Third Quarterly Dividend

Merchants Trust PLC
12 January 2004



For Immediate Release                                    12 January 2004



                            THE MERCHANTS TRUST PLC
                                                        
                                  ANNOUNCEMENT


                            THIRD QUARTERLY DIVIDEND

                          Year Ending 31 January 2004



Third Quarterly Dividend


The Board has declared a third quarterly dividend per Ordinary Share of 4.50p
net, payable on 17 February 2004 to holders on the register at the close of
business on 23 January 2004.


This compares with a third quarterly dividend of 4.30p for the previous year.


For further information please contact:

Allianz Dresdner Asset Management
Simon White               020 7065 1539
Nigel Lanning             020 7065 1474






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