Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 October 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*                     2.4%     9.6%     16.9%     86.6%
Net asset value                      2.4%     9.6%     13.7%     74.1%
Share price                          3.1%    11.1%     21.4%     81.2%
Numis plus AIM (ex Inv Cos)          1.8%     9.1%     14.0%     38.7%

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:                235.28p
Net asset value incl. income:                237.84p
Share price:                                 193.25p
Discount to cum income NAV                     18.7%
Net yield:                                      1.6%*
Total assets:                                £174.1m**
Gross market exposure^:                       105.4%
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.

Ten Largest Sector
Weightings                            % of total assets

Support Services                               10.4
Software & Computer Services                    8.1
Oil & Gas Producers                             7.4
Financial Services                              6.3
Electronic & Electrical Equipment               6.3
General Retailers                               6.1
Travel & Leisure                                5.5
Chemicals                                       5.5
Media                                           5.3
Pharmaceuticals & Biotechnology                 4.9
                                               ----
Total                                          65.8
                                               ====

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
AZ Electronic Materials
Bellway
Booker
Howden Joinery
Oxford Instruments
Senior
Victrex
Workspace

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

During October the Company's NAV per share increased by 2.4% on a cum income
basis whilst the benchmark index increased by 1.8%. The FTSE 100 Index
increased by 0.7%. Stock selection and the contribution from the CFD portfolio
were both positive. The CFD portfolio added value with modest gains on the
short CFDs offsetting marginal losses on the long CFDs.  Sector allocation was
slightly negative with our significant overweight position in electronics and
chemicals companies and our slight underweight position in retailers both
hindering relative performance.

Good stock contributions from our holdings in Howden Joinery, Ashtead, Blinkx
and Workspace. We had good meetings with the management of a number of
holdings, including Booker, Bellway, Workspace, Keller, Gemfields, Amerisur
Resources, Devro and Corin.

On the negative side, our holdings in Fidessa, Elementis, Senior and ITE Group
all produced slight underperformance, but none fell by more than 10% in
absolute terms. We continue to like these companies long term.

We added holdings in Paragon, James Fisher and Ted Baker. Paragon is a
specialist buy-to-let mortgage lender, with a focus on professional landlords. 
James Fisher has developed operational expertise in the marine environment,
providing products, services and support to the oil and gas, marine renewables,
shipping and defence industries. Ted Baker offers menswear, womenswear and
accessories from stores in the UK, USA and Far East. Each of these companies
has had considerable success in recent years, and we believe they remain
well-set.

We sold a number of small holdings where we saw limited near term upside.

19 November 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.