Final Results

THE THROGMORTON TRUST PLC                           

               PRELIMINARY ANNOUNCEMENT OF THE UNAUDITED RESULTS               

                      FOR THE YEAR ENDED 30 NOVEMBER 2007                      

- Net Asset Value per ordinary share 186.85p (2006:192.24p) with debt at market
value

- Increased final dividend of 1.70p per share (2006:1.50p) making a total of
2.20p (2006:2.00p)

NET ASSET VALUE

                             30.11.2007   30.11.2006 Year on year  8.02.2008   
                                                                               
                            (unaudited)    (audited) % change                  
                                                                               
The Throgmorton Trust PLC       194.57p      199.42p    -2.4       169.03p     
                                                                               
(debt at par)                                                                  
                                                                               
(debt at market value)          186.85p      192.24p    -2.8       161.99p     
                                                                               
FTSE SmallCap (ex Inv.           3132.3       3541.2   -11.5       2796.97     
Cos.)                                                                          
                                                                               
FTSE All-Share                   3280.9       3119.9     5.2       2956.60     

The audit report for the full financial statements for the year ended 30
November 2007 has not yet been signed.

THE CHAIRMAN, RICHARD BERNAYS, COMMENTED:

The smaller companies market has been a difficult investment area with the FTSE
SmallCap Index (the "Index") falling by 11.5% during the year ended 30 November
2007 compared with a rise in the FTSE All-Share Index of 5.2%. Against this
difficult background, the net asset value of Throgmorton Trust (with the
Company's debt valued at market price rather than at par) fell by 2.8%. The
Company's share price fell by 7.5% as discounts against net asset value in the
sector rose.

Revenue and Dividend

The board is recommending a final dividend of 1.70 pence per share making a
total dividend for the year of 2.20 pence per share, an increase of 10%
compared with 2006. If approved at the annual general meeting on 19 March 2008,
the dividend will be paid on 27 March 2008 to shareholders on the register on
29 February 2008.

The Company has built up substantial revenue reserves over the years and it
will use these to benefit the dividend and to allow the manager the freedom to
maximise returns to shareholders without being constrained by income
considerations. We believe that the Company's revenue is likely to increase
quite significantly next year, for two reasons. First, the board has reviewed
the Company's returns and concluded that over the long term the returns earned
from capital will be greater than those from revenue. Accordingly, the board
has decided to change the allocation of management fees and finance costs so
that 75% of these costs are charged to capital and 25% to revenue, with effect
from 1 December 2007. Secondly, as a result of a recent court ruling, the
Company no longer has to pay VAT on its investment management fees.

The smaller companies market

Up until May 2007, the market for smaller companies was firm and the Company
performed well with the net asset value rising by 21.5% over the six months to
31 May 2007. The emergence of the sub-prime debt crisis prompted a sell-off in
markets generally but was particularly severe on smaller companies where the
lower liquidity of small company shares, the more difficult credit market and
the consequent expectation of an economic slow-down led investors to desert
smaller companies. The concentration within Throgmorton Trust on growth
companies with good margins and strong balance sheet helped us to outperform
the Index.

Discount against NAV

With the smaller companies sector so much out of favour, it is not surprising
that discounts against NAV have widened. We have continued our policy of buying
in stock. Over the year we have bought over 23 million shares, representing 14%
of the shares in issue at the start of the year. This has enhanced net asset
value by approximately 1%. However, despite this activity, the discount widened
from 14.6% at the start of the year to 18.7% by the year end. This is
disappointing but is unsurprising given that the sector remains so out of
fashion. We will continue our policy of buying stock, thereby enhancing net
asset value.

Prospects

It has been a difficult start to the new financial year with markets continuing
to be weak. We expect central banks on both sides of the Atlantic to respond
with further interest rate cuts and, as and when the market recovers, our
portfolio of well managed, well financed smaller companies should prosper.

