Portfolio Update

Merchants Trust PLC
03 July 2007





                                       THE MERCHANTS TRUST PLC

                                 TOP 10 HOLDINGS AS AT 30 June 2007

Stock Name                                                               Market Value              %
                                                                              £

Royal Dutch Shell                                                         61,969,250             8.41
GlaxoSmithKline                                                           56,384,960             7.65
BP                                                                        55,430,000             7.52
Vodafone                                                                  49,866,844             6.76
HSBC                                                                      47,919,800             6.50
Royal Bank of Scotland Group                                              40,068,900             5.44
Barclays                                                                  25,404,000             3.45
Anglo American                                                            21,778,200             2.95
Reed Elsevier                                                             19,556,625             2.65
HBOS                                                                      19,493,100             2.64

Total Gross Assets                                                       737,225,361

Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

3 July 2007




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