Portfolio Update

Merchants Trust PLC
01 May 2008


                                       THE MERCHANTS TRUST PLC



                                 TOP 10 HOLDINGS AS AT 30 April 2008

Stock Name                                                            Market Value               %
                                                                             £

BP                                                                        54,549,267             8.58
ROYAL DUTCH SHELL                                                         53,296,750             8.39
GLAXOSMITHKLINE                                                           47,014,740             7.40
HSBC                                                                      45,558,100             7.17
VODAFONE GROUP                                                            44,521,583             7.01
HBOS                                                                      21,711,845             3.42
RIO TINTO                                                                 20,980,500             3.30
AVIVA                                                                     19,923,450             3.14
ANGLO AMERICAN                                                            18,744,446             2.95
BT GROUP                                                                  16,876,625             2.66

Total Gross Assets                                                       635,456,280

Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

1 May 2008



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