Top 10 Holdings

Merchants Trust PLC
05 September 2003

                                           THE MERCHANTS TRUST PLC
                                   TOP 10 HOLDINGS AS AT 29 AUGUST 2003

Stock Name                                 Market Value            %
                                                £

HSBC                                       39,024,000             8.49
BP                                         38,824,500             8.44
GlaxoSmithkline                            26,554,000             5.78
Shell Transport and Trading                22,124,700             4.81
Barclays                                   18,676,000             4.06
BT                                         15,180,000             3.30
Lloyds TSB                                 13,944,000             3.03
Royal Bank of Scotland                     11,018,000             2.40
Alliance & Leicester                       10,554,000             2.30
Gallaher                                   10,193,100             2.22

Total Assets less Current Liabilities     459,775,509


Enquiries:

Kirsten Salt
Tel: [phone]

5th September 2003


                      This information is provided by RNS
            The company news service from the London Stock Exchange                 KRAR