Top 10 Holdings

Merchants Trust PLC
05 December 2003


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

Stock Name                                                                       Market Value             %
                                                                                      £

HSBC                                                                              42,288,000             9.03
BP                                                                                36,720,375             7.84
GlaxoSmithKline                                                                   34,086,000             7.28
Barclays                                                                          20,807,500             4.44
Shell Transport and Trading                                                       20,534,400             4.38
Royal Bank of Scotland                                                            19,476,000             4.16
BT                                                                                14,334,375             3.06
Lloyds TSB                                                                        13,809,000             2.95
Imperial Tobacco                                                                  10,650,000             2.27
Diageo                                                                             9,062,500             1.93

Total Assets less Current Liabilities                                            468,349,544


Enquiries:

Kirsten Salt
Tel: [phone]

5th December 2003


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