Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 March 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 *                    0.9%    16.7%      2.6%    180.7%
Net asset value                      0.9%    16.7%     -2.9%    163.8%
Share price                          2.9%    25.1%      2.3%    190.0%
HGSC plus AIM (ex Inv Cos) **        0.6%    16.4%      0.2%    108.6%

Sources: BlackRock and Datastream

* prior to dilution arising on conversion of subscription shares
** The Hoare Govett Smaller Companies Index against which the Company is 
benchmarked, was renamed “The Numis Smaller Companies Index” with effect 
from 28 March 2012.

At month end
Net asset value capital only:                231.33p
Net asset value incl. income:                232.00p
Share price:                                 193.75p
Discount to cum income NAV                     16.5%
Net yield:                                      1.6%*
Total assets:                                £172.1m**
Net market exposure as
a% of net asset value:                        108.6%
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                               10.2
Oil & Gas Producers                             9.4
Electronic & Electrical Equipment               8.1
Software & Computer Services                    8.1
Mining                                          7.2
Chemicals                                       6.0
Media                                           5.5
Financial Services                              5.2
General Retailers                               5.1
Industrial Engineering                          3.9
                                               ----
Total                                          68.7
                                               ====

Market Exposure (Quarterly)

                      29.02.12   30.11.11   31.08.11   31.05.11
Long                    119.8%     113.7%     116.4%     118.7%
Short                    13.0%      13.4%      12.7%      13.8%
Gross exposure          132.8%     127.1%     129.1%     132.5%
Net exposure            106.8%     100.3%     103.7%     104.9%

Ten Largest Equity Investments (in alphabetical order)

Company

Aveva Group
Bellway
Booker
Fidessa
Hargreaves Services
ITE
Oxford Instruments
Senior
Victrex
Yule Catto

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

During March the NAV on a cum income basis rose by 0.9%; the benchmark rose by
0.6%. By contrast, the FTSE 100 Index fell by 1.7% during the month.

Outperformance was driven by stock selection. The best contributor to relative
outperformance was our holding in Gemfields which appreciated by 51%. Gemfields
mines emeralds in Zambia, supplying about 20% of global emerald demand. Prices
at auction have remained firm and Gemfields is both cash rich and lowly valued.
Later this year it is due to bring its ruby mine in Mozambique into production.

Newsflow from the portfolio was again generally good during the month with
holdings such as Yule Catto and UTV Media delivering good results and a
positive outlook.

There were no individually significant detractors from relative performance
during the month.

Sector allocation was negative during the month. The largest contributor to
this was our overweight position in electronics and electrical equipment, which
had been a positive contributor in prior months.

We have continued to increase the net exposure of the Company to the market in
recent months by closing some short CFDs and increasing some long CFD
positions; net exposure to the market stood at 106.3% at the end of March. The
short CFDs lost a modest amount of money during the month, and this slightly 
exceeded the small gains on the long CFDs.

Portfolio activity was limited.

19 April 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.