Portfolio Update

Merchants Trust PLC
01 July 2005


                                       THE MERCHANTS TRUST PLC

                                 TOP 10 HOLDINGS AS AT 30 June 2005

Stock Name                                 Market Value                     %
                                                      £

BP                                           46,500,000                  8.18
HSBC                                         43,063,900                  7.58
Shell Transport & Trading                    40,968,188                  7.21
Glaxosmithkline                              30,003,300                  5.28
Royal Bank of Scotland                       24,314,400                  4.28
Lloyds TSB                                   21,403,250                  3.76
HBOS                                         19,785,750                  3.48
BT Group                                     18,964,688                  3.34
Vodafone Group                               14,796,750                  2.60
Barclays                                     14,171,625                  2.49

Total Gross Assets                          568,494,711


Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

1 July 2005


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