Portfolio Update

Merchants Trust PLC
2 December 2004





                                       THE MERCHANTS TRUST PLC

                               TOP 10 HOLDINGS AS AT 30 NOVEMBER 2004

Stock Name                                                             Market Value               %
                                                                             £

BP                                                                        37,860,600             7.39
HSBC                                                                      35,194,500             6.87
GlaxoSmithkline                                                           29,176,500             5.70
Shell Transport and Trading                                               28,512,000             5.57
Royal Bank of Scotland                                                    22,672,800             4.43
Barclays                                                                  21,924,000             4.28
HBOS                                                                      19,557,750             3.82
Lloyds TSB                                                                16,365,563             3.20
BT                                                                        16,046,250             3.13
Land Securities Group                                                     11,179,500             2.18

Gross Assets                                                             512,048,640





Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

2 December 2004

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