.......rights


(2) Resultant total holding   Resultant total holding   Total percentage
    of voting shares (and %   of rights over shares
    of total voting shares    (and % of total voting
    in issue)                 shares in issue)

    ..4,260,223....(16.91%)   ..4,260,223....(16.91%)   .............(16.91%)


(3) Party making disclosure
..MERRILL LYNCH INVESTMENT MANAGERS LIMITED...........................  

(4)  (a)  Name of person selling shares or rights over shares
..MERRILL LYNCH INVESTMENT MANAGERS LIMITED............................
          and, if different, beneficial owner............................... 

     (b)  Names of any other persons acting by
          agreement or understanding (see SAR 5)............................


Signed, for and on behalf of the party named in (3) above...................

(Also print name of signatory)...........JAMES STRATFORD....................

Telephone and extension number...........020 7743 2253......................


For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs.  If in doubt, contact the Panel on Takeovers and Mergers, 
Tel. No: 020 7382 9026.


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