1st QrtlyDividend-Replacement

Merchants Trust PLC
2 July 2002

The following replaces the '1st Quarterly Dividend' announcement released
yesterday, 1st July 2002, at 15.52pm under RNS Number 0235Y.

The announcement should state that the first quarterly dividend is payable on
9th August 2002 to holders of record at the close of business on 12th July 2002
and not 9th August 2001 to holders or record at the close of business on 12th
July 2001 as previously reported.

All other details remain unchanged. The full amended text appears below.




For Immediate Release                                    1st July 2002





                            THE MERCHANTS TRUST PLC

                            FIRST QUARTERLY DIVIDEND





The Board has announced a first quarterly dividend for the financial year ending
31st January 2003 of 4.30p net, payable on 9th August 2002 to holders of record
at the close of business on 12th July 2002. This represents an increase of 2.4%,
when compared with the equivalent payment in 2001/2002 of 4.20p.




                                                           By Order of the Board





                                                                    Kirsten Salt

                                                                Deputy Secretary









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