Net Asset Value(s)

Merchants Trust PLC
09 January 2006


The Merchants Trust plc

The Merchants Trust PLC announces that at close of business on 6 January 2006:

1)      based on the book value of the company's long term debt and preference
shares, its net asset value per ordinary share was 486.27p; and

2)      based on the market value of the company's long term debt and preference
shares, its net asset value per ordinary share was 452.34p.

The market values of the company's long term debt and preference shares are
based on closing Stock Exchange Daily Official List prices (with the exception
of the 2029 5.875% debenture stock where the market value is derived by applying
an interest rate that represents a suitable premium over a comparable gilt) and
are updated monthly.

Enquiries:
Kirsten Salt
Tel: [phone]
9 January 2006






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