Portfolio Update

Merchants Trust PLC
02 November 2005


                                       THE MERCHANTS TRUST PLC

                                TOP 10 HOLDINGS AS AT 31 October 2005

Stock Name                                             Market Value            %
                                                                  £

BP                                                       49,900,000         8.61
Royal Dutch Shell                                        44,208,000         7.63
HSBC                                                     42,991,300         7.42
GlaxoSmithKline                                          34,680,200         5.98
Royal Bank of Scotland                                   22,514,400         3.88
Lloyds TSB                                               20,894,188         3.60
HBOS                                                     19,187,750         3.31
BT Group                                                 17,562,188         3.03
Vodafone Group                                           16,113,525         2.78
Barclays                                                 14,267,250         2.46

Total Gross Assets                                      579,719,760


Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

2 November 2005


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