Portfolio Update

Merchants Trust PLC
5 July 2004





                                       THE MERCHANTS TRUST PLC

                                 TOP 10 HOLDINGS AS AT 30 JUNE 2004

Stock Name                                                              Market Value                %
                                                                               £

BP                                                                        44,073,500             8.91
HSBC                                                                      32,390,000             6.55
GlaxoSmithkline                                                           29,574,000             5.98
Shell Transport and Trading                                               22,571,100             4.57
Royal Bank of Scotland                                                    22,390,800             4.53
Barclays                                                                  19,071,850             3.86
BT                                                                        16,376,250             3.31
HBOS                                                                      15,697,500             3.18
Lloyds TSB                                                                14,506,800             2.93
Aviva                                                                     10,242,000             2.07

Gross Assets                                                             494,377,294

No one holding exceeds 15% of the market value of the Portfolio.



Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

5 July 2004





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