Portfolio Update

Merchants Trust PLC
04 December 2006


                                       THE MERCHANTS TRUST PLC



                               TOP 10 HOLDINGS AS AT 30 NOVEMBER 2006

Stock Name                                                              Market Value                %
                                                                                   £

Royal Dutch Shell 'B' Shares                                              57,658,000             8.42
BP                                                                        52,808,000             7.71
HSBC                                                                      45,399,200             6.63
Glaxosmithkline                                                           42,151,200             6.15
Vodafone                                                                  33,174,853             4.84
Royal Bank of Scotland Group                                              28,167,300             4.11
Barclays                                                                  24,838,250             3.63
HBOS                                                                      23,943,000             3.49
Lloyds TSB Group                                                          21,863,225             3.19
BT Group                                                                  19,894,200             2.90

Total Gross Assets                                                       685,179,159

Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

4 December 2006








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