Dividend Declaration

Merchants Trust PLC
13 January 2003



For Immediate Release                                    13th January 2003

                            THE MERCHANTS TRUST PLC


                                  ANNOUNCEMENT


                            THIRD QUARTERLY DIVIDEND


                         Year Ending 31st January 2003

Third Quarterly Dividend


The Board has declared a third quarterly dividend per Ordinary Share of 4.30p
net, payable on 14th February 2003 to holders of record at the close of business
on 24th January 2003.


This compares with a third quarterly dividend of 4.20p for the previous year.
The first three quarterly dividends for the current financial year total 12.90p,
an increase of 2.4% over the payments made in the equivalent period in 2001/
2002.


By Order of the Board


Kirsten Salt

Company Secretary


For further information please contact:


Dresdner RCM Global Investors (UK) Ltd

Simon White            020 7475 7106

Nigel Lanning          020 7475 5806





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