Portfolio Update

Merchants Trust PLC
04 December 2007






                                       THE MERCHANTS TRUST PLC



                               TOP 10 HOLDINGS AS AT 30 November 2007

Stock Name                                                               Market Value               %
                                                                              £

GlaxoSmithKline                                                           55,693,120             8.09
BP Ord                                                                    54,280,000             7.89
Vodafone Group                                                            52,246,766             7.59
Royal Dutch Shell                                                         51,630,400             7.50
HSBC                                                                      47,667,500             6.92
Royal Bank of  Scotland                                                   31,470,250             4.57
Anglo American                                                            22,127,924             3.21
Scottish  & Southern Energy                                               20,590,500             2.99
HBOS Ord                                                                  20,564,460             2.99
Rio Tinto Ord                                                             20,018,450             2.91

Total Gross Assets                                                       688,363,678

Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

4 December 2007









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