Portfolio Update

Merchants Trust PLC
5 April 2005



                                       THE MERCHANTS TRUST PLC

                                 TOP 10 HOLDINGS AS AT 31 March 2005

Stock Name                                                              Market Value               %
                                                                               £

BP                                                                        43,880,000             8.13
Shell Transport and Trading                                               35,862,500             6.64
HSBC                                                                      34,568,100             6.40
Royal Bank of Scotland                                                    26,944,000             4.99
GlaxoSmithkline                                                           26,928,600             4.99
HBOS                                                                      22,027,500             4.08
Lloyds TSB                                                                21,629,500             4.01
BT                                                                        16,953,750             3.14
Vodafone                                                                  15,258,300             2.83
Barclays                                                                  13,795,500             2.55

Gross Assets                                                             539,978,327



Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

5 April 2005



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