Portfolio Update

Merchants Trust PLC
04 October 2005

                                      THE MERCHANTS TRUST PLC

                               TOP 10 HOLDINGS AS AT 30 September 2005

Stock Name                                      Market Value            %
                                                    £

BP                                              53,900,000             9.04
HSBC                                            44,370,700             7.44
Royal Dutch Shell                               42,443,607             7.12
Glaxosmithkline                                 34,019,400             5.71
Royal Bank of Scotland                          23,176,800             3.89
Lloyds TSB                                      21,131,750             3.54
HBOS                                            19,630,500             3.29
BT Group                                        18,345,938             3.08
Vodafone Group                                  16,004,925             2.68
Barclays                                        14,605,125             2.45

Total Gross Assets                             596,214,741


Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

4 October 2005



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