Top 10 Holdings

Merchants Trust PLC
07 November 2003


                                           THE MERCHANTS TRUST PLC
                                   TOP 10 HOLDINGS AS AT 31 OCTOBER 2003

Stock Name                                                                       Market Value            %
                                                                                      £

HSBC                                                                              42,480,000             9.10
BP                                                                                37,014,500             7.93
GlaxoSmithkline                                                                   32,812,000             7.03
Shell Transport and Trading                                                       20,534,400             4.40
Barclays                                                                          20,178,200             4.32
Royal Bank of Scotland                                                            18,948,000             4.06
BT                                                                                15,303,750             3.28
Lloyds TSB                                                                        13,750,800             2.94
Gallaher                                                                          10,797,000             2.31
Imperial Tobacco                                                                   9,770,000             2.09

Total Assets less Current Liabilities                                            467,013,283






Enquiries:



Kirsten Salt

Tel: [phone]

7th November 2003


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