Portfolio Update

Merchants Trust PLC
04 March 2008






                                       THE MERCHANTS TRUST PLC

                               TOP 10 HOLDINGS AS AT 29 February 2008

Stock Name                                                              Market Value               %
                                                                               £

BP                                                                        48,701,514             7.89
Royal Dutch Shell                                                         47,081,000             7.62
GlaxoSmithKline                                                           46,217,880             7.48
Vodafone Group                                                            45,160,781             7.31
HSBC                                                                      44,045,000             7.13
HBOS                                                                      20,845,710             3.38
Royal Bank of  Scotland                                                   20,468,700             3.31
Rio Tinto                                                                 20,298,900             3.29
AVIVA                                                                     19,384,550             3.14
Anglo American                                                            18,532,288             3.00

Total Gross Assets                                                       617,508,885

Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

4 March 2008


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