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 19 September 2008 was:

132.55p Capital only

134.38p 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 implementation 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.