Portfolio Update

Merchants Trust PLC
02 March 2007




                                      THE MERCHANTS TRUST PLC

                               TOP 10 HOLDINGS AS AT 28 February 2007

Stock Name                                          Market Value           %
                                                        £

Royal Dutch Shell 'B' Shares                        52,292,250             7.53
GlaxoSmithKline                                     52,195,000             7.51
BP                                                  47,978,000             6.91
HSBC                                                43,124,400             6.21
Vodafone                                            38,560,519             5.55
Royal Bank of Scotland Group                        30,722,400             4.42
Barclays                                            26,991,750             3.89
Lloyds TSB Group                                    23,218,300             3.34
HBOS                                                21,403,800             3.08
Anglo American                                      17,878,400             2.57

Total Gross Assets                                 694,757,796

Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

2 March 2007



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