Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 28 February 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#               -0.1%    5.4%      66.4%     -21.4%             
Net asset value^               -0.1%    5.4%      66.4%     -25.0%             
Net asset value^^               0.4%    5.1%      66.0%     -25.2%             
Share price                     2.9%    8.2%      82.3%     -25.0%             
Subscription share price       -8.0%  -23.8%        n/a        n/a                
HGSC plus AIM (ex Inv Cos)      0.6%    4.4%      67.5%     -20.7%             

# 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:                          148.08p                 
Net asset value incl. income:                          148.41p                 
Share price:                                           121.00p                 
Discount to capital only NAV:                            18.3%                 
Subscription share price:                                6.10p                 
Net yield:                                                2.3% *               
Total assets:                                          £110.0m **              
Gearing:                                                   Nil                 
Ordinary shares in issue:                           74,128,534 ***             
Subscription shares in issue:                       14,810,475                 

*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                                           11.9
Financial Services                                                      9.2
Oil & Gas Producers                                                     8.7
Mining                                                                  8.7
Industrial Engineering                                                  6.8
Electronic & Electrical Equipment                                       6.4
Support Services                                                        6.4
Technology Hardware & Equipment                                         5.6
Pharmaceutical & Biotechnology                                          4.3
General Retailers                                                       3.5
                                                                       ----
Total                                                                  71.5
                                                                       ====

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

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

February was a fairly flat month for the NAV, although the benchmark did record
a small increase.

In the long only portfolio the biggest contribution to outperformance aginst
the benchmark came from our holdings in Fidessa, Eastern Platinum and Cove
Energy. Fidessa, a leading software provider to the financial services sector,
delivered strong full year results with earnings up 33%. Constant currency
organic sales growth was an impressive 17%. Revenues of a recurring nature
represent 80% of total revenues. Eastern Platinum shares continued to perform
well on the back of good production numbers and the higher level of platinum
group metal prices. Cove Energy, a higher risk small holding, encountered a 480
net feet natural gas column while drilling its first Anadarko operated deep
well offshore Mozambique. This looks very promising and could indicate the
existence of a major new hydrocarbons province; Cove shares increased 61%
during the month, although given the small size of the holding the impact on
our NAV was only 16 basis points.

Performance was negatively impacted by our holdings in BATM Advanced
Communications and Intec Telecom Systems. BATM Advanced Communications produced
final results which did not meet some of the more optimistic analyst forecasts.
It also indicated that telecom spending could take longer to pick up than had
been hoped. We met management and believe their line is consistent with that
taken in previous meetings with us. They have maintained share in markets, and
revenues and profits have held up better than most peers. Their medical
business should soon start to contribute to profits. We see this business as
having considerable potential; it has a strong balance sheet and the shares are
attractively valued. Intec Telecom Systems referred to some delays in the
signing of new software contracts in EMEA. This is consistent with comments by
Alterian last month. We believe Western European companies and Governments are
slowing decision making, but this does not seem to be the case in faster
growing markets.

The two largest new holdings were Ferrexpo and Ashtead, each about 0.5% of net
assets. Ferrexpo is one of the largest stocks in our recently rebalanced
benchmark. It produces iron ore in the Ukraine where it has a very large
resource. Rio Tinto, BHP and others are seeking a large increase in the iron
ore price which would benefit Ferrexpo. Ashtead is a plant hire company which
is heavily exposed to the US. We expect construction activity to begin to pick
up in the US later in 2010, and Ashtead is a highly operationally and
financially geared way to play this. We sold a few smaller holdings, including
those in Sportingbet and Plant Health Care.

The CFD portfolio performed well again during the month.

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).

24 March 2010