Portfolio Update

Merchants Trust PLC
2 November 2004

                                       THE MERCHANTS TRUST PLC

                                TOP 10 HOLDINGS AS AT 29 OCTOBER 2004

Stock Name                                                Market Value        %
                                                             £

BP                                                        42,463,750       8.30
HSBC                                                      34,740,250       6.79
GlaxoSmithkline                                           30,395,500       5.94
Shell Transport and Trading                               27,783,000       5.43
Royal Bank of Scotland                                    22,630,500       4.42
Barclays                                                  21,599,200       4.22
HBOS                                                      19,477,650       3.81
Lloyds TSB                                                16,744,350       3.27
BT                                                        15,324,375       2.99
Scottish & Southern Energy                                11,265,750       2.20

Gross Assets                                             511,814,737



Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

2 November 2004


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