Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 DECEMBER 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#              2.7%      4.2%    66.2%    -18.9%
Net asset value^              2.7%      4.2%    66.2%    -22.7%
Net asset value^^             2.4%      3.9%    65.7%    -22.9%
Share price                   3.2%     -0.5%    71.6%    -21.9%
Subscription share price     -4.6%       n/a      n/a       n/a
HGSC plus AIM (ex Inv Cos)    2.6%      1.2%     61.4%   -20.3%

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

At month end
Net asset value Capital only:      144.56p
Net asset value incl. Income:      148.65p
Share price:                       119.50p
Discount to Capital only NAV:        17.3%
Subscription share price:            7.63p
Net yield:                            3.2%
Total assets:                      £110.2m*
Gearing:                               Nil
Ordinary shares in issue:       74,116,108**
Subscription shares in issue:   14,822,901

*Includes current year revenue.
**Excluding 7,400,000 shares held in treasury.

Ten Largest Sector
Weightings                  % of total assets

Software & Computer Services             11.5
Financial Services                        9.2
Oil & Gas Producers                       8.2
Mining                                    8.0
Industrial Engineering                    7.0
Support Services                          6.3
Technology Hardware & Equipment           5.9
Electronic & Electrical Equipment         5.5
Pharmaceuticals & Biotechnology           4.4
Real Estate Investment Trusts             3.6
                                         ----
Total                                    69.6
                                         ====

Ten Largest Equity Investments (in alphabetical order)
Company

Abcam Group
Aveva Group
BATM Advanced Communications
Brewin Dolphin Holdings
City of London Investment Group
Domino Printing Sciences
Fidessa group
Rotork
Spirax-Sarco Engineering
Victrex


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

December was a reasonable month with the NAV increasing by 2.7% on a cum income
basis; the benchmark increased by 2.6%. The FTSE 100 rose by 4.3%.

The main relative outperformer in the long only portfolio was our holding in
Aurelian Oil & Gas. Aurelian shares had been oversold and the new CEO is
beginning to "professionalise" the business. A few positive analyst reports
have been accompanied by a large increase in reserves. Whilst Aurelian
currently has only very modest production it has large gas reserves in Eastern
Europe and production growth should be significant over the next few years.

On the negative side, relative performance was impacted by poor share price
performance from Brewin Dolphin. Brewin Dolphin, a leading independent UK
wealth manager, placed some new shares at almost a 10% discount; this was done
to fund an increased regulatory requirement whilst preserving a strong cash
rich balance sheet. Brewin's September year end results were good with
reasonable levels of net organic funds growth. We believe Brewin is a good way
to play rising stockmarkets.

We sold our holding in Connaught from the long only portfolio. Connaught has
long been a core holding but we have been progressively reducing it because it
is a wholly UK focussed business and within this most of its business is with
the public sector, albeit mainly on a long term basis.

The two largest new holdings in the long only portfolio were Inchcape and
Dialight, each 0.5% of net assets. Inchcape is an increasingly international
distributor of cars; the Far East is an important market, and car sales in this
region are likely to grow strongly over the next decade. Dialight is a small
company but is winning some large contracts to supply high brightness LEDs;
applications include telecoms towers in the US, which need to be well lit, but
also with lighting which will not need changing for a long period.
Opportunities for Dialight's lighting solutions should become more numerous.

The CFD portfolio had another profitable month. About two-thirds of the CFD
portfolio is in long CFDs, giving a net exposure to the market of approximately
109% for the Company as a whole.

After the strong run in markets since March, we believe we are now moving into
more of a stockpickers market. Economic newsflow has been improving but the UK
is lagging. This should favour us since most of our portfolio companies have
significant non-UK revenues. Trading statements in late December and early
January have generally been good, and we are starting to see earnings upgrades
coming through. We feel our portfolio is well positioned for 2010.

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).

28 January 2010