Portfolio Update

Merchants Trust PLC
03 May 2006



                                       THE MERCHANTS TRUST PLC

                                 TOP 10 HOLDINGS AS AT 28 April 2006

Stock Name                                                              Market Value               %
                                                                                   £


Royal Dutch Shell 'B' Shares                                              54,908,000             8.25

BP                                                                        54,120,000             8.13

HSBC                                                                      45,834,800             6.89

Glaxosmithkline                                                           36,721,600             5.52

Royal Bank of Scotland Group                                              27,387,000             4.12

Vodafone                                                                  24,203,550             3.64

HBOS                                                                      22,137,500             3.33

Lloyds TSB Group                                                          21,580,075             3.24

BT Group                                                                  18,088,125             2.72

Barclays                                                                  17,467,500             2.62


Total Gross Assets                                                       665,442,852


Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

3 May 2006






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