Portfolio Update

Merchants Trust PLC
04 February 2008



                                       THE MERCHANTS TRUST PLC

                                TOP 10 HOLDINGS AS AT 31 January 2008

Stock Name                                                              Market Value                %
                                                                                   £

GlaxoSmithKline                                                           49,531,140             7.97
Vodafone Group                                                            48,718,061             7.84
BP Ord                                                                    47,496,252             7.64
Royal Dutch Shell                                                         46,075,900             7.41
HSBC                                                                      43,211,250             6.95
HBOS                                                                      24,008,865             3.86
Royal Bank of Scotland                                                    20,322,400             3.27
Aviva                                                                     19,780,800             3.18
Anglo American                                                            18,518,500             2.98
Scottish & Southern Energy                                                18,106,800             2.91

Total Gross Assets                                                       621,675,886

Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

4 February 2008




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