Portfolio Update

Merchants Trust PLC
02 February 2005




THE MERCHANTS TRUST PLC


List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31
January 2005, announced in accordance with Listing Rule 21.20 (l) (ii).




Holding                                                   % of Gross Assets

BP                                                                     7.75

HSBC                                                                   5.92

GlaxoSmithkline                                                        5.77

Shell Transport and Trading                                            5.56

Royal Bank of Scotland                                                 4.60

Barclays                                                               4.38

HBOS                                                                   4.19

Lloyds TSB                                                             4.16

BT                                                                     3.18

Vodafone                                                               2.76


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 END

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