Richard Bernays

Chairman

11 February 2008

Income Statement

                                             Year ended 30 November 2007       
                                                                               
                                                     (unaudited)               
                                                                               
                                       Revenue      Capital       Total        
                                                                               
                                       Return       Return                     
                                                                               
                                       £000s        £000s         £000s        
                                                                               
Realised gains on investments          -            39,989        39,989       
                                                                               
Unrealised losses on investments       -            (47,525)      (47,525)     
                                                                               
Income                                 6,196        -             6,196        
                                                                               
Investment management fee              (1,422)      (1,422)       (2,844)      
                                                                               
Other administrative expenses          (429)        -             (429)        
                                                                               
Net return/(loss) before finance costs 4,345        (8,958)       (4,613)      
and taxation                                                                   
                                                                               
Finance costs                          (1,983)      (1,905)       (3,888)      
                                                                               
Return/(loss) on ordinary activities   2,362        (10,863)      (8,501)      
before taxation                                                                
                                                                               
Tax on ordinary activities             (14)         -             (14)         
                                                                               
Return/(loss) on ordinary activities   2,348        (10,863)      (8,515)      
after taxation attributable to equity                                          
shareholders                                                                   
                                                                               
Return/(loss) per share - basic        1.54p        (7.14)p       (5.60)p      
                                                                               

                                              Year ended 30 November 2006       
                                                                                
                                                       (audited)                
                                                                                
                                       Revenue       Capital       Total        
                                                                                
                                       Return        Return                     
                                                                                
                                       £000s         £000s         £000s        
                                                                                
Realised gains on investments          -             54,450        54,450       
                                                                                
Unrealised losses on investments       -             (7,346)       (7,346)      
                                                                                
Income                                 7,113         -             7,113        
                                                                                
Investment management fee              (1,498)       (1,498)       (2,996)      
                                                                                
Other administrative expenses          (417)         -             (417)        
                                                                                
Net return before finance costs and    5,198         45,606        50,804       
taxation                                                                        
                                                                                
Finance costs                          (1,937)       (1,905)       (3,842)      
                                                                                
Return on ordinary activities before   3,261         43,701        46,962       
taxation                                                                        
                                                                                
Tax on ordinary activities             -             -             -            
                                                                                
Return on ordinary activities after    3,261         43,701        46,962       
taxation attributable to equity                                                 
shareholders                                                                    
                                                                                
Return per share - basic               1.84p         24.60p        26.44p       
                                                                                

The accompanying notes are an integral part of these financial statements.

All revenue and capital items in this statement derive from continuing
operations.

The total column of this statement represents the Income Statement of the
Company. The revenue return and capital return columns are supplementary to
this and are prepared under guidance published by the Association of Investment
Companies.

A statement of total recognised gains and losses is not required as all gains
and losses of the Company have been recognised in the above statement.

Reconciliation of movements in shareholders' funds for the year ended 30
November

                         Share   Capital    Capital   Capital                  
                                                                               
                 Share  Premium Redemption  Reserve   Reserve  Revenue         
                                                                               
                Capital Account  Reserve   Unrealised Realised Reserve  Total  
                                                                               
                 £000s   £000s    £000s      £000s     £000s    £000s   £000s  
                                                                               
Balance at 30     9,130  35,272      6,060     68,739  188,367   5,816  313,384
November 2005                                                                  
(audited)                                                                      
                                                                               
Return                -       -          -    (7,346)   51,047   3,261   46,962
attributable to                                                                
equity                                                                         
shareholders in                                                                
2006                                                                           
                                                                               
Dividends paid        -       -          -          -        - (2,245)  (2,245)
in the year re                                                                 
2005                                                                           
                                                                               
Dividends paid        -       -          -          -        -   (890)    (890)
in the year re                                                                 
2006                                                                           
                                                                               
Shares            (951)       -        951          - (30,999)       - (30,999)
repurchased by                                                                 
the Company in                                                                 
2006                                                                           
                                                                               
Balance at 30     8,179  35,272      7,011     61,393  208,415   5,942  326,212
November 2006                                                                  
(audited)                                                                      
                                                                               
Return                -       -          -   (47,525)   36,662   2,348  (8,515)
attributable to                                                                
equity                                                                         
shareholders in                                                                
2007                                                                           
                                                                               
Dividends paid        -       -          -          -        - (2,367)  (2,367)
in the year re                                                                 
2006                                                                           
                                                                               
Dividends paid        -       -          -          -        -   (731)    (731)
in the year re                                                                 
2007                                                                           
                                                                               
Shares          (1,176)       -      1,176          - (42,085)       - (42,085)
repurchased by                                                                 
the Company in                                                                 
2007                                                                           
                                                                               
