Performance at Month End

Mercury Grosvenor Trust PLC
10 April 2003

MERCURY GROSVENOR TRUST plc

All information is at 31 March 2003 and unaudited.

Performance at month end with net income reinvested

                                         One month       Three months            One       Three years       Five years
                                                                                year

Net asset value                              -0.8%               0.3%         -11.5%             -2.5%            37.9%

Share price                                   0.4%               0.0%         -30.7%            -22.0%            11.1%

FTSE All-Share Index                         -1.0%              -7.5%         -30.0%            -39.5%           -29.1%


Sources: Merrill Lynch Investment Managers, Standard & Poor's Micropal

At month end

Net asset value:*                             333.84p

Share price:                                  211.50p

Discount:                                     36.6%

Total assets:                                 £84.1m

Net yield:                                    3.8%

Gearing:                                      Nil

Ordinary shares in issue:                     25,186,755

* includes current year net revenue of 0.1p.

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 2002.

UK Sector                                             Total Assets
                                                                 %

Healthcare                                                    22.0

Information Technology                                        15.8

Electronics                                                   13.8

Overseas venture funds                                        13.0

Hotels & Leisure                                               7.9

Support Services                                               4.8

Media                                                          4.4

Pharmaceuticals                                                3.0

Other                                                          0.6

Fixed Interest                                                13.7

Net current assets                                             0.8

Cash                                                           0.2

                                                             100.0


Ten Largest Investments Company
                                                        % Portfolio Sector


Raymarine                                                      13.8 Electronics

FTE Automotive                                                  8.8 Overseas Funds

Pharma Bio                                                      5.1 Healthcare

Travelsphere                                                    5.0 Hotels & Leisure

Match Holdings                                                  4.9 Healthcare

Castlebeck                                                      4.5 Healthcare

Eagle Rock                                                      4.4 Media

Acuid                                                           4.2 Information Technology

Tunstall Holdings Ltd                                           3.5 Healthcare

Alizyme                                                         3.0 Pharmaceuticals

                                                               57.2



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).



10 April 2003


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