Portfolio Update

Merchants Trust PLC
04 September 2006


                                 




                                       THE MERCHANTS TRUST PLC



                                TOP 10 HOLDINGS AS AT 31 August 2006

Stock Name                                                              Market Value               %
                                                                               £

Royal Dutch Shell 'B' Shares                                              59,658,250             9.01
BP                                                                        47,760,000             7.21
GlaxoSmithKline                                                           46,425,600             7.01
HSBC                                                                      46,125,200             6.96
Royal Bank of Scotland Group                                              27,264,600             4.12
Barclays                                                                  23,980,500             3.62
Vodafone                                                                  23,110,019             3.49
HBOS                                                                      23,057,500             3.48
Lloyds TSB Group                                                          21,094,675             3.18
BT Group                                                                  17,267,325             2.61

Total Gross Assets                                                       662,405,688

Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

4 September 2006





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