Top 10 Holdings

Merchants Trust PLC
06 October 2003


                         THE MERCHANTS TRUST PLC
                TOP 10 HOLDINGS AS AT 30 SEPTEMBER 2003

Stock Name                                    Market Value            %
                                                   £

HSBC                                          38,088,000             8.50
BP                                            37,376,500             8.34
GlaxoSmithkline                               32,474,000             7.25
Shell Transport and Trading                   20,729,700             4.63
Barclays                                      18,747,050             4.18
Royal Bank of Scotland                        18,360,000             4.10
BT                                            14,850,000             3.32
Lloyds TSB                                    13,902,000             3.10
Gallaher                                      10,366,950             2.31
Wilson Connolly                                9,988,289             2.23

Total Assets less Current Liabilities        447,961,065


Enquiries:

Kirsten Salt
Tel: [phone]

6th October 2003


                      This information is provided by RNS
            The company news service from the London Stock Exchange               RRRAA