Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 30 June 2011 and unaudited.

Performance at month end is calculated on a cum income basis

                                 One    Three        One     Three    
                               Month   Months       Year     Years    
                                                                               
Net asset value#               -0.2%     1.5%      59.5%     76.0%              
Net asset value^               -0.2%     1.5%      59.5%     68.1%              
Net asset value^^              -0.2%     2.6%      52.3%     58.7%              
Share price                    -3.0%     0.5%      48.1%     57.2%              
Subscription share price       -6.3%    -2.7%     500.7%       n/a                
HGSC plus AIM (ex Inv Cos)     -1.5%     1.4%      32.2%     29.6%              

# 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:                               243.77p            
Net asset value capital only (diluted for            
subscription shares):                                       230.06p                                      
Net asset value incl. income:                               245.69p            
Net asset value incl. income (diluted for             
subscription shares):                                       231.72p                                     
Share price:                                                193.50p            
Discount to capital only NAV (diluted for             
subscriptions shares):                                        15.9%                                     
Subscription share price:                                    44.75p            
Net yield:                                                     1.5% *          
Total assets:                                               £162.6m **         
Net CFD portfolio as % of net asset value:                     5.0%            
Ordinary shares in issue:                                62,879,817 ***        
Subscription shares in issue:                            10,250,509            

*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                               9.7
Support Services                                           8.7
Electronic & Electrical Equipment                          8.3
Mining                                                     7.3
Financial Services                                         7.2
Oil & Gas Producers                                        6.3
Industrial Engineering                                     5.3
Media                                                      5.1
Pharmaceutical & Biotechnology                             4.8
General Retailers                                          4.5
                                                          ----
Total                                                     67.2
                                                          ====

Ten Largest Equity Investments (in alphabetical order)

Company

Abcam
Aveva Group
Bellway
City of London Investment Group
Domino Printing Sciences
Fidessa
Hargreaves Services
Hutchison China Meditech
Oxford Instruments
Victrex

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

During June the Company's NAV per share fell by 0.2% on a cum income basis,
well ahead of the benchmark index which fell by 1.5%. The FTSE 100 Index fell
by 0.7%.

Oxford Instruments and Sierra Rutile contributed more than 0.25% to relative
performance during the month. Oxford Instruments announced strong full year
results with revenue growth, all organic, of 24%, and pre tax profit up 120%.
The company produces instruments and systems which facilitate the analysis of
materials at the atomic level. Markets are industrial and research, and are
worldwide. The company also announced two important strategic acquisitions,
negotiated with vendors keen to sell to Oxford Instruments because of its
culture, skill base and management. Sierra Rutile produces mineral sands, in
particular high value rutile, from its operations in Sierra Leone. The company
has a long production record but in recent years has not managed its activities
and production well. This is now changing with access to spares, plant upgrades
and improved training. Production should increase over the next 12 months at a
time when selling prices have risen sharply. With an additional dredge, which
needs to be built, the company should be strongly profitable and cash
generative in 2012/2013.

A few small holdings disappointed during the month, but the largest of these
detracted from performance by 13 basis points.

The CFD portfolio contributed to performance during the month with modest gains
being achieved on the short CFD positions.

We sold a number of holdings where our conviction levels were not sufficiently
high and trimmed a few holdings where we felt valuations were looking rather
full. There were no significant new investments during the month.

22 July 2011

ENDS

Latest information is available by typing www.blackrock.co.uk/thrg on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal). Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.