Performance at Month End

Mercury Grosvenor Trust PLC
10 May 2000


MERCURY GROSVENOR TRUST plc

All information is at 28th April 2000 and unaudited.
Performance at month end with net income reinvested.

                               Three      One       Three      Five
                               months     year      years      years
Net asset value                  5.4%     26.3%     61.6%     158.1%
Share price                      6.6%     20.6%     59.5%     203.2%
FTSE All-Share Index             1.7%      1.5%     52.2%     120.6%
At month end
Net asset value:   368.51p
Share price:       290.50p     Discount:                       21.2%
Total assets:      £95.57m     Net yield:                       2.8%
Gearing:              0.0%     Value of debt:                   Nil
Number of shares in issue:     25,933,170

The NAV is recalculated monthly with respect to cash, cash equivalents and
quoted investments in the portfolio.
Unquoted investments were last revalued at 31st December 1999

UK Sector                      % Portfolio
Support Services                      26.8
Healthcare                            12.7
Overseas Venture Funds                 8.4
Pharmaceuticals                        7.7
Distribution                           6.4
Property                               4.5
Electronics                            3.4
Paper, Packaging & Printing            2.9
Engineering                            1.4
Hotels & Leisure                       0.9
Telecom                                0.5
Media                                  0.4
Cash/Fixed Interest                   24.0
                                     -----
                                     100.0
                                     =====
Ten Largest Investments
Company                        % Portfolio     Sector

PII Group                             11.1     Support Services
Tunstall Holdings                      7.2     Healthcare
Braitrim Holdings                      6.6     Support Services
Alizyme  *                             6.6     Pharmaceuticals
Greycoat Estates                       4.5     Property 
Dechra Holdings                        3.7     Distribution
Weston Presidio II                     3.1     Overseas Funds
Match Holdings                         2.7     Healthcare 
Unicorn Professional Services          2.7     Support Services
Bertram Group Holdings                 2.7     Distribution
                                     -----
                                      50.9
                                      ====

*  Traded on the Alternative Investment Market

Sources: Standard & Poor's Micropal
Latest information is available by typing 'MAMINDEX' on Reuters, 'MAMI' on
Bloomberg, or '8800' on Topic3 (ICV terminal).