Portfolio Update

Merchants Trust PLC
02 November 2007


THE MERCHANTS TRUST PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31
October 2007, announced in accordance with Listing Rule 15.6.8 (2).


            Holding                                        % of Gross Assets
BP                                                               7.84
Royal Dutch Shell                                                7.55
HSBC Holdings                                                    7.45
Vodafone                                                         7.39
GlaxoSmithKline                                                  7.30
Royal Bank of Scotland Group                                     4.83
HBOS                                                             3.07
Anglo American                                                   3.04
Reed Elsevier                                                    2.59
Aviva                                                            2.46


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