Portfolio Update

Merchants Trust PLC
04 September 2007



                                       THE MERCHANTS TRUST PLC

                                TOP 10 HOLDINGS AS AT 31 August 2007

Stock Name                                                              Market Value               %
                                                                                   £

Royal Dutch Shell                                                         57,536,500             8.24
GlaxoSmithKline                                                           55,952,560             8.01
HSBC                                                                      51,548,750             7.38
BP                                                                        51,290,000             7.34
Vodafone                                                                  45,819,926             6.56
Royal Bank of Scotland                                                    39,376,400             5.64
HBOS                                                                      19,311,630             2.76
Anglo American                                                            19,124,560             2.74
Reed Elsevier                                                             18,104,625             2.59
Centrica                                                                  16,978,500             2.43

Total Gross Assets                                                       698,680,753

Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

4 September 2007



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