Portfolio Update

Merchants Trust PLC
03 January 2007


                                       THE MERCHANTS TRUST PLC

                               TOP 10 HOLDINGS AS AT 31 DECEMBER 2006

Stock Name                                                              Market Value               %
                                                                                   £

Royal Dutch Shell 'B' Shares                                              56,800,750             8.02
BP                                                                        52,164,000             7.36
HSBC                                                                      45,036,200             6.36
Glaxosmithkline                                                           41,870,400             5.91
Vodafone                                                                  34,904,641             4.93
Royal Bank of Scotland Group                                              30,492,900             4.30
Barclays                                                                  26,645,000             3.76
HBOS                                                                      26,036,000             3.67
Lloyds TSB Group                                                          23,096,950             3.26
Anglo American                                                            18,411,200             2.60

Total Gross Assets                                                       708,503,729

Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

3 January 2007


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