Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 December 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#           2.1%     -22.6%     -49.5%     -45.1%               
                                                                               
Net asset value*           2.1%     -22.6%     -46.9%     -42.2%               
                                                                               
Share price                20.3%    -29.4%     -49.2%     -46.7%               
                                                                               
HGSC plus AIM (ex Inv Cos) 1.4%     -25.4%     -47.7%     -39.8%               

# 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:                           91.46p                 
                                                                               
Net asset value incl Income:                            95.32p                 
                                                                               
Share price:                                            75.50p                 
                                                                               
Discount to Capital only NAV:                            17.5%                 
                                                                               
Net yield:                                                3.0%                 
                                                                               
Total assets:                                           £78.5m **              
                                                                               
Gearing:                                                   Nil                 
                                                                               
Ordinary shares in continuing pool:                 82,351,197                 

** Includes current year revenue.

Ten Largest Sector                                                             
Weightings^                                                   % of Total Assets
                                                                               
Software & Computer Services                                               12.9
                                                                               
Financial Services                                                         10.6
                                                                               
Support Services                                                           10.5
                                                                               
Aerospace & Defence                                                        10.1
                                                                               
Industrial Engineering                                                      6.1
                                                                               
Pharmaceuticals & Biotechnology                                             5.9
                                                                               
Electronic & Electrical Equipment                                           5.8
                                                                               
Oil & Gas Producers                                                         5.8
                                                                               
Nonlife Insurance                                                           3.5
                                                                               
Technology Hardware & Equipment                                             3.2
                                                                               
                                                                           ----
                                                                               
Total                                                                      74.4
                                                                           ====

Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company^                                                                       
                                                                               
Chemring                                                                       
                                                                               
Connaught                                                                      
                                                                               
Dechra Pharmaceuticals                                                         
                                                                               
Domino Printing                                                                 
                                                                               
Endace                                                                         
                                                                               
Rathbone Brothers                                                              
                                                                               
Rensburg Sheppards                                                             
                                                                               
SDL                                                                            
                                                                               
Spirax-Sarco Engineering                                                       
                                                                               
Ultra Electronics                                                              

^ Excludes 5.6% held in BlackRock Institutional Liquidity Units

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

During December the Company's NAV rose by 2.1%, whilst the benchmark index rose
by 1.4%. By way of comparison the FTSE100 rose by 3.4%.

In relative terms, the best stock contributions came from Dmatek, Domino
Printing and Rathbone Brothers. Dmatek continues to trade well, and attracted a
takeover approach at a 51% premium. Domino Printing released solid full year
results and is acting decisively to cut costs in more uncertain markets;
management came across very well during our meeting with them. Rathbone
Brothers' shares benefitted from a firmer tone to markets during the month.

The worst relative performers during the month were WSP Group and Intercytex.
WSP Group's December trading statement indicated a general slowdown in
commercial developments, with resources being redeployed out of Dubai which was
noticeably quieter. WSP Group confirmed that 2008 results had met expectations.
The company trades on less than 4 times current year forecast earnings.
Intercytex is a small illiquid biotech company with a range of interesting
products. We believe the company may produce good newsflow on current trials
within the next quarter.

New holdings in the month included RM, Playtech and VT Group. RM is a software
company focussing on the education market; it has won a high proportion of
contract bids to supply software to UK schools under the `Building Schools for
the Future' project. Additionally, it is starting to win business in the US.
Playtech is also a software company, focusing on the online gaming market. Its
platforms are well regarded and it is a truly global business that recently
signed an interesting agreement with William Hill Online. It is a highly
profitable and cash generative company with naturally recurring revenues. VT
Group is an outsourcing company with long term contracts giving it strong
revenue visibility. Its main focus is defence and education. In addition, it
also builds warships although this business is likely to be moved into a joint
venture within the next few years.

We reduced the size of a number of holdings, and completed the sale of others
such as Fenner and Berkeley Group. Fenner supplies the coal and other mining
markets with conveyor belting; we expect demand for its products to slow during
2009; it is also relatively highly indebted following recent acquisitions.
Berkeley shares have performed well and trade at a significant premium to book
value; we therefore decided to take profits.

The CFD portfolio continued to add value during the month.

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).

23 January 2009