Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 January 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#                 2.8%     5.6%      66.4%     -19.0%             
Net asset value^                 2.8%     5.6%      66.9%     -22.8%             
Net asset value^^                2.3%     4.8%      65.7%     -23.4%             
Share price                      1.9%     6.3%      77.2%     -23.9%             
Subscription share price       -13.1%    47.3%        n/a        n/a                
HGSC plus AIM (ex Inv Cos)       1.1%     3.5%      63.8%     -20.5%             

# 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:                          148.32p                 
Net asset value incl. income:                          152.75p                 
Share price:                                           121.75p                 
Discount to capital only NAV:                            17.9%                 
Subscription share price:                                6.63p                 
Net yield:                                                3.1%                 
Total assets:                                          £113.2m *               
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                                 11.8
Financial Services                                            9.1
Oil & Gas Producers                                           8.3
Mining                                                        7.4
Industrial Engineering                                        6.9
Technology Hardware & Equipment                               6.0
Electronic & Electrical Equipment                             6.0
Support Services                                              5.8
Pharmaceutical & Biotechnology                                4.4
Real Estate Investment Trusts                                 3.5
                                                             ----
Total                                                        69.2
                                                             ====

Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                                                        
                                                                               
Abcam                                                                          
Aveva Group                                                                    
BATM Advanced Communications                                                   
Brewin Dolphin Holdings                                                        
Domino Printing Sciences                                                       
Eastern Platinum                                                               
Fidessa                                                                        
Rotork                                                                         
Spirax-Sarco Engineering                                                       
Victrex                                                                        

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

January was a good month in relative performance terms.

In the long only portfolio the biggest contribution to outperformance came from
our holding in Eastern Platinum. Its quarterly production for the December
quarter was ahead of market expectations, and at the higher level of platinum
group metal prices it is making a reasonable profit. Performance was negatively
impacted by our holding in Alterian, a strong performer last year. Alterian
reported the delay of two large UK software contracts which has reduced profits
materially in the current year. At present, it looks as though these potential
contracts have been deferred rather than lost to competitors, although
sometimes deferment is followed by cancellation. Interestingly Alterian's order
flow in the US has been very strong, and ahead of expectations; this might say
something about the relative attractions of the UK and US economies in terms of
new investment. We believe the company remains well placed in the medium term.

Sector allocation for the long only portfolio was positive; most notably our
overweight position in software stocks, despite Alterian, and our underweight
position in consumer goods, both contributed to performance.

We sold our holdings in Gem Diamonds and VT Group. Whilst diamond prices are
increasing we prefer our holding in Petra Diamonds, to which we added at a good
price in a placing during the month. VT Group is largely UK Government exposed,
and we have been reducing exposure to Government for some months.

The CFD portfolio performed strongly during the month. It was especially
pleasing that on some days both our long CFD positions and our short CFD
positions gained in value. This gives us comfort that we have moved back to a
stockpickers market where fundamentals matter most.

We believe we are well placed for 2010, which is likely to be a tough year for
the UK economy. We have a portfolio heavily biased towards good quality
companies with high levels of international revenues. The software, IT hardware
and engineering/electronics sectors are well represented in the portfolio,
whereas we have only modest exposure to UK consumer stocks and stocks supplying
UK Government.

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).

17 February 2010