Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 July 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#               -0.3%      -2.8%     44.4%     92.9%              
Net asset value^               -0.3%      -2.8%     44.4%     84.2%              
Net asset value^^              -0.3%      -1.3%     40.5%     74.0%              
Share price                     2.7%       2.0%     44.6%     82.8%              
Subscription share price        6.4%       0.8%    514.5%       n/a                
HGSC plus AIM (ex Inv Cos)     -0.9%      -3.1%     24.7%     38.6%              

# 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:                               242.90p            
Net asset value capital only (diluted for            
subscription shares):                                       229.32p                                      
Net asset value incl. income:                               244.92p            
Net asset value incl. income (diluted for             
subscription shares):                                       231.06p                                     
Share price:                                               198.625p            
Discount to NAV including income (diluted for             
subscriptions shares):                                        14.0%                                 
Subscription share price:                                   47.625p            
Net yield:                                                     1.5% *          
Total assets:                                               £163.6m **         
Net CFD portfolio as % of net asset value:                     6.1%            
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                                            9.5
Support Services                                                        8.8
Electronic & Electrical Equipment                                       8.1
Mining                                                                  8.0
Financial Services                                                      6.7
Oil & Gas Producers                                                     6.6
Media                                                                   5.5
Industrial Engineering                                                  5.0
Pharmaceutical & Biotechnology                                          4.9
General Retailers                                                       4.5
                                                                       ----
Total                                                                  67.6
                                                                       ====
Ten Largest Equity Investments (in alphabetical order)

Company

Aveva Group
Bellway
City of London Investment Group
Fidessa
Hargreaves Services
Hutchison China Meditech
ITE
Oxford Instruments
Senior
Victrex

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

During July the Company's NAV per share fell by 0.3% on a cum income basis; the
benchmark index fell by 0.9%. The FTSE 100 Index fell by 2.2%.

No one stock contributed more than 0.25% to the relative performance of the
long only portfolio during the month, the best performer for the second
consecutive month was Oxford Instruments. Equally no one stock detracted from
relative performance by more than 0.25%.

The CFD portfolio performed well with gains on short positions exceeding losses
on long positions.

We sold a few small holdings in the long only portfolio, and trimmed a few
others where we felt valuations were looking rather full or our exposure too
great. There were no significant new investments during the month. We continue
to adopt a cautious approach and remain about 9% geared. Newsflow from our
holdings has, with a few exceptions, been positive, as have company meetings.

In early August stockmarkets have been very weak, driven down by concerns over
high debt levels in Italy, Spain and the US, and weaker than expected GDP
growth in the US. Our portfolio has been hit hard by this correction; our
absolute and relative performance in early August has been poor. Even though
most of our holdings are trading well, their share prices have seen sustained
profit taking in many cases. Our approach has continued to be to focus our
portfolio more on the holdings which we regard as the highest quality, and to
reduce or sell holdings where our conviction is less strong.

16 August 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.