Portfolio Update

Merchants Trust PLC
02 November 2007



                                       THE MERCHANTS TRUST PLC

                                TOP 10 HOLDINGS AS AT 31 OCTOBER 2007

Stock Name                                                              Market Value               %
                                                                              £

BP                                                                        57,454,000             7.84
Royal Dutch Shell                                                         55,386,300             7.55
HSBC Holdings                                                             54,653,750             7.45
Vodafone                                                                  54,197,771             7.39
GlaxoSmithKline                                                           53,487,880             7.30
Royal Bank of Scotland Group                                              35,397,600             4.83
HBOS                                                                      22,497,210             3.07
Anglo American                                                            22,316,476             3.04
Reed Elsevier                                                             18,997,000             2.59
Aviva                                                                     18,056,450             2.46

Total Gross Assets                                                       733,161,179

Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

2 November 2007



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