Portfolio Update

Merchants Trust PLC
02 October 2007



                                       THE MERCHANTS TRUST PLC



                               TOP 10 HOLDINGS AS AT 30 SEPTEMBER 2007

Stock Name                                                              Market Value               %
                                                                                   £

GlaxoSmithKline                                                           56,082,280             7.89
Royal Dutch Shell                                                         53,217,400             7.49
BP                                                                        52,164,000             7.34
HSBC Holdings                                                             52,008,750             7.32
Vodafone                                                                  50,611,365             7.12
Royal Bank of Scotland Group                                              36,015,000             5.07
HBOS                                                                      23,553,780             3.32
Anglo American                                                            22,141,392             3.12
Reed Elsevier                                                             18,679,375             2.63
AVIVA                                                                     17,590,400             2.48

Total Gross Assets                                                       710,361,237

Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

2 October 2007


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