Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 30 September 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#            7.4%     25.8%      23.2%      -14.7%               
Net asset value*            7.4%     25.8%      23.5%      -18.7%               
Share price                10.2%     31.7%      21.7%      -15.3%               
HGSC plus AIM (ex Inv Cos)  5.2%     25.1%      19.0%      -12.5%               

# 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:                          140.63p                 
Net asset value incl. Income:                          144.07p                 
Share price:                                           121.50p                 
Discount to capital only NAV:                            13.6%                 
Net yield:                                                2.0%                 
Total assets:                                          £106.8m *               
Gearing:                                                   Nil                 
Ordinary shares in issue:                           74,116,108 **              

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

During the month 8,200,000 shares held in treasury were cancelled and 7,400,000
shares repurchased pursuant to the tender offer transferred into treasury. A further
835,089 of the shares repurchased were cancelled

Ten Largest Sector                                                             
Weightings                                                    % of Total Assets
                                                                               
Software & Computer Services                                               11.4
Financial Services                                                         10.6
Support Services                                                            7.9
Oil & Gas Producers                                                         7.5
Mining                                                                      6.2
Industrial Engineering                                                      5.6
Technology Hardware & Equipment                                             5.0
Pharmaceuticals & Biotechnology                                             4.1
Electronic & Electrical Equipment                                           3.9
Media                                                                       3.7
                                                                           ----
Total                                                                      65.9
                                                                           ====

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

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

September was a strong month with the NAV increasing by 7.4% on a cum income
basis, ahead of the benchmark which rose by 5.2%. The FTSE 100 Index rose by
4.6%.

The main contributors to relative outperformance in the long only portfolio
were our holdings in ITE Group and Hyder Consulting. ITE and Hyder both issued
trading statements which confirmed that trading has stabilised; both stocks are
cheap with strong balance sheets, and emerging markets are key sales
destinations.

Relative performance was hindered by a weak performance from our holding in
International FerroMetals. The ferrochrome price has been set for the next
quarter, but at a lower level than anticipated; the direction of pricing is
however upwards, a trend we expect to be sustained and which should allow
International FerroMetals to rebuild margins.

We sold holdings in Enterprise Inns, GKN, Taylor Wimpey and Eaga. The first
three were all acquired to gain exposure to large constituents of our benchmark
with high betas; although they have performed adequately in aggregate they have
never been high conviction holdings, and we believe now is the time to sell low
conviction holdings. We sold the small holding in Eaga after an unconvincing
meeting with management; this company is largely exposed to UK Government
spending, and we have been reducing holdings which are so exposed in recent
months.

We bought holdings in Hargreaves Lansdown and Morgan Crucible. We regard the
Hargreaves Lansdown model as high quality, mass market and capable of further
significant growth. Morgan Crucible is a specialist materials business
supplying international markets. We favour such companies since we expect
sterling to remain weak. We see greater growth potential in the geographical
markets served by many of the better industrial companies such as Morgan
Crucible, and Rotork, Spirax-Sarco and Victrex in which we have larger
holdings.

The CFD portfolio continued to perform well. Although profitable short
positions are difficult to find when markets move up strongly, overall the
portfolio generated positive returns due to its net long bias.

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).

20 October 2009