Performance at Month End

Mercury Grosvenor Trust PLC
11 June 2001


MONTHLY PERFORMANCE

MERCURY GROSVENOR TRUST plc

All information is at 31 May 2001 and unaudited.

Performance at month end with net income reinvested

                      One month  Three months One year  Three years  Five years
Net asset value            0.2%          6.2%    19.0%        63.0%      132.1%
Share price                2.7%          4.9%    32.6%        65.8%      152.6%
FTSE All-Share Index      -1.8%         -1.1%    -4.6%         7.8%       70.4%
At month end
Net asset value:*                            435.19p
Share price:                                 375.00p
Discount:                                     13.8%
Total assets:                               £107.6m
Net yield:                                     3.9%
Gearing:                                       0.0%
Value of debt:                                 Nil
Ordinary shares in issue:               25,186,755

*Includes current year net revenue of 8.1p.

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

Unquoted investments were last revalued at 31 December 2000.

UK Sector                                                           % Portfolio
Support Services                                                           19.3
Healthcare                                                                 18.8
Electronics                                                                 8.2
Pharmaceuticals                                                             8.1
Overseas Venture Funds                                                      6.9
Information Technology                                                      5.2
Property                                                                    2.4
Hotels & Leisure                                                            2.4
Paper, Packaging & Printing                                                 2.0
Distribution                                                                1.2
Engineering                                                                 1.0
Cash/Fixed Interest                                                        24.5
                                                                          100.0


Ten Largest Investments Company        %Portfolio     Sector
PII Group                                     9.6     Support Services
Raymarine                                     6.3     Electronics
Alizyme*                                      5.9     Pharmaceuticals
Tunstall Holdings                             5.5     Healthcare
Orbis*                                        5.2     Support Services
Patientline                                   4.9     Healthcare
Weston Presido III                            2.7     Overseas Funds
Trados                                        2.7     Information Technology
Unicorn                                       2.6     Support Services
Greycoat Estates                              2.4     Property

                                             47.8

 * Listed on the London Stock Exchange

Sources: Merrill Lynch Investment Managers, Standard & Poor's Micropal

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).

11 June 2001.