Portfolio Update

Merchants Trust PLC
02 August 2006




                                       THE MERCHANTS TRUST PLC

                                 TOP 10 HOLDINGS AS AT 31 July 2006

Stock Name                                                          Market Value                %
                                                                         £

Royal Dutch Shell 'B' Shares                                          62,547,500             9.43
BP                                                                    51,600,000             7.78
HSBC                                                                  46,996,400             7.09
GlaxoSmithKline                                                       39,394,600             5.94
Royal Bank of Scotland Group                                          26,637,300             4.02
Vodafone                                                              23,619,050             3.56
Barclays                                                              22,922,000             3.46
HBOS                                                                  22,413,500             3.38
Lloyds TSB Group                                                      21,782,325             3.28
BT Group                                                              19,614,375             2.96
                                                            
Total Gross Assets                                                   663,272,303

Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

2 August 2006

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