Performance at Month End

Mercury Grosvenor Trust PLC
13 May 2002

MONTHLY PERFORMANCE

MERCURY GROSVENOR TRUST plc

All information is at 30 April 2002 and unaudited.

Performance at month end with net income reinvested

                                       One month      Three months            One      Three years      Five years
                                                                             year
Net asset value                            -1.2%              0.1%         -10.3%            38.0%           76.6%
Share price                                -0.9%              0.8%         -11.9%            38.7%           83.5%
FTSE All-Share Index                       -1.6%              1.7%         -10.1%           -10.8%           33.7%


Sources: Merrill Lynch Investment Managers, Standard & Poor's Micropal
At month end
Net asset value:*                             381.60p
Share price:                                  313.50p
Discount:                                     17.8%
Total assets:                                 £95.2m
Net yield:                                    2.6%
Gearing:                                      0.0%
Ordinary shares in issue:                     25,186,755

* includes current year net revenue of 3.5p.

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
                                                                 %

Information Technology                                        14.1
Healthcare                                                    13.3
Support Services                                               7.7
Electronics                                                    7.1
Overseas Venture Funds                                         5.3
Pharmaceuticals                                                4.9
Media                                                          3.9
Hotels & Leisure                                               3.4
Other                                                          2.9
Fixed Interest                                                34.3
Net current assets                                             3.0
Cash                                                           0.1
                                                             _____
                                                             100.0
Ten Largest Investments Company
                                                        % Portfolio Sector

Raymarine                                                       7.3 Electronics
Patientline**                                                   5.4 Support Services
Alizyme*                                                        4.5 Pharmaceuticals
Eagle Rock                                                      4.0 Media
Match Holdings                                                  3.9 Healthcare
Tunstall Holdings                                               3.2 Healthcare
Weston Presidio III                                             3.0 Overseas Funds
Orbiscom                                                        3.0 Information Technology
Trados                                                          2.9 Information Technology
VTSI                                                            2.7 Healthcare

                                                               39.9

* 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 May 2002



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