Performance at Month End

Mercury Grosvenor Trust PLC
13 March 2002


MONTHLY PERFORMANCE

MERCURY GROSVENOR TRUST plc

All information is at 28 February 2002 and unaudited.

Performance at month end with net income reinvested

                                       One month      Three months            One      Three years      Five years
                                                                             year
Net asset value                            -0.1%             -0.9%          -5.1%            51.4%           79.8%
Share price                                 1.6%             12.1%          -9.3%            54.8%           90.6%
FTSE All-Share Index                       -0.8%             -1.4%         -11.7%            -6.1%           33.2%


Sources: Merrill Lynch Investment Managers, Standard & Poor's Micropal
At month end
Net asset value:*                             388.86p
Share price:                                  324.00p
Discount:                                     16.7%
Total assets:                                 £95.1m
Net yield:                                    2.5%
Gearing:                                      0.0%
Ordinary shares in issue:                     25,186,755

* includes current year net revenue of 1.8 pence per share and a final dividend
of 8.0 pence per share, payable on 23 April 2002.

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 2001.

UK Sector                                             Total Assets
                                                                 %

Support Services                                              22.0
Healthcare                                                    18.1
Electronics                                                   10.5
Information Technology                                        10.4
Overseas Venture Funds                                         6.5
Pharmaceuticals                                                6.3
Hotels & Leisure                                               3.2
Other                                                          3.0
Fixed Interest                                                18.6
Cash                                                           0.1
Net current assets                                             1.3
                                                             100.0
Ten Largest Investments Company
                                                        % Portfolio Sector

PII Group                                                      17.1 Support Services
Raymarine                                                       7.2 Electronics
Patientline**                                                   6.4 Healthcare
Alizyme*                                                        4.1 Pharmaceuticals
Weston Presidio III                                             4.1 Overseas Funds
Eaqle Rock                                                      3.9 Support Services
Match Holdings                                                  3.2 Healthcare
Tunstall Holdings                                               3.0 Healthcare
Trados                                                          2.9 Information Technology
Orbiscom                                                        2.9 Information Technology
                                                               54.8

* Listed on the London Stock Exchange
** Traded on the Alternative Investment Market

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 2002



                      This information is provided by RNS
            The company news service from the London Stock Exchange