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 THE MERCHANTS TRUST PLC 
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| TOP 10 HOLDINGS AS AT 31 OCTOBER 2012 
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| Stock Name | Market Value | % | 
|  | £ |  | 
| ROYAL DUTCH SHELL 'B' | 48,263,287 | 8.64 | 
| GLAXOSMITHKLINE | 40,041,540 | 7.17 | 
| HSBC HLDGS (UK) | 38,540,851 | 6.90 | 
| BP | 37,890,921 | 6.78 | 
| VODAFONE GROUP | 26,698,331 | 4.78 | 
| BRITISH AMERICAN TOBACCO | 19,469,532 | 3.48 | 
| BAE SYSTEMS | 19,037,907 | 3.41 | 
| REED ELSEVIER | 18,762,362 | 3.36 | 
| SSE | 17,520,800 | 3.14 | 
| NATIONAL GRID | 16,701,660 | 2.99 | 
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| Total Gross Assets | 558,845,997 |  | 
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| Enquiries: |  |  | 
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| Kirsten Salt |  |  | 
| Company Secretary |  |  | 
| Tel: 020 7065 1513 |  |  | 
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| 2 November 2012 |  |  |