Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 30 September 2008 and unaudited.

Performance at month end is calculated on a cum income basis

                                      One       Three        One      Three     
                                    Month      Months       Year      Years     
                                                                               
Net asset value#                   -14.4%      -20.2%     -38.2%     -24.6% 
Net asset value*                   -14.4%      -24.1%     -41.3%     -28.3%
Share price                        -12.5%      -23.8%     -38.5%     -25.7%
HGSC plus AIM (ex Inv Cos)         -16.5%      -20.1%     -33.9%     -14.0%

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

At month end                                                                   
                                                                               
Net asset value Capital only:                          121.31p                 
Net asset value incl Income:                           123.15p                 
Share price:                                           107.00p                 
Discount to Capital only NAV:                            11.8%                 
Net yield:                                                2.1%                 
Total assets (Capital only):                           £101.4m **              
Gearing:                                                   Nil                 
Ordinary shares in continuing pool:                 82,351,197                 

**Includes current year revenue.

Ten Largest Sector                                                             
Weightings                                          % of Total Assets
                                                                               
Software & Computer Services                                     19.2
Financial Services                                               12.2
Industrial Engineering                                            9.7
Aerospace & Defence                                               9.3
Support Services                                                  7.9
Pharmaceuticals & Biotechnology                                   5.9
Electronic & Electrical Equipment                                 5.0
Oil & Gas Producers                                               4.9
Chemicals                                                         4.6
Media                                                             3.6
                                                                 ----
Total                                                            82.3
                                                                 ====

Ten Largest Equity Investments (in alphabetical order)                         
Company                                                                     
                                                                               
Aveva Group                                                                    
Domino Printing Sciences                                                       
Endace                                                                         
Fenner                                                                         
NetStore                                                                       
Rathbone Brothers                                                              
Rensburg Sheppards                                                             
SDL                                                                            
Spirax-Sarco Engineering                                                       
UMECO                                                                          

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

During September the Company's NAV fell by 14.4%. The benchmark index fell by
16.5% whilst the FTSE100 Index fell by 13.0%. Stockmarket conditions during the
month were very poor with continued nervousness about the state of the world
economy, and in particular the banking system. In the UK the housing market is
in crisis and likely to deteriorate, consumer spending is weakening and
Government tax receipts look likely to fall short of expectations with
implications for Government spending and debt. Resource prices have fallen
further, reflecting the closure of speculative positions and some demand
destruction. GDP growth in key countries such as China has slowed partly due to
reduced demand from the US.

A number of our holdings fell by more than 20% during the month, even though in
many of these cases newsflow was limited. The worst relative performers during
the month were two mining companies, Cambrian Mining and Albidon. Cambrian
mines coal in North America and the UK. Coal prices have fallen recently.
Albidon shares have been very weak since May despite having brought its Munali
nickel mine into production, since when the Nickel price has collapsed.

In relative terms, the best stock contributions came from Rensburg Sheppards,
Rathbone Brothers and SDL. Rensburg and Rathbones benefited from the bans put
in place to prevent shorting of financial companies; they are also, we believe,
good value at current levels. SDL is known to be trading well.

We continued to reshape the portfolio selling holdings in early stage
technology, biotechnology and resources companies. We continue to add to our
core holdings as cash resources permit.

Following approval at the September EGM, we have now put in place the CFD
portfolio. This has performed well in the early weeks of its existence.

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).

29 October 2008