Portfolio Update

Merchants Trust PLC
04 July 2006





                                       THE MERCHANTS TRUST PLC

                                 TOP 10 HOLDINGS AS AT 30 June 2006

Stock Name                                          Market Value             %
                                                    £

Royal Dutch Shell 'B' Shares                        59,975,750             9.18
BP                                                  50,400,000             7.71
HSBC                                                46,028,400             7.05
GlaxoSmithKline                                     35,636,000             5.45
Royal Bank of Scotland Group                        27,203,400             4.16
Vodafone                                            26,760,500             4.10
Barclays                                            22,411,000             3.43
HBOS                                                21,608,500             3.31
Lloyds TSB Group                                    21,458,725             3.28
BT Group                                            19,717,500             3.02

Total Gross Assets                                 653,320,458

Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

4 July 2006

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