Interim Results-Replacement

Merchants Trust PLC 15 September 2004 The following replaces the 'Interim Results' statement released on 13 September 2004 at 17.12 under RNS number 9123C. The earnings per ordinary share increased by 0.5% and not 4.9% as previously stated. All other details remain unchanged. The full amended text appears below. For immediate release 13 September 2004 THE MERCHANTS TRUST PLC Announcement of Unaudited Interim Results For the six months ended 31 July 2004 Highlights • Earnings per ordinary share of 10.22p, up 0.5%. • Dividends per share for the first six months up 4.7%. • Net Asset Value of 355.1p per share, up 1.4% compared with 0.5% rise in the FTSE 100 Index. • Historic dividend yield of 5.4% net at 327.0p per share. Interim Results Earnings per share In the first six months of the current year, earnings have risen by 0.5% to 10.22p per share. As in 2003/4, we expect dividend receipts to have been weighted towards the first half of the current financial year. Interim Dividends The Board is recommending a second quarterly dividend of 4.5p per share, payable on 10 November 2004 to shareholders on the register at close of business on 8 October 2004. The total distribution for the first half of 2004/5 is 9.0p net, an increase of 4.7% when compared with the same period last year. In the absence of unforeseen circumstances, the Board intends to recommend dividends totalling 18.0p net for 2004/5, an increase of 2.3%. Net Asset Value The net asset value per ordinary share was 355.1p at 31 July 2004. This represents an increase of 1.4% when compared with the equivalent figure at 31 January 2004 - the end of the last financial year. Before taking account of the impact of the Trust's borrowings, the underlying rise in the Trust's total assets was also 1.4%. Over the same period the FTSE 100 Index rose by 0.5%, whilst the FTSE Higher Yield Index rose by 3.4%. Share Buy Backs The Trust renewed its powers to buy back its ordinary shares at the last Annual General Meeting. - 2 - Prospects After the sharp recovery in UK market values recorded over most of 2003/4, there was very little change in share prices in the first half of the current financial year. Nevertheless companies are still reporting useful growth in profits and there has been a noteworthy improvement in corporate liquidity. Despite some potential headwinds in the months ahead, the overall outlook for UK company dividend payments is now better than for some while. By Order of the Board K J Salt Secretary 155 Bishopsgate London EC2M 3AD - 3 - THE MERCHANTS TRUST PLC Summary of Unaudited Results Statement of Total Return For the six months ended 31 July 2004 2004 £'000s £'000s £'000s Revenue Capital Total (Note 2) Net gains on investments - 6,896 6,896 Income from fixed asset investments 12,708 725 13,433 Other income 79 - 79 Investment management fee (355) (654) (1,009) Other expenses (284) - (284) Net return before finance costs and taxation 12,148 6,967 19,115 Finance costs of borrowings (1,693) (3,111) (4,804) Return before taxation 10,455 3,856 14,311 Taxation UK corporation tax - - - Return after taxation 10,455 3,856 14,311 Dividends on Preference Stock (21) - (21) Return attributable to Ordinary Shareholders 10,434 3,856 14,290 Dividends on Ordinary Shares: First Interim 4.5p (4,595) - (4,595) Second Interim 4.5p (4,595) - (4,595) (9,190) - (9,190) Transfer to Reserves 1,244 3,856 5,100 Return per Ordinary Share (Note 1) 10.22p 3.78p 14.00p 2004 NET ASSET STATEMENT as at 31 July 2004 £'000s Fixed Asset Investments 477,847 Net Current Liabilities (691) 477,156 Less: Creditors - amounts falling due after more than one year (113,436) Total Net Assets 363,720 Called up Share Capital: Ordinary 25,526 : Preference 1,178 Share Premium Account 40 Capital Redemption Reserve 56 Capital Reserves : Realised 322,467 : Unrealised 3,284 Revenue Reserve 11,169 Shareholders' Funds 363,720 Net asset value per Ordinary Share 355.1p The net asset value is based on 102,103,936 Shares in issue at 31 July 2004. - 4 - THE MERCHANTS TRUST PLC Summary of Unaudited Results Statement of Total Return For the six months ended 31 July 2003 2003 £'000s £'000s £'000s Revenue Capital Total (Note 2) Net gains on investments - 70,885 70,885 Income from fixed asset investments 12,612 - 12,612 Other income 89 - 89 Investment management fee (320) (594) (914) Other expenses (288) - (288) Net return before finance costs and taxation 12,093 70,291 82,384 Finance costs of borrowings (1,683) (3,124) (4,807) Return before taxation 10,410 67,167 77,577 Taxation UK corporation tax - - - Return after taxation 10,410 67,167 77,577 Dividends on Preference Stock (21) - (21) Return attributable to Ordinary Shareholders 10,389 67,167 77,556 Dividends on Ordinary Shares: First Interim 4.3p (4,390) - (4,390) Second Interim 4.3p (4,391) - (4,391) 8.6p (8,781) - (8,781) Transfer to Reserves 1,608 67,167 68,775 Return per Ordinary Share (Note 1) 10.17p 65.78p 75.95p 2003 NET ASSET STATEMENT as at 31 July 2003 £'000s Fixed Asset Investments 463,437 Net Current Liabilities (7,969) 455,468 Less: Creditors - amounts falling due after more than one year (112,107) Total Net Assets 343,361 Called up Share Capital: Ordinary 25,526 : Preference 1,178 Share Premium Account 40 Capital Redemption Reserve 56 Capital Reserves : Realised 336,494 : Unrealised (31,735) Revenue Reserve 11,802 Shareholders' Funds 343,361 Net asset value per Ordinary Share 335.0p The net asset value is based on 102,103,936 Shares in issue at 31 July 2003. - 5 - THE MERCHANTS TRUST PLC STATEMENT OF TOTAL RETURN for the year ended 31 January 2004 2004 £'000s £'000s £'000s Revenue Capital Total (Note 2) Net gains on investments - 91,703 91,703 Income from fixed asset investments 22,049 - 22,049 Other income 198 - 198 Investment management fee (663) (1,230) (1,893) Other expenses (502) - (502) Net return before finance costs and taxation 21,082 90,473 111,555 Finance costs of borrowings (3,332) (6,169) (9,501) Return on ordinary activities before taxation 17,750 84,304 102,054 Taxation Overseas tax (5) - (5) Return on ordinary activities after taxation for the 17,745 84,304 102,049 financial year Dividends on Preference Stock (43) - (43) Return attributable to Ordinary Shareholders 17,702 84,304 102,006 Dividends on Ordinary Shares: First Interim 4.3p (4,390) - (4,390) Second Interim 4.3p (4,391) - (4,391) Third Interim 4.5p (4,595) - (4,595) Fourth Interim (in lieu of final) 4.5p (4,595) - (4,595) 17.6p (17,971) - (17,971) Transfer (from) to Reserves (269) 84,304 84,035 Return per Ordinary Share (Note 1) 17.34p 82.57p 99.91p 2004 NET ASSET STATEMENT as at 31 January 2004 £'000s Fixed Asset Investments 473,912 Net Current Liabilities (3,175) 470,737 Less: Creditors - amounts falling due after more than one year (112,117) Total Net Assets 358,620 Called up Share Capital: Ordinary 25,526 : Preference 1,178 Share Premium Account 40 Capital Redemption Reserve 56 Capital Reserves : Realised 331,129 : Unrealised (9,234) Revenue Reserve 9,925 Shareholders' Funds 358,620 Net asset value per Ordinary Share 350.1p The net asset value is based on 102,103,936 Shares in issue at 31 January 2004. - 6 - THE MERCHANTS TRUST PLC Cash Flow Statement for the six months ended 31 July 2004 and comparative periods Six Months to 31 Six Months to 31 Year to July 2004 July 2003 31 January 2004 (£'000s) (£'000s) (£'000s) Net cash inflow from operating activities 11,306 10,959 20,141 Servicing of Finance Interest paid (4,795) (4,684) (9,459) Dividends paid on preference stock (43) (21) (21) Net cash outflow on servicing of finance (4,838) (4,705) (9,480) Financial Investment Purchase of fixed asset investments (66,869) (71,147) (148,696) Sale of fixed asset investments 67,959 70,296 158,188 Net cash inflow (outflow) from financial investment 1,090 (851) 9,492 Equity dividends paid (9,189) (8,780) (17,562) Net cash (outflow) inflow before financing (1,631) (3,377) 2,591 Financing Decrease in short term loans - (224) (224) Net cash outflow from financing - (224) (224) (Decrease) increase in cash (1,631) (3,601) 2,367 - 7 - THE MERCHANTS TRUST PLC Twenty Largest Equity Holdings as at 31 July 2004 Valuation % of 31.07.04 Total £'000s Assets* Principal Activities BP 44,118 9.25 Oil and gas production HSBC Holdings 31,896 6.68 Banking GlaxoSmithkline 29,601 6.20 Pharmaceuticals Shell 22,236 4.66 Oil and gas production Royal Bank of Scotland 21,799 4.57 Banking Barclays 18,676 3.91 Banking HBOS 16,388 3.43 Banking BT 15,572 3.26 Telecommunications Lloyds TSB 13,852 2.90 Banking Slough Estates 10,058 2.11 Real estate Land Securities 9,857 2.07 Real estate Scottish & Southern Energy 9,700 2.03 Electricity Aviva 9,660 2.02 Life assurance Diageo 8,519 1.79 Beverages Alliance & Leicester 8,480 1.78 Banking Imperial Tobacco 8,372 1.75 Tobacco Bradford & Bingley 8,315 1.74 Banking Rio Tinto 8,168 1.71 Mining Legal & General 7,857 1.65 Life and general insurance Rank Group 7,837 1.64 Leisure and gaming 310,961 65.15 * Total Assets include current liabilities The Merchants Trust PLC Portfolio Analysis as at 31 July 2004 UK Other Total % % % Listed equities 100.1 - 100.1 Unlisted equities - - - Net current liabilities (0.1) - (0.1) Total Assets 100.0 - 100.0 - 8 - Note 1 The Returns per Ordinary Share have been calculated using a weighted average number of shares in issue during the period of 102,103,936 shares. (31 July 2003 - 102,103,936 shares; 31 January 2004 - 102,103,936 shares). Note 2 The revenue column of this statement is the profit and loss account of the Company. All revenue and capital items derive from continuing operations. No operations were acquired or discontinued in the period. Note 3 The interim statement has been neither audited nor reviewed by the Company's auditors. The interim statement has been prepared using the same accounting policies as those adopted in the annual accounts for the year ended 31 January 2004. The financial information for the year ended 31 January 2004 has been extracted from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified and did not contain a statement under either Section 237(2) or Section 237(3) of the Companies Act 1985. The Interim Report will be sent to Shareholders shortly and made available to the public at the Registered Office of the Company, 155 Bishopsgate, London, EC2M 3AD. For further information, please contact: RCM (UK) Limited Simon White, Head of Investment Trusts Tel: 020 7065 1539 or RCM (UK) Limited Nigel Lanning, Fund Manager Tel: 020 7065 1474 This information is provided by RNS The company news service from the London Stock Exchange

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