Portfolio Update

Merchants Trust PLC
02 February 2006


THE MERCHANTS TRUST PLC


List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31
January 2006, announced in accordance with Listing Rule 15.4.11 (2).


                     Holding                                   % of Gross Assets
BP                                                                   8.58
Royal Dutch Shell 'B' Shares                                         7.66
HSBC                                                                 7.17
Glaxosmithkline                                                      5.38
Royal Bank of Scotland Group                                         3.97
Lloyds TSB Group                                                     3.66
HBOS                                                                 3.60
BT Group                                                             2.69
Rio Tinto                                                            2.59
Anglo American                                                       2.53


Enquiries :

Kirsten Salt
Company Secretary
Tel. [phone]


2 February 2006



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