Interim Management Statement

The Throgmorton Trust PLC

Interim Management Statement- 3 months to 31 August 2008

To the members of The Throgmorton Trust PLC

This interim management statement has been produced solely to provide
additional information to shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure & Transparency Rules. It
should not be relied on by any other party for any other reason.

This interim management statement relates to the period from 1 June 2008 to 31
August 2008, and contains information that covers this period, and up to the
date of publication of this interim management statement. Please note more
detailed performance information, including the latest month end announcements
are available on the Manager's website-www.blackrock.co.uk/its.

The Company's objective is to provide shareholders with capital growth and an
attractive total return from investment predominantly in UK smaller companies
which are listed on the main market or traded on the AIM market.

Stock Performance

Cumulative Performance (%):

                                   One      Three        One      Three
                                 Month     Months       Year      Years
                                                                       
Net Asset Value                  -2.9%     -17.8%     -33.9%     -14.3%
Share Price                      -1.8%     -15.1%     -31.5%     -10.1%
HGSC plus AIM (ex Inv Cos)        3.2%     -12.1%     -22.4%       4.9%

All performance figures are in £ on a total return basis.

Ten Largest Equity Holdings at 31 August 2008 (in alphabetical order)

Aveva Group
Cambrian Mining
Domino Printing Sciences
Endace
Fenner
NetStore
Rathbone Brothers
Rensburg Sheppards
SDL
UMECO

Financial position and performance as at 31 August 2008

Gross Assets (£m)*                          240.0     
                                                 
Short term borrowings (£m)                    Nil            
                                                 
Long term borrowings**:                          
                                                 
12 5/16% Debenture Stock 2010 (£m)           19.8
                                                 
11 5/16% Debenture Stock 2018 (£m)           22.7
                                             ----    
                                             42.5
                                             ----
    
Net asset value-Capital Only              142.38p
                                                 
Net asset value-Including Income          143.95p
                                                 
Share Price                               122.25p
                                                 
Ordinary Shares in Issue              137,251,872
                                                 
Actual Gearing                              21.5%
                                                 
Discount to NAV-Cum Income                  15.1%
                                                 
Discount to NAV-Capital Only**              14.1%

*includes net revenue of £2.2m

**valued at redemption price

Material Events/Transactions

Axa Framlington Investment Management Limited acted as Investment Manager and
Company Secretary until 30 June 2008. BlackRock Investment Management (UK)
Limited was appointed as Investment Manager and Company Secretary on 1 July
2008.

The Company announced on 31 July 2008 its offer to repurchase some or all of
its listed debenture stocks. At an extraordinary general meeting of the Company
held on 26 August 2008, the shareholders approved the repurchase in full of all
debenture stocks. The debenture stocks were redeemed on 3 September 2008.

Subsequent to the period, an extraordinary general meeting was convened on 11
September 2008, to announce the results of a tender offer inviting shareholders
to purchase up to 40 per cent of the Company's issued share capital and a
resolution to change the investment policy. The tender offer was fully
subscribed and assets relating to the tendered shares have been segregated from
the main portfolio pending realisation. At the same extraordinary general
meeting shareholders approved a change in the investment policy allowing the
Company to invest up to 30 per cent. of its net assets in CFDs and/or
comparable equity instruments. As at 30 September the CFD portfolio amounted to
approximately 16% of the Company's net assets in the continuing pool.

The Board announced on 30 September that pursuant to the Tender Offer an
interim distribution of 47 pence per Exit Share was expected to be made to
Exiting Shareholders on 30 September. This interim distribution represented
approximately 38% of the net assets in the Tender Pool as at close of business
on 25 September 2008.

The Board expects to make a further interim distribution within approximately
two months. The final distribution to Exiting Shareholders is expected to be
made by the end of January 2009. However, as described in paragraph 14 of part
2 of the Circular to Shareholders dated 1 August 2008, the Company reserves the
right, if the Board considers it to be in the interests of Shareholders as a
whole, to defer the realisation of the Tender Pool assets.

Defined terms have the same meaning as in the Circular to Shareholders dated 1
August 2008.

Additionally, the Company has adopted the Hoare Govett Smaller Companies plus
AIM (excluding Investment Companies) Index as its benchmark replacing the FTSE
SmallCap Index (excluding investment companies).

The Board is not aware of any material events or transactions, except as
disclosed herein, occurring between 31 August 2008 and the date of publication
of this interim management statement which would have a material impact on the
financial position of the Company. Latest information is available by typing, 
www.blackrock.co.uk/its on the internet, "BLRKINDEX" on Reuters, "BLRK" on
Bloomberg or "8800" on Topic 3 (ICV terminal).

Contact details:

Kerry Higgins
Secretary
Tel: [phone]