Portfolio Update

Merchants Trust PLC
01 September 2005






                                       THE MERCHANTS TRUST PLC



                                TOP 10 HOLDINGS AS AT 31 August 2005

Stock Name                                                              Market Value                %
                                                                              £

BP                                                                        50,560,000             8.79
HSBC                                                                      43,233,300             7.51
Royal Dutch Shell                                                         40,784,043             7.09
Glaxosmithkline                                                           31,576,800             5.49
Royal Bank of Scotland                                                    23,306,400             4.05
Lloyds TSB                                                                20,650,969             3.59
HBOS                                                                      19,992,750             3.48
BT Group                                                                  17,768,438             3.09
Vodafone Group                                                            16,466,475             2.86
Barclays                                                                  14,088,750             2.45

Total Gross Assets                                                       575,320,183


Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

1 September 2005







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