Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 August 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#            9.8%     17.4%      -1.9%      -19.1%               
Net asset value*            9.8%     17.4%      -1.6%      -22.9%               
Share price                 7.3%     13.1%      -3.3%      -22.1%               
HGSC plus AIM (ex Inv Cos) 11.6%     18.3%      -5.5%      -14.5%               
 
# 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:                          131.39p                 
Net asset value incl Income:                           134.16p                 
Share price:                                           110.25p                 
Discount to Capital only NAV:                            16.1%                 
Net yield:                                                2.2%                 
Total assets:                                          £110.5m *               
Gearing:                                                   Nil                 
Ordinary shares in continuing pool:                 82,351,197 **              

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

Ten Largest Sector                                                             
Weightings                                                    % of Total Assets
                                                                               
Software & Computer Services                                               11.1
Financial Services                                                          9.6
Support Services                                                            7.5
Oil & Gas Producers                                                         7.1
Mining                                                                      5.4
Industrial Engineering                                                      5.2
Technology Hardware & Equipment                                             4.7
Travel & Leisure                                                            4.2
General Retailers                                                           3.9
Pharmaceuticals & Biotechnology                                             3.6
                                                                           ----
Total                                                                      62.3
                                                                           ====

Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                                                        
                                                                               
Aveva Group                                                                    
BATM Advanced Communications                                                   
Brewin Dolphin Holdings                                                        
Dechra Pharmaceuticals                                                         
Domino Prining Sciences                                                        
Fidessa Group                                                                  
Pace                                                                           
Rathbone Brothers                                                              
Rensburg Sheppards                                                             
Victrex                                                                        

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

During August the NAV increased by 9.8% on a capital only basis; this was
slightly behind the benchmark which rose by 11.6%. The FTSE 100 rose by 6.5%.

The main contributors to relative underperformance were our holdings in Fidessa
and Enfis. Fidessa shares fell by 4.6% during the month, following a rise of
11.0% in July. Fidessa had announced strong interims during the month with
organic, constant currency sales and operating profits growth of 19% and 22%
respectively. 81% of Fidessa's revenue is now of a recurring nature and it has
a strong balance sheet with £25 million of net cash. Fidessa is one of our
favourite core holdings and continues to have significant long term growth
potential. Our holding in microcap Enfis disappointed as the company announced
sales of its high brightness light emitting diode arrays had grown more slowly
than hoped. This is not an unusual situation for an emerging company with
interesting technology; the potential is good but it is difficult to assess how
much of this will be realised, and how long it will take.

Relative performance was helped, for the second month, by our holding in
Emerald Energy which received a bid from Sinochem. We subsequently sold our
shares in the market, but have added to our holding in Gulfsands, which is
Emerald Energy's 50% partner, and operator, in its key Khurbet East oilfield in
Syria.

In addition to selling the holding in Emerald Energy we also sold our small
holding in Spring Group, which was bid for by Adecco, and our holding in
William Hill, where trading has been disappointing.

We bought a holding in Spirent following a good meeting with the Finance
Director. Spirent is a world leader in the testing of telecoms networks; its
current activity includes carrying out testing of next generation networks for
large US operators. The shares had been somewhat overlooked and were trading at
less than ten times current year earnings despite having a balance sheet which
includes net cash amounting to 20% of the market capitalisation at the time of
purchase. We believe there is scope for earnings upgrades at Spirent.

The CFD portfolio had a strong month with the market rally widening out to
include a number of high quality growth companies in which we have long CFD
positions. We have reduced our net long position slightly in recognition of the
strength of share prices in recent months.

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).

25 September 2009