Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 October 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#                6.0%     22.3%     49.2%     12.7%              
Net asset value^                6.0%     22.3%     49.4%      7.6%               
Net asset value^^               5.1%     18.4%     40.3%      1.0%               
Share price                     9.9%     19.8%     51.2%      8.1%               
Subscription share price       72.2%    200.0%       n/a       n/a                
HGSC plus AIM (ex Inv Cos)      3.6%     12.5%     23.4%     -8.9%              

# 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:                               206.89p            
Net asset value incl. income:                               209.54p            
Share price:                                                166.50p            
Discount to capital only NAV:                                 19.5%            
Subscription share price:                                    23.25p            
Net yield:                                                     1.6% *          
Total assets:                                               £129.3m **         
Gearing:                                                        Nil            
Ordinary shares in issue:                                58,367,192 ***        
Subscription shares in issue:                            14,763,134            

*Calculated using prior year interim and final dividends paid.
**Includes current year revenue.
***Excluding 7,400,000 shares held in treasury.

Ten Largest Sector                                                         
Weightings                                                % of Total Assets
                                                                           
Software & Computer Services                                           10.3
Mining                                                                 10.1
Electronic & Electrical Equipment                                       9.5
Oil & Gas Producers                                                     8.6
Support Services                                                        7.8
Financial Services                                                      7.2
Industrial Engineering                                                  6.6
Media                                                                   4.8
Pharmaceutical & Biotechnology                                          4.5
Technology Hardware & Equipment                                         4.4
                                                                       ----
Total                                                                  73.8
                                                                       ====

Ten Largest Equity Investments (in alphabetical order)~

Company

Abcam
Aveva Group
City of London Investment Group
Domino Printing Sciences
Eastern Platinum
Fidessa
Hutchison China Meditech
IQE
Spirax-Sarco Engineering
Western Coal

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

During October the Company's NAV per share rose by 6.0% on a cum income basis;
this was ahead of the benchmark which rose by 3.6%. The FTSE 100 Index rose by
2.3%.

Our outperformance was mainly derived from stock selection but asset allocation
also contributed to outperformance. The CFD portfolio again added value.

From a stock point of view two holdings contributed more than 0.25% each to
relative outperformance, Hutchison China Meditech and City of London Investment
Group. Hutchison China Meditech had been our one poor performer in September.
There was no newsflow in respect of the stock during September and October but
the share price did make up for its weak performance in September. City of
London Investment Group announced that assets under management had increased by
30% since its 31 May year end, helped by stronger emerging markets indices. It
also moved its listing from AIM to the Official List.

Pleasingly no one holding had a significant negative impact on the relative
performance of the portfolio during the month.

We sold our holding in Bluebay Asset Management following a bid by Royal Bank
of Canada. Our holding in Bluebay had only been acquired in September, so we
were very surprised to see a bid emerge. We also sold our holding in Intec
Telecom which had received a bid from CSG of the US.

We took new holdings in TT Electronics and New Britain Palm Oil. TT Electronics
supplies sensors and other components mainly into automotive and industrial
markets globally. New management have reshaped the business and are driving up
margins from low levels. We feel the business is still undervalued;
and it is trading well. New Britain Palm Oil is a significant producer of palm
oil based in the Pacific. We had no previous exposure to soft commodities and
with the palm oil price moving up sharply, as have many soft commodity prices,
we felt it appropriate to make a small investment.

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).

15 November 2010