Portfolio Update

Merchants Trust PLC
02 June 2006




                                       THE MERCHANTS TRUST PLC

                                  TOP 10 HOLDINGS AS AT 31 May 2006

Stock Name                                Market Value               %
                                                     £

Royal Dutch Shell 'B' Shares                51,324,000             8.10
BP                                          49,960,000             7.89
HSBC                                        44,939,400             7.09
GlaxoSmithKline                             34,857,200             5.50
Vodafone                                    28,622,100             4.52
Royal Bank of Scotland Group                26,377,200             4.16
HBOS                                        21,033,500             3.32
Lloyds TSB Group                            20,366,575             3.22
BT Group                                    19,305,000             3.05
Anglo American                              15,932,200             2.52

Total Gross Assets                         633,446,429


Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

2 June 2006




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