Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 December 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#               11.3%    19.9%     64.4%     44.4%              
Net asset value^               11.3%    19.9%     64.4%     38.0%              
Net asset value^^               9.8%    17.7%     53.4%     28.4%              
Share price                    14.1%    22.8%     61.8%     41.2%              
Subscription share price       69.1%   203.7%       n/a       n/a                
HGSC plus AIM (ex Inv Cos)      9.4%    13.1%     31.5%     11.1%              

# 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:                               234.27p            
Net asset value incl. income:                               236.95p            
Share price:                                                186.00p            
Discount to capital only NAV:                                 20.6%            
Subscription share price:                                    41.00p            
Net yield:                                                     1.5% *          
Total assets:                                               £151.4m **         
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
                                                                           
Software & Computer Services                                     9.8
Electronic & Electrical Equipment                                9.3
Oil & Gas Producers                                              9.2
Support Services                                                 8.6
Mining                                                           8.2
Financial Services                                               7.0
Industrial Engineering                                           6.5
Media                                                            4.7
Pharmaceutical & Biotechnology                                   4.5
Technology Hardware & Equipment                                  4.0
                                                                ----
Total                                                           71.8
                                                                ====

Ten Largest Equity Investments (in alphabetical order)~

Company

Abcam
Aveva Group
City of London Investment Group
Domino Printing Sciences
Fidessa
Hutchison China Meditech
IQE
ITE Group
Oxford Instruments
Spirax-Sarco Engineering

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

December was a strong month for equities generally and also for the Company.
The Company's NAV per share rose by 11.3% on a cum income basis, whilst the
benchmark index increased by 9.4%. The FTSE 100 Index rose by 6.7%.

The main positive contributor to our outperformance in the month, relative to
the Company's benchmark, was our holding in ITE Group, which organises
exhibitions. ITE announced final results and gave a positive outlook on its key
markets. Russia is ITE's key geographical market and has been impacted by
severe recession over the last few years. Management talked of strengthening
recovery in Russia and also stable or improving conditions in their other
markets of Turkey, India and the UK.

There was no significant negative contributor to relative performance during
the month, in that no one holding detracted from relative performance by more
than 0.25%.

The CFD portfolio achieved a strong gain during the month. This was due to the
performance of our long CFDs, partly offset by some loss of value in our short
CFDs.

We sold the balance of our holding in Western Coal following the bid. We added
new holdings in Howden Joinery and Vectura, each 0.5% of net assets. Howden
manufacture and sell fitted kitchens in the UK; its customers are local
builders who fit the kitchens. We regard the management highly and see this as
a key provider in the UK, good exposure to the consumer, where we are
underweight, and at an attractive valuation. Vectura develops inhaled therapies
for respiratory diseases. It has an interesting portfolio of late stage
development products and we see 2011 as the year when the Company could make
significant progress. As with Howden, we regard management highly.

21 January 2011

ENDS

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). 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.