Performance at Month End

Mercury Grosvenor Trust PLC
6 December 1999


MERCURY GROSVENOR TRUST plc
All information is at 30th November 1999 and unaudited

Performance at month end with net income reinvested

                       Three     One       Three     Five
                      months     year      years     years

Net asset value          2.8%    17.7%     57.9%    154.7%
Share price              1.5%    29.5%     62.5%    120.1%
FTSE All-Share Index     5.5%    20.5%     68.9%    135.7%
At month end

Net asset value: 328.13p includes current yr net income of 8.44p
Share price:     266.00p Discount:                         18.9%
Total assets:    £85.09m Net yield:                         1.9%
Gearing:           0.0%  Value of debt:                     Nil

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

Unquoted investments were last revalued at 30th June 1999
UK Sector                    % Portfolio
Support Services                    27.0
Health                              24.6
Property                            11.1
Pharmaceuticals                      5.7
Distribution                         5.3
Overseas Venture Funds               4.5
Media                                4.1
Engineering                          2.2
Electronics                          1.7
Paper, Packaging & Printing          1.5
Telecom                              1.3
Hotels & Leisure                     1.3
Cash/Fixed Interest                  9.7
                                   -----
                                   100.0
Ten Largest Investments
Company                   % Portfolio     Sector

G2 Estates                    5.6         Property 
Tunstall                      4.7         Health
PII                           4.0         Support Services
Priory Healthcare             3.5         Health 
Braitrim                      3.3         Support Services 
Weston Presidio               2.6         Overseas Funds 
Dechra Holdings               2.5         Distribution
Biocompatibles+               2.2         Health
Patientline Holdings          2.0         Support Services
Match                         1.8         Health

                             -----
                              32.2
                              ====

+  Listed on The London Stock Exchange

Sources: Mercury Asset Management Ltd, Micropal
Latest information is available by typing 'MAMINDEX' on Reuters, 'MAMI' on
Bloomberg, or '8800' on Topic3 (ICV terminal).
6th December 1999.