Dividend Declaration

Merchants Trust PLC
14 July 2003

For Immediate Release                                    14th July 2003


                            THE MERCHANTS TRUST PLC
                            FIRST QUARTERLY DIVIDEND

The Board has announced a first quarterly dividend for the financial year ending
31st January 2004 of 4.3p net, payable on 15th August 2003 to holders of record
at the close of business on 25th July 2003.

                                                           By Order of the Board

                                                                    Kirsten Salt
                                                                      Secretary




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