Investment Policy

Merchants Trust PLC
20 October 2003


INVESTMENT POLICY

The Board of The Merchants Trust PLC (the 'Company') announces, following the
publication of the Investment Entities (Listing Rules and Conduct of Business)
Instrument 2003, that it is the Company's policy to invest no more than 15% of
its gross assets in other listed investment companies (including listed
investment trusts).



Contact:

Kirsten Salt
Company Secretary
Tel: [phone]

20 October 2003




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