Portfolio Update

Merchants Trust PLC
04 February 2008

THE MERCHANTS TRUST PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31
January 2008, announced in accordance with Listing Rule 15.6.8 (2).

                     Holding                                                   % of Gross Assets
GlaxoSmithKline                                                                      7.97
Vodafone Group                                                                       7.84
BP Ord                                                                               7.64
Royal Dutch Shell                                                                    7.41
HSBC                                                                                 6.95
HBOS                                                                                 3.86
Royal Bank of  Scotland                                                              3.27
Aviva                                                                                3.18
Anglo American                                                                       2.98
Scottish & Southern Energy                                                           2.91


Enquiries :

Kirsten Salt
Company Secretary
Tel. [phone]

4 February 2008




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