Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 August 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#               -13.0%    -13.4%     24.5%      63.5%              
Net asset value^               -13.0%    -13.4%     24.5%      63.3%              
Net asset value^^              -10.5%    -10.9%     24.8%      59.6%              
Share price                     -9.6%    -10.0%     30.0%      67.6%              
Subscription share price       -38.6%    -38.7%    254.5%        n/a                
HGSC plus AIM (ex Inv Cos)      -9.4%    -11.6%     13.2%      21.7%              

# 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:                               210.95p            
Net asset value capital only (diluted for            
subscription shares):                                       204.81p                                      
Net asset value incl. income:                               212.48p            
Net asset value incl. income (diluted for              
subscription shares):                                       206.19p                                    
Share price:                                                179.00p            
Discount to NAV capital only (diluted for             
subscriptions shares):                                        12.6%                                     
Subscription share price:                                    29.25p            
Net yield:                                                     1.7% *          
Total assets:                                               £148.8m **         
Net CFD portfolio as % of net asset value:                     5.8%            
Ordinary shares in issue:                                66,213,737 ***        
Subscription shares in issue:                             6,916,589            

*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                                  9.4
Support Services                                              8.1
Electronic & Electrical Equipment                             7.7
Mining                                                        7.6
Financial Services                                            6.6
Oil & Gas Producers                                           5.3
Media                                                         5.2
Industrial Engineering                                        5.2
General Retailers                                             4.9
Pharmaceutical & Biotechnology                                4.8
                                                             ----
Total                                                        64.8
                                                             ====


Ten Largest Equity Investments (in alphabetical order)~

Company

Aveva Group
Bellway
City of London Investment Group
Elementis
Fidessa
Hargreaves Services
Oxford Instruments
Senior
Spirax-Sarco Engineering
Victrex

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

August was a difficult month for markets and the Company. The NAV on a cum
income basis fell 13.0%, compared to the benchmark fall of 9.4%. The reasons
for the market fall have been well documented; the main problems seem to be
concerns about the level of indebtedness of various EU countries and the US,
and also a lack of economic growth and job creation in these economies.
Additionally, on 5 August a further 3.3 million subscription shares were
converted into ordinary shares. The conversion price was 146p per share
compared to the NAV per share of 220p on that day; the implied dilution being 
£2.4m, about 1.5% of the NAV at the start of August. 45% of underperformance 
during the month was due to subscription shares.

Our underperformance at the stock level was not due to any fundamental
deterioration in portfolio performance. Whilst we have a small holding in Topps
Tiles in the long only portfolio, which reported that like for like sales had
fallen 10% in recent weeks, resulting in a fall in the share price of 36%, this
only had a 9 bps impact on relative performance. Most trading news was good,
but the market was focussed on identifying stocks where performance might
deteriorate, or where substantial gains had been made over the last few years.
Our biggest relative long only portfolio detractors, none of which contributed
more than 20bps to relative underperformance, included Oxford Instruments,
Mecom, ITE, Hutchison China Meditech, Robert Walters and Hyder Consulting. Most
of these are core holdings, and all derive their revenues internationally; they
fell between 17% and 33% in absolute terms during the month.

Our most significant positive relative contributor was Avocet Mining, a gold
miner which is increasing both production and reserves; we had a good meeting
with management.

Stock selection overall was poor, accounting for just over 1% of
underperformance. Sector allocation was also negative, and this was accounted
for by our overweight positions in electronics and engineering companies,
partly offset by our underweight position in oil and gas producers.

We were net long in the CFD portfolio during the month and, unsurprisingly we
lost money. Substantial losses on the long positions offset substantial gains
on the short positions.

As markets fell sharply in August we stepped up the derisking process in the
long only portfolio. In particular we sold a number of higher risk smaller
holdings, some in the resources sector, and other holdings where our conviction
was not high enough for nervous markets. The net long position in the CFD
portfolio was reduced to 4%.

Our long only portfolio tracking error now stands at approximately 3.7%, which
is lower than usual, and our portfolio beta has also been reduced slightly from
about 1 to about 0.96.

Despite poor sector allocation in August, from a sector point of view we retain
our preference for software, electronics, engineering and healthcare companies,
and remain underweight the main UK domestic sectors: retailers, leisure and
food manufacturing. The resources sectors remain a significant and highly
volatile part of our benchmark; we are significantly underweight oil and gas
producers and have moved to a neutral position in mining companies. Our aim in
recent months has been to focus increasingly on our core holdings, especially
where their shares are reasonably liquid. These are, of course, our highest
conviction positions.

19 September2011

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.