Performance at Month End

Mercury Grosvenor Trust PLC
9 June 2000


MERCURY GROSVENOR TRUST plc
All information is at 31st May 2000 and unaudited.
Performance at month end with net income reinvested.

                           Three     One      Three     Five
                           months    year     years     years
Net asset value             4.6%     32.0%    62.3%    191.0%
Share price                 5.4%     23.1%    55.4%    221.8%
FTSE All-Share Index        1.7%      6.8%    48.3%    114.1%

At month end
Net asset value:  377.98p 
Share price:      294.00p   Discount:                   22.2%
Total assets:     £98.02m   Net yield:                   2.7%
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                           11.8
Overseas Venture Funds                9.1
Pharmaceuticals                       8.6
Distribution                          6.2
Property                              4.4
Electronics                           3.7
Paper, Packaging & Printing           2.8
Engineering                           1.4
Hotels & Leisure                      1.3
Telecom                               0.5
Media                                 0.5
Cash/Fixed Interest                  22.9
                                    -----
                                    100.0
                                    =====
Ten Largest Investments
Company                       % Portfolio      Sector

PII Group                            10.8      Support Services
Alizyme  *                            7.5      Pharmaceuticals
Braitrim Holdings                     6.5      Support Services
Tunstall Holdings                     6.3      Healthcare
Greycoat Estates                      4.4      Property
Dechra Holdings                       3.6      Distribution
Weston Presidio II                    3.1      Overseas Funds
Match Holdings                        2.7      Healthcare 
Euroknights III                       2.7      Overseas Funds
Unicorn Professional Services         2.6      Support Services
                                    -----
                                     50.2
                                    =====

*  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).
9th June 2000