Portfolio Update

Merchants Trust PLC
03 October 2006



                            THE MERCHANTS TRUST PLC

                    TOP 10 HOLDINGS AS AT 29 SEPTEMBER 2006



Stock Name                                           Market Value            %
                                                     £

Royal Dutch Shell 'B' Shares                         59,562,750            8.82
HSBC                                                 47,141,600            6.98
BP                                                   46,520,000            6.89
Glaxosmithkline                                      44,366,400            6.57
Royal Bank of Scotland Group                         28,136,700            4.17
Vodafone                                             24,891,628            3.68
Barclays                                             24,582,750            3.64
HBOS                                                 24,288,000            3.60
Lloyds TSB Group                                     21,822,775            3.23
BT Group                                             18,773,400            2.78

Total Gross Assets                                  675,496,284


Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

3 October 2006





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