Interim Management Statement

The Throgmorton Trust PLC

First interim management statement for the year ending 30 November 2008

To the members of The Throgmorton Trust PLC

This is the Trust's first interim management statement for the year ending 30
November 2008 and covers the period to 31 March 2008. This statement has been
produced to comply with the requirements of the Disclosure and Transparency
Rules issued by the UKLA and should not be relied upon by any other party or
for any other purpose.

Investment objective

The Throgmorton Trust PLC is an investment trust investing in UK smaller
companies. The company has ordinary shares and debenture stock in issue.

The objective of the company 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.

The performance of the company is measured by reference to the FTSE SmallCap
Index (excluding investment companies), capital only (the "Index"). The Index
covers companies with a market capitalisation of between £70 million and £500
million. The company will normally invest in companies with a market
capitalisation within the same range. The manager may invest in companies
outside the Index without restriction subject to the limits noted below,
including stocks traded on the AIM market which he considers to be attractive
investment opportunities.

The risks of investing in smaller companies are managed by investment in a
diversified portfolio of companies. The portfolio will usually comprise at
least 75 stocks. In addition, the board has an operating guideline that not
more than 50% of the portfolio should be AIM stocks.

Under the taxation rules for investment trusts, the maximum amount which may be
invested in any one company is 15% of the company's investments. However, such
concentration is unlikely to occur and in practice it would be unusual for more
than 5% to be invested in one company.

The company may not invest more than 10%, in aggregate, of the value of its
total assets in other listed closed-ended investment funds except in the case
of investment in closed-ended investment funds which themselves have published
investment policies to invest no more than 15% of their total assets in other 
listed closed-ended investment funds, in which case the limit is 15%.

The company's articles allow it to borrow up to a sum equal to twice the amount
paid up on the issued share capital for the time being of the company and the
amounts standing to the credit of the reserves of the company and its
subsidiaries. The company has two issues of long term debt: £17 million of 12 5/
16% debenture stock 2010 and £15 million of 11 5/16% debenture stock 2018. In
addition the company has a short term overdraft facility of £10m which can be
used for trading activity.

The board's policy is that net gearing (ie borrowings less cash) should not
exceed 20% of gross assets: the current intention is not to increase the
current level of fixed debt of £32 million.

Benchmark

The benchmark is the FTSE SmallCap (excluding investment companies) Index.

Capital structure

The Trust has one class of share capital: ordinary shares of 5 pence each.

Financial position

NAV and total assets at 31 March 2008

                                    31 March 2008    30 November              %
                                                            2007               
                                                                       decrease
                                                                               
Net asset value per share                 155.27p        186.85p           16.9
                                                                               
(debt at fair value)                                                           
                                                                               
Share price                               119.00p        152.00p           21.7
                                                                               
FTSE SmallCap (ex investment              2716.62         3132.3           13.3
companies) capital only index                                                  
                                                                               
Net assets (prior charges at             £222.9 m        £272.5m           18.2
par)                                                                           

Ten largest holdings at 31 March

                                            Value at       % of    
                                            31.03.08   portfolio at
                                                         31.03.08  
                                             £000s                 
                                                                   
UMECO                                            9,808          4.0
                                                                   
SDL                                              7,843          3.2
                                                                   
Fenner                                           7,684          3.1
                                                                   
Aveva Group                                      6,828          2.8
                                                                   
Headlam Group                                    6,606          2.7
                                                                   
Aero Inventory                                   5,816          2.4
                                                                   
Rensburg Sheppards                               5,308          2.2
                                                                   
Accsys Technologies                              5,047          2.1
                                                                   
Domino Printing Sciences                         4,880          2.0
                                                                   
Interserve                                       4,820          2.0

Sector allocation at 31 March 2008

Oil & Gas                                             %
                                                       
Basic materials                                    4.94
                                                       
Industrials                                       12.58
                                                       
Consumer goods                                    25.12
                                                       
Health care                                        4.34
                                                       
Consumer services                                  8.61
                                                       
Telecommunications                                 7.06
                                                       
Financials                                         1.69
                                                       
Technology                                        15.78
                                                       
Cash                                              15.55
                                                       
                                                   4.32

Material events and transactions

Chris St John was appointed as the Trust's portfolio manager on 28 February
2008 following the resignation of Roger Whiteoak from AXA Framlington to pursue
other opportunities.

During the four months to 31 March 2008, a further £15.3 million was invested
in the portfolio and £25.5 million was realised through the sale of
investments.

Since the year end, 30 November 2007, the Trust has bought back 2,806,404
ordinary shares. The Trust's issued share capital is now 137,251,872 ordinary
shares of 5 pence each.

A new management contract was entered into between the Trust and its Manager,
AXA Framlington Investment Management, on 30 January 2008. The revised contract
is terminable by six months' notice. The investment and administration fee are
unchanged from the previous contract.

The annual general meeting was held on 19 March 2008. All the resolutions set
out in the notice of Annual General Meeting dated 18 February 2008 were passed
at the meeting, including special resolutions authorising the Company to allot
securities and make market purchases of its Ordinary Shares.

A final dividend for the year ended 30 November 2007, of 1.70 pence per share,
was paid on 27 March 2008 to shareholders on the register on 29 February 2008,
following approval by shareholders at the annual general meeting.

On 17 April 2008 the Board announced that it has received a proposal from
Gartmore Growth Opportunities Plc regarding a possible merger with Throgmorton.
The proposal, which is at an early stage and may or may not lead to an offer,
currently envisages a share for share exchange based on the formula asset value
of Throgmorton's shares. The Board is currently reviewing this proposal and all
options available to it, taking into account the interests of all shareholders,
and it is envisaged that a further announcement will be made shortly.

There have not been any other material events or transactions during the period
1 December 2007 to the date of this statement.

Company information

Year end: 30 November

Results: interim results to 31 May 2008 announced July 2008

final results to 30 November 2008 announced February 2009

Dividend: Final dividend paid 27 March 2008

Interim dividend payable September 2008

Further information on the Trust, including the annual report and accounts for
the year ended 30 November 2007, is available from the Trust's website
www.throgmortontrust.co.uk

All data source: AXA Framlington. Past performance is not a guide to future
returns.

By order of the board

AXA Framlington Investment Management Limited

Company Secretary to The Throgmorton Trust PLC

18 April 2008