Portfolio Update

Merchants Trust PLC
02 August 2005


                                       THE MERCHANTS TRUST PLC

                                 TOP 10 HOLDINGS AS AT 31 July 2005

Stock Name                                         Market Value               %
                                                        £

BP                                                  50,400,000             8.76
HSBC                                                44,673,200             7.76
Royal Dutch Shell                                   39,189,561             6.81
Glaxosmithkline                                     29,781,300             5.17
Royal Bank of Scotland                              24,400,800             4.24
Lloyds TSB                                          21,816,156             3.79
HBOS                                                19,872,000             3.45
BT Group                                            18,789,375             3.26
Vodafone Group                                      15,923,475             2.77
Barclays                                            14,209,875             2.47

Total Gross Assets                                 575,670,544


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