Portfolio Update

Merchants Trust PLC
04 April 2006


                                       THE MERCHANTS TRUST PLC

                                 TOP 10 HOLDINGS AS AT 31 March 2006

Stock Name                                                            Market Value                  %
                                                                            £                     

BP                                                                        52,880,000             7.97
Royal Dutch Shell 'B' Shares                                              52,416,000             7.90
HSBC                                                                      46,706,000             7.04
Glaxosmithkline                                                           35,494,400             5.35
Royal Bank of Scotland Group                                              28,656,900             4.32
Vodafone                                                                  26,611,325             4.01
Lloyds TSB Group                                                          22,247,500             3.35
HBOS                                                                      22,091,500             3.33
BT Group                                                                  18,315,000             2.76
Barclays                                                                  17,161,500             2.59

Total Gross Assets                                                       663,663,349


Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

4 April 2006



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