Buy Back Announcement

Merchants Trust PLC
23 August 2000

The Merchants Trust PLC announces that on 23rd August 2000 it re-purchased,
for cancellation, 50,000 ordinary shares at 382p per share (representing 0.49%
of the issued ordinary capital).

Settlement and cancellation of the re-purchased 50,000 ordinary shares is due
on 30th August 2000 when the issued share capital of the Trust will fall to
102,278,936 ordinary 25p shares.

Enquiries:
Nicola Schrager von Altishofen
Tel: [phone]

As at 23rd August 2000