Interim Management Statement

The Throgmorton Trust PLC

Interim Management Statement- 3 months to 28 February 2010

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 2009 to
28 February 2010, 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#                 -0.1%       5.4%      66.4%     -21.4%
Net Asset Value*                 -0.1%       5.4%      66.4%     -25.0%
Net Asset Value**                 0.4%       5.1%      66.0%     -25.2%
Share Price                       2.9%       8.2%      82.3%     -25.0%
Subscription share price         -8.0%     -23.8%          -          -
HGSC plus AIM (ex Inv Cos)        0.6%       4.4%      67.5%     -20.7%

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 2010 (in alphabetical order)

Abcam Group
Aveva Group
Brewin Dolphin Holdings
Domino Printing Sciences
Eastern Platinum
Fidessa Group
ITE Group
Rotork
Spirax-Sarco Engineering
Victrex

Financial position and performance as at 28 February 2010

Gross Assets (£m)*                          110.0     
Short term borrowings (£m)                    Nil            
Net asset value-capital only              148.08p
Net asset value-Including Income          148.41p
Share Price                               121.00p
Ordinary Shares in issue***            74,128,534
Subscription Shares in issue           14,810,475
Actual Gearing                                Nil
Discount to NAV-Cum Income                  18.5%
Discount to NAV-Capital Only**              18.3%

*includes net revenue of £0.25m
***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 2010, 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.

Financial Report

The Company announced its financial results for the year ended 30 November 2009
on 29 January 2010.

Dividend

A final dividend of 2.20 pence and special dividend of 2.00 pence per share
were declared on 29 January 2010, payable on 26 March 2010 to shareholders on
the register on 19 February 2010.

Subscription Share Conversion

On 3 February 2010 12,426 ordinary shares were issued, subject to listing, to
13 holders of subscription shares following the exercise of their conversion
rights. The 12,426 ordinary shares were subsequently listed on 8 February 2010.

The Board is not aware of any material events or transactions, except as
disclosed herein, occurring between 1 March 2010 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]