Portfolio Update

THE THROGMORTON TRUST PLC
All information is at 30 NOVEMBER 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^                   -4.7%      -4.9%      -3.9%     140.9%
Net asset value^^                  -1.8%      -2.0%       2.0%     141.2%
Share price                         4.9%      -5.0%       5.9%     210.0%
HGSC plus AIM (ex Inv Cos)         -2.0%      -3.7%      -3.1%      90.5%

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

At month end
Net asset value capital only:                   199.54p
Net asset value incl. income:                   202.01p
Share price:                                    170.00p
Discount to cum income NAV                        15.8%
Net yield:                                         1.8%*
Total assets:                                   £148.4m**
Net market exposure of CFD portfolio as
a % of net asset value:                          100.3%
Ordinary shares in issue:                    73,130,326***
During November, 6,916,589 subscription shares were exercised for proceeds of £
10.1m.

*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

Support Services                                         9.7
Software & Computer Services                             9.1
Electronic & Electrical Equipment                        7.9
Oil & Gas Producers                                      6.8
Mining                                                   6.6
General Retailers                                        5.8
Media                                                    5.6
Household Goods & Home Construction                      5.4
Chemicals                                                5.2
Financial Services                                       5.1
                                                        ----
Total                                                   67.2
                                                        ====
Market Exposure (Quarterly)

                                28.02.11   31.05.11   31.08.11   30.11.11
Long                              129.2%     118.7%     116.4%     113.7%
Short                               9.3%      13.8%      12.7%      13.4%
Gross exposure                    138.5%     132.5%     129.1%     127.1%
Net exposure                      119.9%     104.9%     103.7%     100.3%

Ten Largest Equity Investments (in alphabetical order)

Company
Aveva Group
Bellway
Elementis
Fenner
Fidessa
Hargreaves Services
ITE
Oxford Instruments
Senior
Spirax-Sarco Engineering

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

During November the undiluted NAV on a cum income basis fell by 4.7%; the
benchmark fell by 2.0%. The FTSE 100 fell by 0.7% during the month. 6.9 million
new ordinary shares were issued at 146p per share following the final
conversion of the subscription shares. Clearly, with the NAV per share being
209.7p at the start of November this issue was highly dilutive. This amounts to
dilution of 2.7% and accounts for all of the NAV underperformance during the
month.

At the portfolio level the long only portfolio slightly outperformed during the
month. This was mainly derived from slight outperformance from sector
allocation, due to our overweight position in industrial engineers.

From a stock selection point of view our biggest positive contributors were
Oxford Instruments and Hamworthy; our largest negative contributors were
Immunodiagnostic Systems and Blinkx.

Oxford Instruments announced very strong interim results, with organic revenue
growth of 30% and eps up 62%. We hope that this may bode well for some of our
other core holdings amongst the industrials. Hamworthy attracted a bid from
Wartsila. We have liked the company and its excellent CEO for a long time, but
the recommended bid looked likely to go through at the offer price so we sold
in the market.

Immunodiagnostic Systems supply equipment and consumables to allow labs to test
the degree to which human samples contain certain substances, in particular
vitamin D. Their iSYS platform is being rolled out in Europe and the US, and is
increasingly seen as an easy to use platform enabling a growing number of
important tests to be carried out. However recently growth rates have slowed,
competition has increased and prices have come under pressure. We still believe
the company has a good offering, but growth prospects look less assured than we
had believed. Blinkx announced another acquisition and interims which fell
short of expectations. Blinkx delivered first half revenue growth of 63%, but
did not strip out the effect of their Burst Media acquisition. This led to
confusion. A further acquisition and placing only served to cause more jitters
and a significant share price fall.

The CFD portfolio made a small loss in the month with gains on the short
positions offset by larger losses on the long CFD positions.

Other than the holdings mentioned above, newsflow from the portfolio was
generally good during the month.

Activity in the month was limited.

Major 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 continue to impact on the decision making
and activity levels of individual companies. A satisfactory political
resolution to these problems is urgently needed to allow corporate decision
making to recommence.

15 December 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.