Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 January 2009 and unaudited.

Performance at month end is calculated on a cum income basis

                                 One    Three        One      Three     
                               Month   Months       Year      Years     
                                                                               
Net asset value#                2.3%     1.0%     -38.5%     -43.3%               
Net asset value*                2.3%     1.0%     -41.6%     -46.1%               
Share price                    -1.3%    -2.0%     -43.7%     -51.0%               
HGSC plus AIM (ex Inv Cos)     -0.4%    -4.6%     -43.8%     -43.3%               

# NAV prior to costs of repaying the debentures early
* NAV after costs of repaying the debentures early
Sources: BlackRock and Datastream

At month end                                                                   
                                                                               
Net asset value Capital only:                           92.55p                 
Net asset value incl Income:                            97.55p                 
Share price:                                            74.50p                 
Discount to Capital only NAV:                            19.5%                 
Net yield:                                                3.0%                 
Total assets:                                           £80.3m              
Gearing:                                                   Nil                 
Ordinary shares in continuing pool:                 82,351,197                 

Ten Largest Sector                                                             
Weightings^                                           % of Total Assets
                                                                               
Software & Computer Services                                       13.5
Support Services                                                   11.2
Financial Services                                                 10.3
Aerospace & Defence                                                 9.2
Oil & Gas Producers                                                 6.1
Pharmaceuticals & Biotechnology                                     6.1
Industrial Engineering                                              5.6
Electronic & Electrical Equipment                                   4.4
Technology Hardware & Equipment                                     2.9
Non-Life Insurance                                                  2.8
                                                                   ----
Total                                                              72.1
                                                                   ====

Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company^                                                                       
                                                                               
Chemring Group                                                                 
Connaught                                                                      
Dechra Pharmaceuticals                                                         
Domino Prining                                                                 
Endace                                                                         
Fidessa                                                                        
Rathbone Brothers                                                              
Rensburg Sheppards                                                             
SDL                                                                            
Ultra Electronics                                                              

^ Excludes 5.1% held in BlackRock Institutional Liquidity Units

Commenting on the markets, Mike Prentis and Richard Plackett, representing the
Investment Manager noted:

January was a calmer month with the NAV (on a cum income basis) increasing by
2.3%, some way ahead of the benchmark which fell by 0.4%. By comparison the
FTSE 100 Index fell by 6.4% during the month.

The main contributors to relative outperformance during the month were holdings
in SDL, Fidessa, Chemring Group and Dechra Pharmaceuticals, all core holdings.
SDL made a positive trading statement indicating that profits for the year
ended 31 December 2008 would be approximately 5% ahead of analyst expectations.
SDL's translation software and services are helping global companies such as
Dell, HP and Canon deliver content more quickly in multiple languages. Fidessa
is due to report full year results in mid February. We believe the shares are
excellent value at 1.0 times EV/sales for a world leading software company with
75% of its revenues recurring and a cash rich balance sheet, albeit selling to
a challenged customer base. Chemring Group, which supplies military decoys and
explosives, produced strong full year results with earnings up 43%; the order
book gives good visibility of 2009 revenues. Dechra put out a confident
pre-close update; on a like for like basis its sales in the 6 months to 31
December 2008 were up 9.5% on the prior comparable period. High margin
pharmaceutical sales are increasing strongly.

On the negative side, the holdings which detracted most from relative
performance were Rathbone Brothers, Intercytex and Umeco. Rathbone Brothers
shares had been amongst our strongest performers in prior months. Intercytex
announced that it would be cutting staff numbers materially to preserve cash.
Phase 3 results on Cyzact are due next month; we hope these will be positive
and ideally accompanied by some partnering news. Umeco shares suffered as
worries about its principal end markets, civil aerospace and wind turbines,
grew. The shares are cheap but unloved.

New holdings in the month were Burberry, Charter, Lancashire and Eaga. We sold
holdings in VT Group and Hiscox. The purchases of shares in international
fashion brand Burberry and steel related Charter reflect our desire to increase
exposure to good quality, well funded more cyclical companies. Both have
performed well since purchase. We switched our holding in insurer Hiscox, which
had also performed well, into cheaper Lancashire. Eaga provides efficient
energy solutions to the less well off; it has good long term revenue
predictability. VT shares had performed well and we took profits.

We remain defensively positioned with overweight positions in defence and
software companies. We are favouring well differentiated companies with good
revenue visibility, strong balance sheets and capable management teams. We are
underweight in stocks dependent on discretionary UK consumer spending.

The CFD portfolio continued to achieve good returns.

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).

24 February 2009