Portfolio Update

Merchants Trust PLC
02 August 2005


THE MERCHANTS TRUST PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 31 July
2005, announced in accordance with Listing Rule 21.20 (l) (ii).


                 Holding                              % of Gross Assets
BP                                                           8.76

HSBC                                                         7.76
Royal Dutch Shell                                            6.81
Glaxosmithkline                                              5.17
Royal Bank of Scotland                                       4.24
Lloyds TSB                                                   3.79
HBOS                                                         3.45
BT Group                                                     3.26
Vodafone Group                                               2.77
Barclays                                                     2.47


Enquiries :

Kirsten Salt
Company Secretary
Tel. [phone]


2 August 2005



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