Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 May 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#               -2.3%     1.4%       58.3%     64.0%              
Net asset value^               -2.3%     1.4%       58.3%     56.6%              
Net asset value^^              -0.9%     2.5%       51.3%     47.8%              
Share price                     2.4%     3.8%       50.5%     58.7%              
Subscription share price        1.1%     6.1%      493.2%       n/a                
HGSC plus AIM (ex Inv Cos)     -0.7%     2.1%       30.8%     21.0%              

# 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:                               244.58p            
Net asset value capital only (diluted for           
subscription shares):                                       230.77p                                       
Net asset value incl. income:                               246.12p            
Net asset value incl. income (diluted for            
subscription shares):                                       232.09p                                      
Share price:                                                199.50p            
Discount to capital only NAV (diluted for            
subscriptions shares):                                        13.6%                                      
Subscription share price:                                    47.75p            
Net yield:                                                     1.5% *          
Total assets:                                               £163.8m **         
Net CFD portfolio as % of net asset value:                     5.5%            
Ordinary shares in issue:                                62,879,817 ***        
Subscription shares in issue:                            10,250,509            

*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
Support Services                                                        8.8
Financial Services                                                      8.0
Mining                                                                  7.4
Electronic & Electrical Equipment                                       7.3
Oil & Gas Producers                                                     6.7
Industrial Engineering                                                  5.4
Media                                                                   5.3
Pharmaceutical & Biotechnology                                          5.0
General Retailers                                                       4.4
                                                                       ----
Total                                                                  68.1
                                                                       ====

Ten Largest Equity Investments (in alphabetical order)

Company

Abcam
Aveva Group
Bellway
City of London Investment Group
Domino Printing Sciences
Fidessa
Hargreaves Services
Hutchison China Meditech
ITE
Oxford Instruments

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

During May the Company's NAV per share fell by 2.3% on a capital only,
undiluted basis, behind the benchmark index which fell by 0.7%. The FTSE 100
Index fell by 1.3%. Undiluted performance for the month was negatively impacted
by the dilutive impact of the conversion of 2,082,544 subscription shares to
ordinary shares on 5 May 2011, which resulted in a fall in the undiluted NAV
performance of 1.4%.

Markets are jittery and trendless at present, and have been for several months.
We think we will need to see confidence that the debts of peripheral European
economies can be managed without too much of a strain being imposed on core
Europe, clearer signs that the US economy is not faltering, improved confidence
that China can sustain reasonable growth levels and a fall in the oil price.
None of these will be easily achieved. However, we do not expect a collapse in
world GDP growth, more a hiccup in the strengthening of global growth.
Accordingly we see this as a time to take less sector risk, but to retain
gearing in anticipation of better share price performance in the autumn.

Within the CFD portfolio we reduced our net exposure to the market, taking our
overall market exposure to 105%.

It is clear that UK small and mid cap investors have been heavily overweight
international industrials for some time and this has been a successful stance.
However, it feels as though this position is being unwound and industrials are
now being sold. Over the last 3 months we have reduced our exposure to
industrials by selling holdings in Cookson, Morgan Crucible and Spectris. We
prefer holdings such as Spirax-Sarco, Oxford Instruments and Renishaw which
remain large holdings. We took money out of several other holdings, because
valuations were beginning to look quite full, but in general we feel the
valuations of our portfolio holdings remain attractive relative to growth
prospects.

We decided to reduce our underweight UK consumer position, in particular we
reduced our underweight exposure to housebuilders, buying holdings in two South
East focussed groups, Berkeley Group and Bovis Homes. We also bought holdings
in two retailers, Majestic Wine and Dunelm. The rationale for this move is that
we expect the recovery in the UK economy will be more clearly entrenched in
2012, and this should help consumer confidence to rebuild. However, we still
expect weak GDP growth relative to many other parts of the world.

We have continued to look for international growth stocks, especially those
exposed to the more reliably growing emerging markets. In April we added a
holding in International Personal Finance, and in May in Oceans Wilson. Oceans
Wilson is the holding company for Wilson Sons, a long established port operator
and port services business in Brazil. It stands to benefit from the increasing
investment in Brazil's offshore oil industry and eventual increased oil
production.

Our largest contributor to relative performance in May was Fidessa, also our
largest holding; although there was no news from the company. Results and
trading statements in May from our larger holdings were, in general, very good.
We also had many upbeat meetings with management, notably with the managements
of Victrex, Aveva, Oxford Instruments, Booker, Blinkx and Endace. Not all
newsflow was positive. Encore Oil disappointed, with poor drilling results in
the North Sea reducing hopes of large fields at Cladhan, and to an extent at
Catcher. Keller warned that the US commercial construction market remains very
competitive. Although it is winning plenty of business, margins are not yet
recovering due the aggressive behaviour of local competitors.

17 June 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.