Portfolio Update

Merchants Trust PLC
5 January 2005


                                       THE MERCHANTS TRUST PLC

                               TOP 10 HOLDINGS AS AT 31 DECEMBER 2004

Stock Name                                      Market Value               %
                                                      £

BP                                                 36,017,200             6.75
HSBC                                               34,720,500             6.51
GlaxoSmithKline                                    32,383,000             6.07
Shell Transport and Trading                        28,771,200             5.39
Royal Bank of Scotland                             24,703,200             4.63
Barclays                                           23,791,600             4.46
HBOS                                               22,641,600             4.24
Lloyds TSB                                         18,376,050             3.44
BT                                                 16,747,500             3.14
Vodafone                                           15,339,750             2.87

Gross Assets                                      533,631,135




Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

5 January 2005





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