Listing Rule 21

Merchants Trust PLC
03 February 2004



THE MERCHANTS TRUST PLC


List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31
January 2004, announced in accordance with Listing Rule 21.20 (l) (ii).




                     Holding                                                   % of Gross Assets
BP Plc                                                                               8.51
HSBC                                                                                 8.29
GlaxoSmithKline                                                                      5.31
Shell Transport & Trading                                                            4.81
Barclays                                                                             4.20
Royal Bank Of Scotland                                                               4.10
BT                                                                                   3.22
Lloyds TSB                                                                           3.12
HBOS                                                                                 2.55
Imperial Tobacco                                                                     2.28







Enquires :



Kirsten Salt

Company Secretary
Tel. [phone]



3 February 2004




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