Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 30 April 2013 and unaudited.

Performance at month end is calculated on a cum income basis

                                      One    Three       One     Three
                                    Month   Months      Year     Years
Net asset value*                    -0.3%     7.7%     18.3%     79.4%
Net asset value                     -0.3%     7.7%     18.3%     67.5%
Share price                          2.0%     9.6%     23.9%     71.6%
Numis plus AIM (ex Inv Cos)         -0.7%     4.0%     15.7%     35.6%

Sources: BlackRock and Datastream
* Prior to dilution arising on conversion of subscription shares.

At month end
Net asset value capital only:                272.64p
Net asset value incl. income:                273.97p
Share price:                                 231.00p
Discount to cum income NAV                     15.7%
Net yield:                                      1.4%*
Total assets:                                £200.4**
Net market exposure as
a % of net asset value^:                      106.4%
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.
^Long positions plus short positions as a percentage of net asset value.

Sector Weightings                        % of total assets

Support Services                               10.2
Financial Services                              9.1
Software & Computer Services                    6.8
Electronic & Electrical Equipment               6.5
Household Goods & Home Construction             5.8
General Retailers                               5.7
Travel & Leisure                                5.5
Media                                           5.4
Chemicals                                       4.9
Oil & Gas Producers                             4.9
Pharmaceuticals & Biotechnology                 4.9
Real Estate Investment Services                 4.7
Aerospace & Defence                             3.7
Mining                                          3.6
Real Estate Investment Trusts                   2.9
Construction & Materials                        2.3
Healthcare Equipment & Services                 2.1
Industrial Transportation                       2.1
Food & Drug Retailers                           2.0
Technology Hardware & Equipment                 1.5
Fixed Line Telecommunications                   1.5
Personal Goods                                  1.4
Food Producers                                  1.3
Industrial Metals & Mining                      0.8
Leisure Goods                                   0.5
Beverages                                       0.3
Mobile Telecommunications                       0.3
Oil Equipment Services & Distribution           0.2
Cash                                           -0.9
                                              -----
Total                                         100.0
                                              =====

Market Exposure (Quarterly)

                      31.05.12   31.08.12   30.11.12   28.02.13
Long                    119.1%     116.1%     115.6%     118.0%
Short                    12.8%      12.3%      10.8%      10.5%
Gross exposure          131.9%     128.4%     126.4%     128.5%
Net exposure            106.3%     103.8%     104.8%     107.5%

Ten Largest Equity Investments

Company                                   % of gross assets

Bellway                                         2.8
Howden Joinery Group                            2.7
Senior                                          2.6
Victrex                                         2.2
Workspace Group                                 2.1
Oxford Instruments                              2.0
Booker Group                                    1.9
ITE Group                                       1.9
Dunelm Group                                    1.8
Restaurant Group                                1.8

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

During April the Company's NAV per share fell by 0.3% on a total return basis.
The benchmark index fell by 0.7% whilst the FTSE 100 Index rose by 0.6%; both
on a total return basis.

The relative contribution from stock selection was positive, with a modest
negative contribution from sector allocation.

The positive contribution from stock selection included good contributions from
a number of core holdings, notably Workspace, Xaar and Senior. Workspace
continues to benefit from its London focus, low but increasing rents,
increasing occupancy and scope for redevelopment of certain central sites. Xaar
released another positive trading update, the second in a few months, leading
to further significant earnings upgrades. Senior re-iterated steady trading in
its Interim Management Statement, and benefits from strong revenue visibility.

On the negative side, we had a profit warning from AZ Electronic Materials
which was the largest detractor from stock selection contribution. AZ announced
that it had experienced a weaker start to the year and this was expected to
continue into the second quarter; earnings had been downgraded. This is not
inconsistent with many industrial companies which have had a tough start to
2013. We still regard AZ as a well-run, world leading supplier of specialty
chemicals, but it may take a while for confidence to rebuild fully.

Negative sector allocation was due to our overweight position in electronics
companies, which were particularly impacted by the profit warning issued by former
holding Spectris. This effect was partly offset by our overweight position in
housebuilders which had another good month backed up by positive newsflow
across the sector.

The CFD portfolio made a modest positive contribution during the month.

Activity during the month was limited.

16 May 2013

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.