Top Ten Holdings

Hansa Trust PLC
02 December 2004


Hansa Trust PLC

At close of business on 30 November 2004 the Company held the following
investments with a value greater than 5% of gross assets or were at least the 10
largest investments, a declaration of which is required quarterly under the
Listing Rules Chapter 21.20 l (ii), however Hansa Trust PLC has decided to
declare this information on a monthly basis:-
                                                                             %
Ocean Wilsons Holdings Limited                                           18.07
Glenmorangie PLC                                                          8.37
Cairn Energy PLC                                                          5.91
BRIT Insurance Holdings PLC                                               5.16
Chaucer Holdings PLC                                                      3.77
Cathedral Capital plc                                                     3.54
Resolution Life                                                           3.15
GUS PLC                                                                   3.10
Amlin                                                                     2.91
Tullow Oil                                                                2.61

Hansa Capital Limited
corporate secretary to Hansa Trust PLC
020 7647 5750



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