Portfolio Update

Merchants Trust PLC
04 May 2005

THE MERCHANTS TRUST PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 29 April
2005, announced in accordance with Listing Rule 21.20 (l) (ii).


                     Holding                              % of Gross Assets
BP                                                               8.23
HSBC                                                             6.86
Shell Transport and Trading                                      6.82
GlaxoSmithKline                                                  5.61
Royal Bank of Scotland                                           4.85
HBOS                                                             3.97
Lloyds TSB                                                       3.90
BT                                                               3.17
Vodafone                                                         2.85
Barclays                                                         2.64


Enquiries :

Kirsten Salt
Company Secretary
Tel. [phone]

4 May 2005



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