Portfolio Update

Merchants Trust PLC
07 May 2004

THE MERCHANTS TRUST PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 30 April
2004, announced in accordance with Listing Rule 21.20 (l) (ii).


  Holding                                                      % of Gross Assets

BP Plc                                                                      8.94
HSBC                                                                        6.47
GlaxoSmithKline                                                             6.27
Royal Bank of Scotland                                                      4.65
Shell Transport & Trading                                                   4.40
Barclays                                                                    4.18
HBOS                                                                        3.41
BT                                                                          2.98
Lloyds TSB                                                                  2.87
Aviva                                                                       2.01


Enquiries :

Kirsten Salt
Company Secretary
Tel. [phone]

7 May 2004


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