Portfolio Update

Merchants Trust PLC
02 December 2005









                                       THE MERCHANTS TRUST PLC



                               TOP 10 HOLDINGS AS AT 30 November 2005

Stock Name                                                       Market Value               %
                                                                       £

BP                                                                        50,780,000             8.52
Royal Dutch Shell 'B' Shares                                              44,808,000             7.52
HSBC                                                                      44,806,300             7.52
GlaxoSmithKline                                                           33,736,200             5.66
Royal Bank of Scotland Group                                              23,774,400             3.99
Lloyds TSB Group                                                          21,278,813             3.57
HBOS                                                                      20,073,250             3.37
BT Group                                                                  17,634,375             2.96
Barclays                                                                  15,064,125             2.53
Vodafone Group                                                            13,575,000             2.28

Total Gross Assets                                                       596,084,685


Enquiries:

Kirsten Salt
Company Secretary
Tel: [phone]

2 December 2005










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