Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 DECEMBER 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 (undiluted)         -0.5%     0.3%    -14.1%    134.8%
Net asset value (diluted)           -0.5%     2.9%     -7.6%    135.0%
Share price                         -7.6%    -4.6%    -14.3%    138.0%
HGSC plus AIM (ex Inv Cos)          -1.8%     0.7%    -13.1%     84.5%

Sources: BlackRock and Datastream

At month end
Net asset value capital only:                198.50p
Net asset value incl. income:                201.02p
Share price:                                 157.00p
Discount to cum income NAV:                    21.9%
Net yield:                                      1.9%*
Total assets:                                £147.8m**
Net market exposure of CFD portfolio as
a% of net asset value:                        103.2%
Ordinary shares in issue:                 73,130,326***

*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                               10.0
Software & Computer Services                    9.2
Electronic & Electrical Equipment               8.0
Oil & Gas Producers                             7.8
Mining                                          6.6
Media                                           5.5
Household Goods & Home Construction             5.4
Industrial Engineering                          5.0
Financial Services                              4.8
General Retailers                               4.7
                                               ----
Total                                          67.0
                                               ====

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
Berkeley
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 December the NAV on a cum income basis fell by 0.5%; the benchmark fell
by 1.8%. The FTSE 100 Index fell by 1.2% during the month.

At the portfolio level the long only portfolio outperformed during the month.
This was mainly derived from stock selection with a slight negative
contribution from sector allocation.

From a stock selection point of view our biggest positive contributor was
Collins Stewart, which announced a takeover from Canaccord at a significant
premium. Another holding, Jacques Vert, was also taken over during the month at
a good premium. No holding significantly detracted from relative performance
during the month.

The CFD made a small gain in the month with modest gains on the shorts
offsetting small losses on the long CFDs.

Activity in the month was limited although we decided to re-introduce Hunting
into the long only portfolio. It has made several acquisitions recently and
these add significantly to its product range.

24 January 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.