Portfolio Update

Merchants Trust PLC
02 February 2006






                                       THE MERCHANTS TRUST PLC

                                TOP 10 HOLDINGS AS AT 31 January 2006

Stock Name                                                       Market Value               %
                                                                       £

BP                                                                        54,080,000             8.58
Royal Dutch Shell 'B' Shares                                              48,288,000             7.66
HSBC                                                                      45,205,600             7.17
Glaxosmithkline                                                           33,913,200             5.38
Royal Bank of Scotland Group                                              25,056,000             3.97
Lloyds TSB Group                                                          23,054,875             3.66
HBOS                                                                      22,724,000             3.60
BT Group                                                                  16,933,125             2.69
Rio Tinto                                                                 16,341,900             2.59
Anglo American                                                            15,984,000             2.53

Total Gross Assets                                                       630,574,995


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