Performance at Month End

Mercury Grosvenor Trust PLC
14 March 2001



MERCURY GROSVENOR TRUST plc
All information is at 28 February 2001 and unaudited.

Performance at month end with net income reinvested
                         One      Three      One     Three      Five
                       month     months     year     years     years
Net asset value        -0.2%      -1.2%    17.2%     67.0%    146.1%
Share price             3.1%       3.5%    33.2%     93.5%    179.2%
FTSE All-Share Index   -5.1%      -2.1%    -1.9%     15.0%     78.7%

At month end
Net asset value:*               423.60p
Share price:                    371.50p
Discount:                         12.3%
Total assets:                   £106.7m
Net yield:                         2.2%
Gearing:                           0.0%
Value of debt:                      Nil
Ordinary shares in issue:    25,186,755
*Includes revenue items accrued to date.

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 2000.

UK Sector                    % Portfolio

Support Services                    24.0
Healthcare                          17.4
Pharmaceuticals                      9.4
Electronics                          8.6
Overseas Venture Funds               7.6
Information Technology               4.4
Property                             3.7
Paper, Packaging & Printing          3.1
Hotels & Leisure                     2.3
Distribution                         1.3
Engineering                          1.0
Cash/Fixed Interest                 17.2
                                   _____
                                   100.0
                                   -----

Ten Largest Investments
Company                      % Portfolio       Sector

PII Group                            9.9       Support Services
Alizyme                              6.7       Pharmaceuticals
Raymarine                            6.6       Electronics
Tunstall Holdings                    5.7       Healthcare
Braitrim Holdings                    4.9       Support Services
Orbis                                4.7       Support Services
Greycoat Estates                     3.7       Property
Patientline                          3.1       Healthcare
Weston Presidio III                  2.8       Overseas Funds
Trados                               2.7       Information Technology
                                    ____
                                    50.8
                                    ----
 
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).

13 March 2001.