Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 OCTOBER 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^                     5.8%   -13.4%      2.2%    143.8%
Net asset value^^                    5.4%   -10.9%      5.7%    136.8%
Share price                         -1.6%   -18.4%     -1.5%    143.2%
HGSC plus AIM (ex Inv Cos)           4.6%   -11.0%     -1.4%     83.5%

^NAV undiluted
^^NAV diluted
Sources: BlackRock and Datastream

At month end
Net asset value capital only:                     209.71p
Net asset value capital only
(diluted for subscription shares):                203.68p
Net asset value incl. income:                     212.03p
Net asset value incl. income
(diluted for subscription shares):                205.78p
Share price:                                      162.00p
Discount to cum income NAV (diluted
for subscription shares):                           21.3%
Net yield:                                           1.5%*
Total assets:                                     £140.8m**
Net market exposure of CFD portfolio as
a % of net asset value:                            100.6%
Ordinary shares in issue:                     66,213,737***
Subscription shares in issue:                  6,916,589

*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                   10.4
Support Services                                9.0
Electronic & Electrical Equipment               7.7
Oil & Gas Producers                             6.7
Mining                                          6.6
General Retailers                               5.8
Media                                           5.6
Financial Services                              5.4
Household Goods & Home Construction             5.1
Industrial Engineering                          5.0
                                               ----
Total                                          67.3
                                               ====

Market Exposure (Quarterly)

                   28.02.11  31.05.11  31.08.11

Long                 129.2%    118.7%    116.4%
Short                  9.3%     13.8%     12.7%
Gross exposure       138.5%    132.5%    129.1%
Net exposure         119.9%    104.9%    103.7%

Ten Largest Equity Investments (in alphabetical order)

Company

Aveva Group
Bellway
Blinkx
City of London Investment Group
Elementis
Fidessa
Hargreaves Services
Immunodiagnostic Systems
Oxford Instruments
Senior

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

October was a better month for markets and our portfolio. The NAV on a diluted
cum income basis rose by 5.4%, whereas the benchmark rose by 4.6%. The FTSE 100
Index increased by 8.1% during the month.

Outperformance during the month was mainly derived from sector allocation and
the CFD portfolio. Although the contribution from sector allocation was good
this was from a variety of sector positions, with no one position being
significant. The CFD portfolio contributed well during the month with
significant long CFD gains partly offset by modest short CFD losses.

Newsflow from the portfolio was generally good, although we did get
disappointing statements from Vectura, where further trials will be required
for a key drug, and IQE, which saw slower growth due to destocking. We continue
to hold these stocks. On the positive side, Sierra Rutile attracted an offer
from its largest shareholder at a good premium.

We continued to sell a number of long only portfolio holdings where our
conviction was not high enough, or where gearing or valuations were too high
for current markets. The proceeds were generally used to reduce our borrowing.

Many uncertainties persist at the macro level, most importantly achieving a
satisfactory resolution to the funding and debt problems in Greece, Italy and
other economies. These uncertainties are inevitably having an impact on the
decision making and activity levels of individual companies. We have already
seen various downgrades to forecasts, for instance from IQE as mentioned above,
and we suspect that more are in the pipeline.

17 November 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.