Portfolio Update

Merchants Trust PLC
02 February 2007



                                       THE MERCHANTS TRUST PLC

                                TOP 10 HOLDINGS AS AT 31 January 2007

Stock Name                                                       Market Value               %
                                                                       £

Royal Dutch Shell 'B' Shares                                              54,133,750             7.69
GlaxoSmithKline                                                           49,822,500             7.07
BP                                                                        49,174,000             6.98
HSBC                                                                      44,745,800             6.35
Vodafone                                                                  40,331,850             5.73
Royal Bank of Scotland Group                                              31,273,200             4.44
Barclays                                                                  27,010,000             3.83
Lloyds TSB Group                                                          23,521,675             3.34
HBOS                                                                      21,978,000             3.12
Anglo American                                                            17,493,600             2.48

Total Gross Assets                                                       704,364,266

Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

2 February 2007


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