Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 30 September 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*                     3.7%     7.5%     20.8%     84.8%
Net asset value                      3.7%     7.5%     17.5%     72.4%
Share price                          3.0%     8.9%     15.9%     67.6%
Numis plus AIM (ex Inv Cos)          3.6%     8.0%     17.1%     34.6%

Sources: BlackRock and Datastream

*One year and three year figures, prior to dilution arising on conversion of
subscription shares.

At month end
Net asset value capital only:                230.19p
Net asset value incl. income:                232.29p
Share price:                                 187.50p
Discount to cum income NAV                     19.3%
Net yield:                                      1.7%*
Total assets:                                £170.1m**
Net market exposure as
a% of net asset value:                       104.9%
Ordinary shares in issue:                 73,130,326***
 
*Calculated using current year interim and prior year final dividends paid.
**Includes current year revenue and excludes the gross exposure through
contracts for difference.
***Excluding 7,400,000 shares held in treasury.

Ten Largest Sector
Weightings                            % of total assets

Support Services                                9.8
Software & Computer Services                    8.9
Oil & Gas Producers                             7.4
Electronic & Electrical Equipment               7.1
Chemicals                                       5.8
Financial Services                              5.7
General Retailers                               5.3
Travel & Leisure                                5.3
Media                                           5.3
Mining                                          4.9
                                               ----
Total                                          65.5
                                               ====
 
Market Exposure (Quarterly)

                      30.11.11   29.02.12   31.05.12   31.08.12
Long                    113.7%     119.8%     119.1%     116.1%
Short                    13.4%      13.0%      12.8%      12.3%
Gross exposure          127.1%     132.8%     131.9%     128.4%
Net exposure            100.3%     106.8%     106.3%     103.8%

Ten Largest Equity Investments (in alphabetical order)
Company

Ashtead
Aveva
Bellway
Booker
Galliford Try
Howden Joinery
ITE
Oxford Instruments
Senior
Victrex

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

During September the NAV on a cum income basis rose by 3.7%; the benchmark rose
by 3.6%. The FTSE 100 Index rose by 0.75% during the month.

The CFD portfolio added significant value during the month, with strong gains
on the longs offsetting losses on the shorts. Neither stock selection nor
sector allocation in the long only portfolio had much impact on relative
performance during the month.

There were no individually significant contributors to stock selection. We did
however have strong results and trading updates from a number of larger
holdings including Ashtead, Galliford Try and Hyder Consulting, and good
meetings with many other holdings including Restaurant Group, Abcam, AZ
Electronic Materials, Dunelm Mill, Dechra Pharmaceuticals and Coastal Energy.

We added small holdings in Entertainment One and Sinclair IS Pharma.
Entertainment One is a leading international entertainment company specializing
in the acquisition, production and distribution of film and television content
across all media. It acquired Alliance Films, a similar but complementary
business, making the combined entity the largest independent film distributor in
the UK and Canada, with considerable strength in many other key markets. We
took part in an equity placing to part fund the purchase. Sinclair IS Pharma is 
an international specialty pharmaceutical company providing solutions to treat 
wounds, dermatological and oral diseases through advanced surface technology and 
innovative delivery systems. It has a growing sales and marketing operation in the 
UK and Continental Europe and an extensive marketing partner network across 
selected developed and emerging markets, which is generating strong sales growth. 
Management has impressed us and is beginning to achieve much better financial 
performance.

16 October 2012

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.