Portfolio Update

Merchants Trust PLC
03 January 2008



                                       THE MERCHANTS TRUST PLC

                               TOP 10 HOLDINGS AS AT 31 December 2007

Stock Name                                                              Market Value                %
                                                                                   £

Royal Dutch Shell                                                         55,254,050             8.12
BP Ord                                                                    54,861,743             8.06
GlaxoSmithKline                                                           53,599,320             7.88
Vodafone Group                                                            52,164,176             7.67
HSBC                                                                      48,357,500             7.11
HBOS                                                                      25,408,950             3.73
Royal Bank Of Scotland                                                    23,607,500             3.47
Anglo American                                                            20,733,986             3.05
Reed Elsevier                                                             20,524,625             3.02
Aviva                                                                     19,435,250             2.86

Total Gross Assets                                                       680,463,755

Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

3 January 2008



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