Balance at 30     7,003  35,272      8,187     13,868  202,992   5,192  272,514
November 2007                                                                  
(unaudited)                                                                    



Balance Sheet

As at 30 November                         £000s        2007    £000s       2006
                                                                               
                                                      £000s               £000s
                                                                               
                                                (unaudited)           (audited)
                                                                               
Fixed asset investments held at fair                299,446             349,455
value through profit or loss                                                   
                                                                               
Current assets                            1,051                1,493           
                                                                               
Debtors                                  11,304               11,940           
                                                                               
Cash at bank                                                                   
                                                                               
Creditors: amounts falling due within                12,355              13,433
one year                                                                       
                                                    (7,118)             (4,507)
                                                                               
Net current assets                                    5,237               8,926
                                                                               
Total assets less current liabilities               304,683             358,381
                                                                               
Creditors: amounts falling due after               (32,169)            (32,169)
more than one year                                                             
                                                                               
Net assets                                          272,514             326,212
                                                                               
Capital and reserves                                  7,003               8,179
                                                                               
Called up share capital                              35,272              35,272
                                                                               
Share premium account                                                          
                                                                               
Capital reserves                                                               
                                                                               
Capital redemption reserve                8,187                7,011           
                                                                               
Capital reserve - unrealised             13,868               61,393           
                                                                               
Capital reserve - realised              202,992              208,415           
                                                                               
                                                    225,047             276,819
                                                                               
Revenue reserve                                       5,192               5,942
                                                                               
Total equity shareholders' funds                    272,514             326,212
                                                                               
Net asset value per share                           194.57p             199.42p

Cash Flow Statement

For the year ended 30 November                            2007         2006
                                                                           
                                                         £000s        £000s
                                                                           
                                                   (unaudited)    (audited)
                                                                           
Operating activities                                     5,062        6,243
                                                                           
Cash received from investments                           1,089          750
                                                                           
Interest received                                           31           70
                                                                           
Underwriting commission                                (1,511)      (1,488)
                                                                           
Management fee                                           (123)        (118)
                                                                           
Cash paid to and on behalf of the directors              (218)        (311)
                                                                           
Other cash payments                                                        
                                                                           
Net cash inflow from operating activities                4,330        5,146
                                                                           
Servicing of finance                                   (1,905)      (1,937)
                                                                           
Interest charged to revenue                                                
                                                                           
Taxation                                                     -            -
                                                                           
Taxation recovered                                                         
                                                                           
Capital expenditure and financial investment            45,268       26,821
                                                                           
Net sales of investments                               (1,511)      (1,488)
                                                                           
Capital management fee                                 (1,905)      (1,905)
                                                                           
Interest charged to capital                               (10)           24
                                                                           
Net payments (to)/from subsidiaries                                        
                                                                           
Net cash inflow from investing activities               41,842       23,452
                                                                           
Dividends                                              (3,098)      (3,135)
                                                                           
Dividends paid - equity shares                                             
                                                                           
Net cash inflow before financing                        41,169       23,526
                                                                           
Financing                                             (41,805)     (30,933)
                                                                           
Repurchase of ordinary shares                                              
                                                                           
Net cash outflow from financing                       (41,805)     (30,933)
                                                                           
Decrease in cash                                         (636)      (7,407)

Notes:

1. The financial information set out in the announcement does not constitute
the Company's statutory accounts for the years ended 30 November 2007 or 2006.

2. The financial information for the year ended 30 November 2006 is derived
from the statutory accounts for that year delivered to the Registrar of
Companies. The auditors reported on those accounts; their report was
unqualified and did not contain any emphasis of matter or a statement under
s237(2) or (3) Companies Act 1985.

3. The statutory accounts for the year ended 30 November 2007 have not been
approved or audited and will be finalised on the basis of the financial
information presented by the directors in this preliminary announcement and
delivered to the Registrar of Companies following the Company's annual general
meeting.

4. The financial information has been prepared on the basis of the accounting
policies set out in the Company's financial statements for the year ended 30
November 2006 which will also be adopted in the financial statements for the
year ended 30 November 2007.

5. The board has recommended the payment of a final dividend of 1.70p per share
in respect of the year ended 30 November 2007. Subject to approval by
shareholders at the Company's annual general meeting on 19 March 2008, the
dividend will be paid on 27 March 2008 to shareholders on the register of the
Company on 29 February 2008.