Portfolio Update

Merchants Trust PLC
06 April 2004



                        THE MERCHANTS TRUST PLC

                TOP 10 HOLDINGS AS AT 31 MARCH 2004

Stock Name                                     Market Value             %
                                                          £

BP                                               41,268,000          8.67
HSBC                                             31,955,500          6.72
GlaxoSmithKline                                  28,302,000          5.95
Royal Bank of Scotland                           22,465,900          4.72
Shell Transport and Trading                      19,836,900          4.17
Barclays                                         19,457,550          4.09
HBOS                                             16,974,000          3.57
BT                                               14,602,500          3.07
Lloyds TSB                                       13,893,600          2.92
Slough Estates                                   10,068,750          2.12

Total Assets less Current Liabilities           475,776,143


Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

6 April 2004









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