Top 10 Holdings

Merchants Trust PLC
05 March 2004


                                    THE MERCHANTS TRUST PLC

                            TOP 10 HOLDINGS AS AT 27 FEBRUARY 2004

Stock Name                                        Market Value             %
                                                        £

HSBC                                                39,835,250          8.22
BP                                                  39,163,875          8.08
GlaxoSmithkline                                     29,706,500          6.13
Shell Transport and Trading                         20,534,400          4.24
Royal Bank of Scotland                              20,448,000          4.22
Barclays                                            19,640,250          4.05
Lloyds TSB                                          15,044,400          3.10
HBOS                                                14,610,000          3.01
BT                                                  14,581,875          3.01
Aviva                                               10,152,000          2.09

Total Assets less Current Liabilities              484,836,151


Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

5 March 2004



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