Portfolio Update

Merchants Trust PLC
2 June 2005


                                THE MERCHANTS TRUST PLC

                           TOP 10 HOLDINGS AS AT 31 May 2005

Stock Name                                          Market Value               %
                                                               £

BP                                                    44,120,000            8.20
HSBC                                                  42,023,300            7.81
Shell Transport and Trading                           36,070,125            6.70
GlaxoSmithKline                                       30,203,100            5.61
Royal Bank of Scotland                                23,277,600            4.33
Lloyds TSB                                            20,509,563            3.81
HBOS                                                  18,417,250            3.42
BT Group                                              17,603,438            3.27
Vodafone Group                                        15,081,825            2.80
Barclays                                              13,291,875            2.47

Total Gross Assets                                   538,034,750


Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

2 June 2005

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