Net Asset Value(s)

Merchants Trust PLC
25 July 2005

The Merchants Trust plc

The Merchants Trust PLC announces that at close of business on 22 July 2005:

1)   based on the book value of the company's long term debt and preference
     shares, its net asset value per ordinary share was 438.63p; and

2)   based on the market value of the company's long term debt and preference
     shares, its net asset value per ordinary share was 402.84p.

The market values of the company's long term debt and preference shares are
based on closing Stock Exchange Daily Official List prices (with the exception
of the 2029 5.875% debenture stock where the market value is derived by applying
an interest rate that represents a suitable premium over a comparable gilt) and
are updated monthly.

Enquiries:
Kirsten Salt
Tel: [phone]
25 July 2005




                      This information is provided by RNS
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