Portfolio Update

Merchants Trust PLC
02 April 2008


                           THE MERCHANTS TRUST PLC

                      TOP 10 HOLDINGS AS AT 31 March 2008

Stock Name                                 Market Value            %
                                                £

HSBC                                        47,725,000             7.90
BP                                          45,666,040             7.56
Royal Dutch Shell                           44,859,200             7.43
GlaxoSmithKline                             44,666,100             7.40
Vodafone Group                              41,909,205             6.94
HBOS                                        22,243,200             3.68
Aviva                                       19,558,900             3.24
Rio Tinto                                   18,577,150             3.08
Anglo American                              17,345,350             2.87
Reed Elsevier                               16,785,585             2.78

Total Gross Assets                         603,809,565

Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

2 April 2008

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