Portfolio Update

Merchants Trust PLC
4 October 2004

                                                                             
                         THE MERCHANTS TRUST PLC                      
                                                                             
                TOP 10 HOLDINGS AS AT 30 SEPTEMBER 2004              
                                                                             

Stock Name                                  Market Value       %   
                                                  £               
                                                                             
BP                                            42,463,750    8.39 
HSBC                                          34,641,500    6.85 
GlaxoSmithkline                               31,561,500    6.24 
Shell Transport and Trading                   22,626,900    4.47 
Royal Bank of Scotland                        22,503,600    4.45 
Barclays                                      21,518,000    4.25 
HBOS                                          19,918,200    3.94 
Lloyds TSB                                    16,763,775    3.31 
BT                                            14,829,375    2.93 
Scottish & Southern Energy                    10,516,500    2.08 
                                                                             
Gross Assets                                 505,908,383         
                                                                             
                                                                             
                                                                             
Enquiries:                                                       
                                                                             
Kirsten Salt                                                     
Company Secretary                                                
Tel: [phone]                                               
                                                                             
4 October 2004                                                   
                                                                             
 

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