Dividend Declaration

Merchants Trust PLC
12 July 2004



For Immediate Release                               12 July 2004



                            THE MERCHANTS TRUST PLC

                            FIRST QUARTERLY DIVIDEND


The Board has declared a first quarterly dividend for the financial year ending
31st January 2005 of 4.5p net, payable on 13 August 2004 to holders of record at
the close of business on 23 July 2004.




By Order of the Board




Kirsten Salt
Secretary










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