Portfolio Update

Merchants Trust PLC
02 March 2006



                                       THE MERCHANTS TRUST PLC
                               TOP 10 HOLDINGS AS AT 28 February 2006

Stock Name                                      Market Value               %
                                                    £

BP                                               50,400,000             7.87
HSBC                                             47,141,600             7.36
Royal Dutch Shell 'B' Shares                     43,080,000             6.73
Glaxosmithkline                                  34,102,000             5.33
Royal Bank of Scotland Group                     29,207,700             4.56
HBOS                                             24,426,000             3.81
Lloyds TSB Group                                 22,389,075             3.50
Barclays                                         17,046,750             2.66
BT Group                                         16,953,750             2.65
Anglo American                                   15,732,400             2.46

Total Gross Assets                              640,403,497


Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

2 March 2006



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