Share Buy Back

Merchants Trust PLC
31 January 2001

The Merchants Trust PLC announces that on 31st January 2001 it re-purchased,
for cancellation, 50,000 ordinary shares at 411.5p per share (representing
0.05% of the issued ordinary capital).

Settlement and cancellation of the re-purchased 50,000 Ordinary Shares is due
on 7th February 2001 when the issued share capital of the Trust will fall to
102,153,936 Ordinary 25p Shares.

Enquiries:

Gerry Absalom

Secretariat

Tel: [phone]

At at 31st January 2001