Interim Management Statement

The Throgmorton Trust PLC

Interim Management Statement- 3 months to 28 February 2011

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 December 2010 to
28 February 2011, 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#                  1.0%      15.2%      65.7%      63.0%
Net Asset Value*                  1.0%      15.2%      65.8%      55.6%
Net Asset Value**                 1.6%      14.1%      55.2%      45.3%
Share Price                       2.1%      19.4%      61.5%      62.0%
Subscription share price          1.1%      85.6%          -          -
HGSC plus AIM (ex Inv Cos)        0.9%      11.4%      31.7%      17.7%

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

#NAV prior to costs of repaying the debentures early
*NAV after costs of repaying the debentures early- undiluted
**NAV after costs of repaying the debentures early - diluted

Ten Largest Equity Holdings at 28 February 2011 (in alphabetical order)

Abcam
Aveva Group
City of London Investment Group
Domino Printing
Fidessa Group
Hargreaves Services
Hutchison China Meditech
IQE
ITE
Renishaw

Financial position and performance as at 28 February 2011

Gross Assets (£m)*                          157.0     
Short term borrowings (£m)                    Nil            
Net asset value - capital only            242.45p
Net asset value capital only
(diluted for subscription shares)         226.18p
Net asset value - including income        242.83p
Net asset value including income                 
(diluted for subscription shares)         226.50p
Share Price                               192.25p
Ordinary Shares in issue**             60,797,273
Subscription Shares in issue           12,333,053
Actual Gearing (including CFDs - £m)         10.5
CFDs - short (£m)                            13.7
CFDs - long (£m)                             34.3
Discount to NAV - Cum Income       
(diluted for subscription shares)           15.1%
Discount to NAV - Capital Only 
(diluted for subscription shares)           15.0%

*includes net revenue of £0.23m
**not including 7,400,000 shares held in treasury

Material Events/Transactions

There were no material events or transactions, except as disclosed, during the
three months to 28 February 2011, nor was the Company involved in any other
material transactions during the period except the purchase and sale of
securities undertaken in the normal course of its business.

Annual General Meeting

At the Company's Annual General Meeting held on Friday, 11 March 2011, all
resolutions were passed.

Financial Report

The Company announced its financial results for the year ended 30 November 2010
on 4 February 2011.

Dividend

A final dividend of 2.42 pence was declared on 4 February 2011, payable on 25
March 2011 to shareholders on the register on 18 February 2011.

Subscription Share Conversion

On 2 February 2011, 977,559 ordinary shares were issued, subject to listing, to
79 holders of subscription shares following the exercise of their conversion
rights. The 977,559 ordinary shares were subsequently listed on 7 February
2011.

The Board is not aware of any material events or transactions, except as
disclosed herein, occurring between 1 March 2011 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]