Portfolio Update

Merchants Trust PLC
02 May 2007


                                       THE MERCHANTS TRUST PLC

                                 TOP 10 HOLDINGS AS AT 30 April 2007

Stock Name                                    Market Value                %
                                                         £

Royal Dutch Shell 'B' Shares                    56,324,500             7.69
GlaxoSmithKline                                 52,852,000             7.21
BP                                              52,026,000             7.10
HSBC                                            44,891,000             6.13
Vodafone                                        42,721,744             5.83
Royal Bank of Scotland Group                    29,529,000             4.03
Barclays                                        26,535,500             3.62
Lloyds TSB Group                                23,501,450             3.21
HBOS                                            21,423,600             2.92
Anglo American                                  19,750,600             2.70

Total Gross Assets                             732,544,421

Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

2 May 2007


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