Portfolio Update

Merchants Trust PLC
03 April 2007


                                       THE MERCHANTS TRUST PLC



                                 TOP 10 HOLDINGS AS AT 30 March 2007

Stock Name                                           Market Value            %
                                                         £

Royal Dutch Shell 'B' Shares                         53,689,250             7.52
GlaxoSmithKline                                      50,954,000             7.14
BP                                                   50,738,000             7.11
HSBC                                                 43,051,800             6.03
Vodafone                                             40,310,273             5.65
Royal Bank of Scotland Group                         30,324,600             4.25
Barclays                                             26,298,250             3.68
Lloyds TSB Group                                     22,652,000             3.17
HBOS                                                 20,710,800             2.90
Anglo American                                       19,795,000             2.77

Total Gross Assets                                  713,828,546

Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

3 April 2007


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