Portfolio Update

Merchants Trust PLC
2 February 2005

                               


                   THE MERCHANTS TRUST PLC                     
                                                                       
                    TOP 10 HOLDINGS AS AT 31 JANUARY 2005              
                                                                       
        Stock Name                               Market Value      %   
                                                       £               
                                                                       
        BP                                          41,840,000    7.75 
        HSBC                                        31,977,400    5.92 
        GlaxoSmithkline                             31,137,500    5.77 
        Shell Transport and Trading                 30,034,800    5.56 
        Royal Bank of Scotland                      24,830,100    4.60 
        Barclays                                    23,629,200    4.38 
        HBOS                                        22,601,550    4.19 
        Lloyds TSB                                  22,455,313    4.16 
        BT                                          17,160,000    3.18 
        Vodafone                                    14,878,200    2.76 
                                                                       
        Gross Assets                               539,937,159         
                                                                       
                                                                       
                                                                       
        Enquiries:                                                     
                                                                       
        Kirsten Salt                                                   
        Company Secretary                                              
        Tel: [phone]                                             
                                                                       
        2 February 2005                                                
                                                                                 



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