Dividend Declaration

Merchants Trust PLC
7 January 2002




For Immediate Release                                    7th January 2002

                           THE MERCHANTS TRUST PLC


                                 ANNOUNCEMENT


                           THIRD QUARTERLY DIVIDEND


                        Year Ending 31st January 2002

Third Quarterly Dividend


The Board has declared a third quarterly dividend per Ordinary Share of 4.20p
net, payable on 8th February 2002 to holders of record at the close of
business on 18th January 2002.


This compares with a third quarterly dividend of 4.10p for the previous year.
The Board has forecast dividends totalling at least 16.8p for the current
financial year, an increase of 2.4% over the payment made in 2000/2001.


By Order of the Board


Kirsten Salt

Deputy Company Secretary


For further information please contact:


Dresdner RCM Global Investors (UK) Ltd

Simon White          020 7475 2700

Nigel Lanning        020 7475 2700