Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 30 June 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#            0.2%     22.1%      -21.8%     -30.6%               
Net asset value*            0.2%     22.1%      -25.6%     -33.9%               
Share price                -5.4%     27.6%      -29.6%     -34.0%               
HGSC plus AIM (ex Inv Cos) -0.5%     23.8%      -24.0%     -27.7%               

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

At month end                                                                   
                                                                               
Net asset value Capital only:                          111.86p                 
Net asset value incl Income:                           115.01p                 
Share price:                                            92.75p                 
Discount to Capital only NAV:                            17.1%                 
Net yield:                                                2.6%                 
Total assets:                                           £95.3m *               
Gearing:                                                  0.6%                 
Ordinary shares:                                    82,351,197 **              

* Includes current year revenue.
** Excluding treasury shares.

Ten Largest Sector                                                             
Weightings                                                    % of Total Assets
                                                                               
Software & Computer Services                                               11.8
Financial Services                                                         10.8
Support Services                                                            8.4
Oil & Gas Producers                                                         8.1
Mining                                                                      5.8
General Retailers                                                           5.0
Industrial Engineering                                                      4.9
Travel & Leisure                                                            4.2
Aerospace & Defence                                                         3.8
Pharmaceuticals & Biotechnology                                             3.8
                                                                           ----
Total                                                                      66.6
                                                                           ====
Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                                                        
                                                                               
Abcam                                                                          
Aveva Group                                                                    
Brewin Dolphin Holdings                                                        
Dechra Pharmaceuticals                                                         
Domino Prining Sciences                                                        
Emerald Energy                                                                 
Fidessa                                                                        
Pace                                                                           
Rathbone Brothers                                                              
Rensburg Sheppards                                                             

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

During June the NAV increased by 0.2% on a total return basis, whilst the
benchmark fell by 0.5%. The FTSE 100 fell by 3.8%.

The main contributors to relative outperformance were holdings in Alterian and
Domino Printing Sciences. Alterian announced good results and management are
confident about prospects. Alterian's analytics software enables organisations
to engage with their customers more effectively. Domino Printing delivered very
respectable half year results showing earnings down 8%. Domino has cut costs
very hard and is well placed to increase profits when markets recover;
meanwhile the balance sheet is strong.

Relative performance was impacted by a poor contribution from Mouchel Group.
Mouchel has failed to win any of the largest contracts it has been tendering
for. Whilst it has a large order book of contracted business, it also has a
high margin consultancy business where visibility is limited; this seems to
have seen a fall off in demand, much of which comes from UK government.
Additionally Mouchel has business in the Middle East where it has struggled to
get paid. We have met with management to discuss prospects. We see further
downside as limited, with the shares trading on less than 7 times current and
forecast earnings, but it will take a while for the shares to rerate to
previous multiples.

Holdings in Chemring, 3i Group and Burberry were sold. We wanted to reduce
further our overweight exposure to the aerospace and defence sector as we
expect defence budgets to be cut. Much though we like Chemring, and regard
executive management highly, we decided to sell the holding. 3i and Burberry
shares have both performed strongly since we bought our holdings several months
ago. They are quite large companies now in market capitalisation terms, and we
are looking for opportunities lower down the size spectrum.

We took part in several placings and rights issues, the largest of which were
in London West End office investor and developer Great Portland Estates, real
estate developer St Modwen Properties, and department store operator Debenhams.
We also added holdings in HMV Group and Restaurant Group. In the very short
term we see UK consumer stocks and real estate stocks as safer than late cycle
industrials.

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).

16 July 2009