Dividend Declaration

Merchants Trust PLC
10 January 2005



For Immediate Release                                          10 January 2005


                            THE MERCHANTS TRUST PLC

                                  ANNOUNCEMENT

                            THIRD QUARTERLY DIVIDEND

                          Year Ending 31 January 2005



Third Quarterly Dividend


The Board has declared a third quarterly dividend per Ordinary Share of 4.50p
net, payable on 17 February 2005 to holders on the register at the close of
business on 21 January 2005.


For further information please contact:

RCM (UK) Limited
Simon White               020 7065 1539
Nigel Lanning             020 7065 1474




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