Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 29 February 2012 and unaudited.

Performance at month end is calculated on a cum income basis

                                      One    Three       One     Three
                                    Month   Months      Year     Years
Net asset value (undiluted)          7.9%    15.1%     -4.0%    164.9%
Net asset value (diluted)            7.9%    15.1%     -4.0%    164.9%
Share price                          7.8%    12.2%     -0.4%    193.1%
HGSC plus AIM (ex Inv Cos)           6.8%    13.7%     -1.2%    117.8%

Sources: BlackRock and Datastream

At month end
Net asset value capital only:                229.64p
Net asset value incl. income:                230.02p
Share price:                                 188.25p
Discount to cum income NAV                     18.2%
Net yield:                                      1.7%*
Total assets:                                £169.7m**
Net market exposure as
a % of net asset value:                       106.8%
Ordinary shares in issue:                 73,130,326***

*Calculated using prior year's interim dividend of 0.60p and a proposed final
dividend of 2.55p in respect of the year ended 30 November 2011.
**Includes current year revenue.
***Excluding 7,400,000 shares held in treasury.

Ten Largest Sector
Weightings                            % of total assets

Support Services                               10.0
Oil & Gas Producers                             9.6
Electronic & Electrical Equipment               8.6
Software & Computer Services                    8.4
Mining                                          7.3
Media                                           5.8
Chemicals                                       4.9
Financial Services                              4.8
General Retailers                               4.7
Pharmaceuticals & Biotechnology                 4.3
                                               ----
Total                                          68.4
                                               ====

Market Exposure (Quarterly)

                   31.05.11   31.08.11   30.11.11   29.02.12

Long                 118.7%     116.4%     113.7%     119.8%
Short                 13.8%      12.7%      13.4%      13.0%
Gross exposure       132.5%     129.1%     127.1%     132.8%
Net exposure         104.9%     103.7%     100.3%     106.8%

Ten Largest Equity Investments (in alphabetical order)

Company

Aveva Group
Bellway
Booker
City of London
Fidessa
Hargreaves Services
ITE
Oxford Instruments
Senior
Yule Catto

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

During February the NAV on a cum income basis rose by 7.9%; the benchmark rose
by 6.8%. By contrast, the FTSE 100 Index rose by only 3.3% during the month.

Outperformance was driven by good sector allocation and the CFD portfolio.
Within sector allocation no one sector made a large contribution, but the
largest was our overweight position in housebuilders, which proved beneficial.
Various housebuilders made positive trading statements during the month. We
have increased the net exposure of the Company to the market in recent months
by closing some short CFDs and increasing some long CFD positions, and this has
helped performance. The long CFD portfolio performed strongly during the month,
whilst the short CFDs lost money, as is to be expected in such a strong month
for markets.

Stock selection was marginally positive. Our largest positive contributor to
stock selection was Oxford Instruments. This company is our largest holding and
had performed poorly in January despite a good trading statement in
mid-January. We had no significant disappointments during the month.

Newsflow from the portfolio was again generally good during the month.
Cove Energy received competing bids from Shell and PTT Exploration, a leading
Thai energy company, pushing up the price of Cove shares significantly. St
Modwen and Galliford Try were amongst holdings that delivered good results.

15 March 2012

ENDS

Latest information is available by typing www.thrgplc.co.uk on the internet,
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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.