Portfolio Update

Merchants Trust PLC
1 March 2005



                          THE MERCHANTS TRUST PLC

                 TOP 10 HOLDINGS AS AT 28 FEBRUARY 2005

Stock Name                                    Market Value               %
                                                   £

BP                                              44,960,000             8.23
Shell Transport and Trading                     34,160,000             6.26
GlaxoSmithkline                                 32,939,500             6.03
HSBC                                            31,595,200             5.79
Royal Bank of Scotland                          25,140,300             4.60
Barclays                                        22,939,000             4.20
Lloyds TSB                                      22,161,188             4.06
HBOS                                            22,134,300             4.05
BT                                              17,201,250             3.15
Vodafone                                        14,976,750             2.74

Gross Assets                                   546,118,894


Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

1 March 2005



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