Interim Management Statement

The Throgmorton Trust PLC

Interim Management Statement- 3 months to 29 February 2012

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 2011 to
29 February 2012, 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.thrgplc.co.uk.

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 - undiluted        7.9       15.1       -4.0      164.9
Share Price                        7.8       12.2       -0.4      193.1
HGSC plus AIM (ex Inv Cos)         6.8       13.7       -1.2      117.8
                                                                       
All performance figures are in £ on a cum income basis.

Ten Largest Equity Holdings at 29 February 2012 (in alphabetical order)

Aveva Group
Bellway
Booker
City of London Investment Group
Fidessa
Hargreaves Services
ITE
Oxford Instruments
Senior
Yule Catto

Financial position and performance as at 29 February 2012

Gross Assets (£m)*                          169.7     
Short term borrowings (£m)                    Nil            
Net asset value-capital only              229.64p
Net asset value-including income          230.02p
Share Price                               188.25p
Ordinary Shares in issue**             73,130,326
Net market exposure as a % of net
asset value                                106.8%
CFDs - short (£m)                            21.8
CFDs - long (£m)                             30.1

*includes current year revenue
**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 29 February 2012, 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.

Dividend

A final dividend of 2.55 pence was declared on 13 February 2012, payable on 
5 April 2012 to shareholders on the register on 24 February 2012, making a total 
dividend of 3.15 pence per share in respect of the year ended 30 November 2011.

Financial Report

The Company announced its financial results for the year ended 30 November 2011
on 13 February 2012.

Annual General Meeting

At the Company's Annual General Meeting held on Thursday, 22 March 2012, all
resolutions were passed.

Change in Directorate

Following the Annual General Meeting held on 22 March 2012, the Company
announced that Mr Bernays had retired as the Chairman and as a Director of the
Company. Lord Latymer succeeds Mr Bernays as Chairman of the Company and its
Nomination and Management Engagement Committees.

Change in NAV and Share Price

For the period 1 March 2012 to 21 March 2012 the Company's NAV increased by
1.3% and the share price by 3.1%. 

The Board is not aware of any significant events or transactions, except as
disclosed herein, occurring between 29 February 2012 and the 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.thrgplc.co.uk on the internet,
"BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).

Contact details:
Kerry Higgins
Secretary
Tel: [phone]