Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 30 NOVEMBER 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#            1.6%      23.1%    51.4%      27.7%
Net asset value^            1.6%      23.1%    51.7%      21.9%
Net asset value^^           2.0%      19.8%    43.0%      15.0%
Share price                -2.1%      16.6%    46.4%      22.9%
Subscription share price    4.3%     193.9%        -          -
HGSC plus AIM (ex Inv Cos) -0.2%      12.5%    23.4%       0.3%

# NAV prior to costs of repaying the debentures early
^NAV after costs of repaying the debentures early - undiluted
^^NAV after costs of repaying the debentures early - diluted
Sources: BlackRock and Datastream

At month end
Net asset value capital only:       210.14p
Net asset value incl. income:       212.80p
Share price:                        163.00p
Discount to capital only NAV:         22.4%
Subscription share price:            24.25p
Net yield:                             1.7%*
Total assets:                       £135.5m**
Gearing:                                Nil
Ordinary shares in issue:        59,819,714***
Subscription shares in issue:    13,310,612

*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

Oil & Gas Producers                                10.4
Software & Computer Services                        9.7
Electronic & Electrical Equipment                   9.4
Mining                                              9.0
Support Services                                    7.9
Financial Services                                  7.2
Industrial Engineering                              6.3
Pharmaceuticals & Biotechnology                     4.5
Media                                               4.5
Technology Hardware & Equipment                     4.3
                                                   ----
Total                                              73.2
                                                   ====

Ten Largest Equity Investments(in alphabetical order)
Company

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

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

November was a relatively flat month for the Company but good relative to the benchmark index. 
The Company's NAV per share increased by 1.6% on a cum income basis,
whilst the benchmark index fell by 0.2%. The FTSE 100 Index fell by 2.5%.

The main positive contributors to our outperformance during the month, relative to
the Company's benchmark, were all in the resources space: Western Coal, Bahamas
Petroleum and Cove Energy. Western Coal announced that it was in discussions
with Walter Energy, a US listed coal producer, to be acquired. Its shares rose
by more than 40% after the announcement. Bahamas Petroleum shares also rose
strongly as coverage of this small oil exploration company increased. It has
extensive acreage in the Bahamas, just north of oilfields in Cuban waters. Run
by Alan Burns, the founder of Hardman Resources, which was sold to Tullow Oil,
we see this as potentially a very exciting company. Cove Energy announced its
third major gas discovery offshore Mozambique, the Lagosta well which
encountered 550 net feet of gas pay. The operator is Anardarko, who indicated
that they believe the discoveries exceed the resource size threshold necessary
to support a liquefied natural gas development.

The largest negative contributor to relative outperformance was our holding in
Fidessa, but this was only -0.24%, and there was no significant news on the
company during the month.

Outperformance during the month was derived from both stock selection and
sector allocation. Our overweight position  compared to the benchmark index in mining 
stocks contributed to outperformance due to sector allocation.

The CFD portfolio achieved a good gain during the month. This was entirely due
to the short CFDs which performed well in a flat market, despite our being
net long in the CFD portfolio.

Activity during the month was limited. Following the approach for Western Coal
we sold about 40% of our holding in order to avoid the position becoming too large.

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).

16 December 2010