Portfolio Update

Merchants Trust PLC
4 August 2004


                       THE MERCHANTS TRUST PLC

                 TOP 10 HOLDINGS AS AT 30 JULY 2004

Stock Name                                 Market Value               %
                                                 £

BP                                           44,118,000             9.06
HSBC                                         31,896,250             6.55
GlaxoSmithkline                              29,600,500             6.08
Shell Transport and Trading                  22,236,300             4.57
Royal Bank of Scotland                       21,798,600             4.48
Barclays                                     18,676,000             3.84
HBOS                                         16,387,500             3.37
BT                                           15,571,875             3.20
Lloyds TSB                                   13,851,600             2.84
Slough Estates                               10,057,500             2.07

Gross Assets                                486,902,997


Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

4 August 2004



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