Final Results - Year Ended 31 December 1999

Mercury Grosvenor Trust PLC
24 February 2000


                  MERCURY GROSVENOR TRUST PLC
                              
  Preliminary announcement of results in respect of the year
                   ended 31st December 1999

HIGHLIGHTS

*  Net assets per share rose by 34.4% to 346.5p compared with increases of
   21.2% in the FTSE All-Share Index and 49.6% in the FTSE SmallCap Index.

*  Total additional investments of £28.5 million (£23.6 million to new
   investments and £4.9 million to existing investments) (1998: £23.5
   million).

*  Realisations of £39.6 million (1998: £8.3 million).

*  Profit before taxation of £3.3 million (1998: £1.9 million restated).

*  Earnings per share of 9.57p (1998: 5.24p restated).

*  Increased dividend of 8.00p per share (1998: 4.95p).

*  Shareholder approval being sought for a share buy-back programme.


Chairman, David Bucks, comments:

'The Board is recommending a final dividend for the year ended 31st December
1999 of 8.00p per ordinary share (1998: 4.95p).
 
'The Company committed £23.6 million to seven new investments; realisations
totalled £39.6 million.

'Shareholder approval is being sought to authorise the buy-back of up to
14.99% of the Company's share capital.  Your Board will use this power at its
discretion when it is in the best interests of shareholders as a whole to do
so.

'Under the Company's Articles of Association, Bob Hall is due to retire by
rotation at this year's Annual General Meeting.  Due to commitments elsewhere,
Bob has indicated that he will not seek re-election.  The Board would like to
express its appreciation for his contribution to our deliberations and support
to the Company during his time as a director.

'The year has been characterised by strong stock markets, particularly for
small capitalisation companies.  It would be prudent to expect some volatility
in markets in the coming year; however, the Board and the Investment Manager
remain confident about the overall quality of the Company's investment
portfolio.'

Ian Armitage, Managing Director of Mercury Private Equity, comments:

'During 1999 the Company invested a total of £28.5 million (1998: £23.5
million), a year-on-year increase of over 20%. £23.6 million was invested in
seven new companies while existing investments received the remaining £4.9
million.  It was also a highly successful year for realisations with proceeds
amounting to £39.6 million (1998: £8.3 million).

'Our positive disposition during investing in fast-growth companies and
management buy-outs remains intact.  The Company's portfolio contains a number
of companies that are exploiting new technologies and new markets as well as
recording significant rates of growth.  We would expect a small number of
these businesses to attract offers during 2000 and the remainder to make solid
progress in building their businesses.

'As for the deployment of capital, the market remains competitive in all
segments.  There are signs that the disciplines required to produce good rates
of return over the long-term are being ignored by some of the newer
participants in the market, particularly in the internet arena.

'Our participation in this exciting market and others continues to be based on
the application of proven disciplines, which we believe all continue to bear
fruit in the future.'



REVENUE STATEMENT
for the year ended 31st December 1999

                                                         1999         1998
                                                                  (restated)
                                                        £'000        £'000
                                                      (audited)    (audited)

Income (Note 2)                                         3,941        2,495
                                                           
Expenses:                                                  
Investment management and administration fees            (360)        (327)
Other expenses                                           (236)        (234)
                                                       ------       ------    
Revenue on ordinary activities before taxation          3,345        1,934
Taxation                                                 (864)        (575)
                                                       ------       ------
Revenue on ordinary activities after taxation           2,481        1,359
Dividend (Note 3)                                      (2,075)      (1,284)
                                                       ------       ------
Transfer to reserves                                      406           75
                                                       ======       ======

Earnings per ordinary share                             9.57p        5.24p
                                                       ======       ======

Dividend per ordinary share (Note 3)                    8.00p        4.95p
                                                       ======       ======


TOTAL RETURN PER ORDINARY SHARE
for the year ended 31st December 1999
                                                                      1998
                                                         1999     (restated)
                                                      (audited)    (audited)
                                                            
Earnings                                                9.57p        5.24p
Capital return                                         87.17p       (0.08)p
                                                       ------       ------
Total return per ordinary share                        96.74p        5.16p
                                                       ======       ======


BALANCE SHEET
as at 31st December 1999

                                                         1999         1998
                                                                 (restated)
                                                        £'000        £'000
                                                      (audited)   (audited)

Fixed assets                                               
Investments                                                
  Listed in Great Britain                               7,990       15,371
  Unlisted at directors' valuation                     66,491       46,878
                                                       ------       ------
                                                       74,481       62,249
                                                           
Current assets                                             
Debtors                                                 3,458        2,519
Government securities                                  14,363        3,975
Cash at bank                                              163            -
                                                       ------       ------
                                                       17,984        6,494
                                                           
Creditors - amounts falling due within one year         2,602        1,892
                                                       ------       ------
Net current assets                                     15,382        4,602
                                                       ------       ------
Net assets                                             89,863       66,851
                                                       ======       ======

