Top 10 Holdings

Merchants Trust PLC
08 August 2003


                                           THE MERCHANTS TRUST PLC
                                    TOP 10 HOLDINGS AS AT 3Au1 JULY 2003

Stock Name                                                                        Market Value           %
                                                                                        £

BP                                                                                38,553,000             8.47
HSBC                                                                              36,960,000             8.12
GlaxoSmithkline                                                                   26,224,000             5.76
Shell Transport and Trading                                                       21,734,100             4.77
Barclays                                                                          19,010,950             4.17
Lloyds TSB                                                                        14,151,900             3.11
Royal Bank of Scotland                                                            12,299,000             2.70
BT                                                                                11,451,375             2.51
Alliance & Leicester                                                              10,746,000             2.36
Gallaher                                                                          10,348,650             2.27

Total Assets less Current Liabilities                                            455,355,432






Enquiries:


Kirsten Salt
Tel: [phone]
8th August 2003


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