Net Asset Value(s)

NET ASSET VALUE

THE THROGMORTON TRUST PLC

The unaudited net asset value for The Throgmorton Trust PLC at close of
business on 12 September 2008 was:

136.83p Capital only
138.58p Including current year revenue

Notes:

1. The Company's cum income NAV per share at close of business on 11 September
   2008 was 135.71p.  This NAV has been calculated before any adjustment for
   the Tender Offer to purchase up to 40% of the Company's shares, which has
   been fully subscribed.

   Applying the appropriate adjustments arising from the Tender to this NAV
   per share (including the benefit of enhancement of the exit charge of 
   2 per cent on shares that were successfully tendered), the adjusted
   post-Tender NAV as at close of business on Thursday 11 September 2008
   (the Calculation Date) for continuing shareholders was 137.56p per
   share.  This is based upon the 82,351,197 shares that will remain
   in issue following the impementation of the Tender.

   Hence the tender has contributed an uplift of 1.85p to the Company's NAV,
   an enhancement of 1.36%.

   In addition to the shares tendered and repurchased by the Company, a 
   further 1,127,000 shares tendered were purchased by incoming investors.
   In accordance with the terms of the tender Circular, proceeds of 128.93p 
   per share will be received by the tender pool in relation to these shares,
   representing 95% of the NAV per share of the Company as at close of 
   business on 11 September 2008 before any tender adjustments.

2. Investments have been valued on a bid price basis.

3. Revenue items included in net asset value, with dividends payable deducted
on the ex-dividend date.