Capital and reserves                                       
Called up share capital                                 6,483        6,483
Share premium account                                  14,123       14,123
Capital reserves                                           
  Capital redemption reserve                            1,061        1,061
  Capital reserve - realised                           60,882       33,819
  Capital reserve - unrealised                          5,673       10,130
Revenue reserve                                         1,641        1,235
                                                       ------       ------
Total equity shareholders' funds                       89,863       66,851
                                                       ======       ======

Net asset value per ordinary share                     346.5p       257.8p
                                                       ======       ======


CASH FLOW STATEMENT
for the year ended 31st December 1999


                                                         1999         1998
                                                        £'000        £'000
                                                           
Net cash inflow from operating activities                 828          273
                                                       ------       ------
            
Returns on investments and servicing of finance
Interest received                                          52          519
                                                       ------       ------

Taxation                                                  (38)        (243)
                                                       ------       ------

Capital expenditure and financial investment
Purchase of fixed asset investments                   (29,360)     (23,539)
Proceeds from the sale of fixed asset investments      40,487        8,355
                                                       ------       ------
Net cash inflow/(outflow) for capital expenditure
and financial investment                               11,127      (15,184)
                                                       ------       ------
Equity dividends paid                                  (1,284)      (1,284)
                                                       ------       ------
Net cash inflow/(outflow) before management of
liquid resources                                       10,685      (15,919)
                                                       ------       ------
Net cash inflow/(outflow) from management of
liquid resources                                           
Purchase of Government securities                     (55,968)      (3,954)
Sale/redemption of Government securities               45,463        4,000
                                                       ------       ------
Net cash (outflow)/inflow from management of
liquid resources                                      (10,505)          46
                                                       ------       ------
Increase/(decrease) in cash                               180      (15,873)
                                                       ======       ======



GEARING

The Company had nil gearing at 31st December 1999 (1998: nil).




NOTES

1.  BASIS OF PREPARATION

    The preliminary financial statements have been prepared on the basis of
    the accounting policies set out in the Company's financial statements as
    at 31st December 1999.


2.  INCOME                                               1999         1998
                                                        £'000        £'000
                                                            
    Income from investments                                 
    Franked investment income                             390          537
    UK unfranked investment income                      3,108        1,137
    Stock dividends                                         -           74
    Overseas dividends                                      -           23
                                                       ------       ------
                                                        3,498        1,771
                                                       ------       ------

    Other income                                            
    Gilt interest                                         375          132
    Deposit interest                                       50          520
    Other fees                                             18           72
                                                       ------       ------
                                                          443          724
                                                       ------       ------
    Total income                                        3,941        2,495
                                                       ======       ======

    Total income comprises:                                 
    Dividends                                             390          634
    Interest                                            3,533        1,789
    Other income                                           18          172
                                                       ------       ------
                                                        3,941        2,495
                                                       ======       ======

    Income from investments comprises:
    Listed UK                                             135          238
    Overseas                                                -           23
    Unlisted                                            3,363        1,510
                                                       ------       ------
                                                        3,498        1,771
                                                       ======       ======

3.  DIVIDEND

    The directors will recommend to shareholders at the Annual General Meeting
    to be held on 18th April 2000 that a dividend of 8.00p per ordinary share
    be paid on 28th April 2000 to shareholders on the register of members at
    the close of business on 7th April 2000.  The shares will be quoted
    ex-dividend on 3rd April 2000.

4.  The figures set out above have been reported upon by the auditors.  The
    comparative figures are derived from the audited financial statements of
    Mercury Grosvenor Trust plc for the year ended 31st December 1998.  The
    annual investment management fee is charged 75% to capital reserve -
    realised and 25% to the revenue account in line with the Board's expected
    split of long-term returns in the form of capital gains and income.  This
    is a change in policy from previous years.  The comparative figures for
    the year ended 31st December 1998 have been restated accordingly.  The
    report of the auditors for the years ended 31st December 1998 and 1999
    contain no qualification or statement under section 237(2) or (3) of the
    Companies Act 1985.

5.  The financial information contained in this announcement does not
    constitute statutory accounts within the meaning of section 240 of the
    Companies Act 1985.  The full annual report and financial statements for
    the year ended 31st December 1999 will be filed with the Registrar of
    Companies after the Annual General Meeting.

7.  Copies of the annual report together with a circular regarding the
    proposed buy-back programme and the changes to the Articles of Association
    will be sent to members shortly and will be available from the registered
    office, c/o The Company Secretary, Mercury Grosvenor Trust plc, 33 King
    William Street, London EC4R 9AS.

8.  The Annual General Meeting of the Company will be held at 33 King William
    Street, London EC4R 9AS on Tuesday 18th April 2000 at 12.00 noon.  The
    Extraordinary General Meeting to approve the buy-back programme and the
    changes to the Articles of Association will immediately follow the Annual
    General Meeting.


24th February 2000
33 King William Street
London EC4R 9AS