Performance at Month End

Mercury Grosvenor Trust PLC
17 April 2002

MONTHLY PERFORMANCE

MERCURY GROSVENOR TRUST plc

All information is at 28 March 2002 and unaudited.

Performance at month end with net income reinvested

                                       One month      Three months            One      Three years      Five years
                                                                             year

Net asset value                             1.3%              1.5%          -8.2%            51.0%           76.7%

Share price                                 0.2%             10.4%          -9.0%            60.4%           85.2%

FTSE All-Share Index                        4.2%              2.3%          -3.2%            -5.0%           38.6%


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

At month end

Net asset value:*                             386.07p

Share price:                                  316.50p

Discount:                                     18.0%

Total assets:                                 £96.1m

Net yield:                                    2.5%

Gearing:                                      0.0%

Ordinary shares in issue:                     25,186,755

* includes current year net revenue of 4.4p.

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                                        13.9

Healthcare                                                    12.4

Support Services                                               8.3

Electronics                                                    7.0

Pharmaceuticals                                                5.6

Overseas Venture Funds                                         5.4

Media                                                          3.8

Hotels & Leisure                                               3.2

Other                                                          2.9

Fixed Interest                                                36.9

Cash                                                           0.6

Net current assets                                               -
                                                             _____
                                                             100.0

Ten Largest Investments Company
                                                        % Portfolio Sector


Raymarine                                                       7.0 Electronics

Patientline**                                                   6.0 Healthcare

Alizyme*                                                        4.9 Pharmaceuticals
                                                      
Eagle Rock                                                      3.8 Support Services

Match Holdings                                                  3.1 Healthcare

Tunstall Holdings                                               3.0 Healthcare

Weston Presidio III                                             3.0 Overseas Funds

Trados                                                          2.9 Information Technology

Orbiscom                                                        2.8 Information Technology

VTSI                                                            2.6 Healthcare


                                                               39.1

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

Ian Armitage, representing Hg Capital, commented:

Performance Summary

Over the three months to 31 March 2002 the net asset value (with net income
reinvested) rose by 1.5% to 386.07p. The discount to net asset value reduced
from 22.6% to 18.0% and the Fund's share price increased by 10.4% to 316.50p.
The FTSE All-Share Index increased by 2.3% over the same period.

Investments

There were no new investments in the period.

£1.7 million of capital was deployed in follow-on investments including:
ClinPhone Group Limited (£0.6 million), Burns E-Commerce Solutions (£0.4
million), and Profiad Ltd (£0.3 million).

Realisations

The Fund received £20.3 million in capital and income, £19.8 million of which
represented proceeds from the sale of PII Group Limited ('PII') to GE Power
Systems. Post syndication, the Fund invested a total of £5.7 million in PII and
has so far received £20.8 million in cash with an estimated deferred payment in
the region of £2.3 million due over the next 15 to 36 months, contingent on
warranty claims. This represents a fourfold return on money since the original
investment in 1998.

Portfolio Companies

Direct unquoted investments were last revalued at 31 December 2001 and will next
be revalued at 30 June 2002.

Since 31 December 2001, the portfolio value has decreased by £0.5 million net of
purchases and sales. Increases in the share prices of quoted stocks, Alizyme plc
and Power Leisure plc, were offset by decreases in values of Orbis PLC,
Patientline plc, Bottomline Technologies Inc and the fund Euroknights III LP.

Markets/Investment Climate

Little has happened during the first quarter of 2002 to modify our view of the
economy and prospects for our style of investing. Whilst consumer spending stays
up and output in the USA has rebounded, demand conditions in most markets still
remain challenging. In some sectors such as food, inflation has made a welcome
return but this is not a general phenomenon. Many companies are still struggling
to maintain profits. Capital markets remain soft and punish poor performers. We
expect some private equity investors to announce major write downs in 2002,
particularly those with big exposures to venture capital/early stage deals
completed in 1999 and early 2000.

Our analysis suggests that realising value will be difficult, other than from
selling or floating high-quality companies that are still attracting strong
interest and good valuations. Conversely, conditions for investing have
improved. The forced seller is back in the market and loose holders of
businesses are refocusing and selling those businesses that do not fit.

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).

17 April 2002


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