Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 30 April 2010 and unaudited.

Performance at month end is calculated on a cum income basis

                                One     Three       One      Three    
                              Month    Months      Year      Years    
                                                                               
Net asset value#               3.9%     14.4%     62.8%     -13.7%             
Net asset value^               3.9%     14.6%     63.1%     -17.6%             
Net asset value^^              3.3%     12.7%     59.3%     -19.6%             
Share price                    3.5%     20.1%     70.0%     -15.3%             
Subscription share price       7.3%     65.9%      n/a        n/a                
HGSC plus AIM (ex Inv Cos)     3.2%     11.3%     47.5%     -17.9%             

# NAV prior to costs of repaying the debentures early
^ NAV after costs of repaying the debentures early - undiluted
^^ NAV after costs of repaying debentures early - diluted
Sources: BlackRock and Datastream

At month end                                                                   
Net asset value capital only:                               168.94p            
Net asset value incl. income:                               170.20p            
Share price:                                                141.25p            
Discount to capital only NAV:                                 16.4%            
Subscription share price:                                    11.00p            
Net yield:                                                     2.0% *          
Total assets:                                               £132.0m **         
Gearing:                                                       4.4%            
Ordinary shares in issue~:                               74,128,534 ***        
Subscription shares in issue~:                           14,810,475            

*Calculated using prior year interim and final dividends paid.
**Includes current year revenue.
*** Excluding 7,400,000 shares held in treasury.
~Subsequent to 30 April, the quarterly Subscription Share exercise for the end
of April completed on 7 May 2010, resulting in 74,164,475 ordinary shares and
14,774,534 subscription shares in issue as at the date of this announcement.

Ten Largest Sector                                                         
Weightings                                                % of Total Assets
                                                                           
Software & Computer Services                                           10.1
Mining                                                                  9.8
Oil & Gas Producers                                                     7.9
Financial Services                                                      7.9
Electronic & Electrical Equipment                                       7.1
Industrial Engineering                                                  6.2
Support Services                                                        6.1
Technology Hardware & Equipment                                         5.8
Pharmaceutical & Biotechnology                                          4.3
Media                                                                   3.8
                                                                       ----
Total                                                                  69.0
                                                                       ====

Ten Largest Equity Investments (in alphabetical order)

Company

Abcam
Aveva Group
Brewin Dolphin Holdings
Domino Printing Sciences
Eastern Platinum
Fidessa
Rotork
Spirax-Sarco Engineering
Victrex
Western Coal

^Excludes holding in BlackRock's Institutional Liquidity Units

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

April was a good month in absolute and relative performance terms, with the NAV
(on a cum income basis) rising by 3.9%, ahead of the benchmark which was up
3.2%. The FTSE 100 Index fell by 2.2%.

From stock point of view no one stock had a significant positive or negative
impact on performance relative to the benchmark index, of the long only
portfolio during the month. Sector allocation was marginally positive but this
was not significant.

The Contracts For Difference ("CFD") portfolio continued to perform well, and
generated most of the Company's outperformance compared to the benchmark during 
the month. Performance was helped by having a long CFD position in Chloride Group, 
which received a second bid approach from Emerson Electric, the first was about 
two years ago. We also have a holding in Chloride in the long only portfolio.

We sold our holdings in Rensburg Sheppards, Premier Oil, Petropavlovsk and
Charter. The Rensburg Sheppards sale followed the all share bid from Investec.
None of the other stocks are currently in our benchmark and there are other,
smaller companies in their sectors which we prefer at present.

We took new holdings in Mecom, F&C Asset Management and Galliford Try, the
latter a former holding. We had good meetings with the management of Mecom and
F&C. Mecom is a publisher operating in the Netherlands, Denmark, Norway and
Poland. It is starting to see better trends in advertising for its local
newspapers and has resilient subscription revenues, a rapidly growing online
business and a significantly lower cost base following restructuring. We see
this as a highly operationally and financially geared play on advertising
recovery and online growth. F&C is a rather unloved asset management company,
but there are signs that investment performance is improving, net outflows are
reducing with inflows at much higher margins than outflows, and the shares look
to be bottoming at a low valuation. The acquisition of Thames River during the
month shows the focus on higher margin funds going forward. Galliford Try
has become more housebuilding orientated over the last few years, but the focus
is mainly on the South East. Whilst we are sceptical as to whether the recent
rise in house prices is soundly based, the South East does have a clear
shortage of the types of houses which Galliford build.

Late in April, and in early May, we have seen a return to extreme volatility in 
markets. Whilst there are a number of areas of uncertainty, the most immediate 
ones seem to be handling the excessive borrowing of some southern European 
countries and the outcome of the UK general election. These areas of uncertainty 
are being addressed. Further afield, GDP growth in Asia Pacific and the Americas 
looks increasingly strong and we have sought to increase exposure to these areas 
for some time. Whilst in a period of volatility share price moves can be rather 
indiscriminate, we feel our portfolio is exposed to strong underlying fundamentals, 
which, in time, will assert themselves.        

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 May 2010