Portfolio Update

Merchants Trust PLC
3 September 2004

                             THE MERCHANTS TRUST PLC

                      TOP 10 HOLDINGS AS AT 31 AUGUST 2004

Stock Name                                   Market Value                %
                                                        £

BP                                             39,666,375             8.04
HSBC                                           34,088,500             6.91
GlaxoSmithkline                                29,971,500             6.07
Shell Transport and Trading                    22,626,900             4.59
Royal Bank of Scotland                         21,812,700             4.42
Barclays                                       20,888,700             4.23
HBOS                                           15,628,500             3.17
BT                                             15,097,500             3.06
Lloyds TSB                                     14,011,200             2.84
Slough Estates                                 10,350,000             2.10

Gross Assets                                  493,419,943


Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

3 September 2004




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