Performance at month end

Mercury Grosvenor Trust PLC
12 April 2001

MONTHLY PERFORMANCE

MERCURY GROSVENOR TRUST plc

All information is at 30 March 2001 and unaudited.

Performance at month end with net income reinvested
                           One month       Three One year      Three Five years
                                          months               years
Net asset value                 4.8%        4.3%    20.0%      69.6%     152.0%
(undiluted)
Share price*                   -0.2%        4.0%    23.6%      76.0%     166.1%
FTSE All-Share Index           -5.0%       -8.4%   -10.8%       4.7%      68.4%
At month end
Net asset value:*                    429.29p
Share price:                         356.50p
Discount:                             17.0%
Total assets:                       £108.1m
Net yield:                             4.1%
Value of debt:                         Nil
Ordinary shares in issue:        25,186,755

*Includes current year net revenue of 5.9p.

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                                                           18.0
Healthcare                                                                 17.5
Electronics                                                                 8.0
Pharmaceuticals                                                             7.6
Overseas Venture Funds                                                      6.9
Information Technology                                                      5.1
Property                                                                    2.4
Hotels & Leisure                                                            2.1
Paper, Packaging & Printing                                                 2.0
Distribution                                                                1.2
Engineering                                                                 1.0
Cash/Fixed Interest                                                        28.2
                                                                          100.0


Ten Largest Investments

Company                            %Portfolio Sector
PII Group                                 9.4 Support Services
Raymarine                                 6.3 Electronics
Tunstall Holdings                         5.4 Healthcare
Alizyme                                   5.3 Pharmaceuticals
Orbis                                     4.3 Support Services
Patientline                               3.9 Healthcare
Weston Presido III                        2.7 Overseas Funds
Trados                                    2.6 Information Technology
Unicorn                                   2.4 Support Services
Match Holdings                            2.3 Healthcare

                                         44.6



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

Ian Armitage, representing the Investment Manager, commented:

This has proved to be a satisfactory three-month period. The net asset value
per share increased by 4.3%. This performance compares with a fall of 8.4% in
the FTSE All-Share Index and a fall of 9.0% in the FTSE SmallCap Index.

The year has got off to an encouraging start with cash realisations (including
yield) totalling £16.9 million. Despite difficult market conditions,
Patientline, which provides bedside information and communications services in
hospitals, floated on the Alternative Investment Market, at a market
capitalisation of £104 million. The issue price equates to a return in excess
of three times cost and an IRR of 45%. The valuation of the Trust's holding on
flotation, after applying a discount for lock-in provisions, represented a
multiple of 2.5 against the year-end book value. Another investment, Braitrim,
was sold for £120 million to an Australian quoted company, producing a return
of 1.5 times cost and an IRR of 17%. This retail packaging services company
has nearly doubled revenues since our investment in 1998, during an
unexpectedly difficult period for European retailing.

We have also been active in deploying capital with the Trust contributing £9.9
 million to the expansion capital financing of Burns e-Commerce Solutions and
Comnitel Technologies and the management buy-out of Raymarine, the marine
electronics business of Raytheon Company. Details of these transactions are
available on Mercury Private Equity's website: www.mercuryprivateequity.com.

Companies within the portfolio are performing in line with expectations,
although adverse market conditions have affected the prices of a number of our
quoted holdings. In particular, the price for NASDAQ-listed Bottomline
Technologies, which provides electronic B2B applications, has dropped by 70%
since the year-end. Likewise, biotechnology company, Alizyme, which is listed
on the London Stock Exchange, has seen a fall of 25%.

Cash balances amount to £30.6 million which, coupled with an additional £25
million borrowing facility, leaves the Trust well placed to take full
advantage of better market conditions for investing.

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).
12 April 2001.

Latest information is available by typing www.mlim.co.uk/its on the internet,
'MLIMINDEX' on Reuters, 'MLIM' on Bloomberg or '8800' on Topic 3 (ICV
terminal).

15 March 2001

ENDS