Portfolio Update

Merchants Trust PLC
04 June 2007



                               THE MERCHANTS TRUST PLC

                          TOP 10 HOLDINGS AS AT 31 May 2007

Stock Name                                               Market Value     %
                                                              £

Royal Dutch Shell                                         60,515,500     8.11
BP                                                        51,934,000     6.96
HSBC                                                      48,915,400     6.56
GlaxoSmithKline                                           47,815,000     6.41
Vodafone                                                  47,038,575     6.31
Royal Bank of Scotland Group                              35,955,750     4.82
Barclays                                                  26,353,000     3.53
Anglo American                                            22,481,200     3.01
HBOS                                                      21,522,600     2.89
Reed Elsevier                                             20,645,625     2.77

Total Gross Assets                                       745,991,138

Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

4 June 2007



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