Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 30 June 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*                    -3.4%     1.1%     29.9%     98.5%
Net asset value                     -3.4%     1.1%     29.9%     85.3%
Share price                         -3.3%     4.0%     38.4%     86.2%
Numis plus AIM (ex Inv Cos)         -3.2%    -0.7%     23.9%     49.7%

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

At month end
Net asset value capital only:                274.82p
Net asset value incl. income:                277.74p
Share price:                                 235.50p
Discount to cum income NAV                     15.2%
Net yield:                                      1.4%*
Total assets:                                £203.1**
Net market exposure as
a % of net asset value^:                      104.9%
Ordinary shares in issue:                 73,130,326***

*Calculated using prior year interim and 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 less short positions as a percentage of net asset value.

Sector Weightings                        % of total assets

Industrials                                    24.5
Consumer Services                              21.3
Financials                                     19.2
Consumer Goods                                  9.6
Technology                                      7.9
Basic Materials                                 6.7
Health Care                                     6.5
Oil & Gas                                       4.0
Telecommunications                              1.6
Net current liabilities                        -1.3
                                              -----
Total                                         100.0
                                              =====

Market Exposure (Quarterly)

                      31.08.12   30.11.12   28.02.13   31.05.13
Long                    116.1%     115.6%     118.0%     117.3%
Short                    12.3%      10.8%      10.5%      10.2%
Gross exposure          128.4%     126.4%     128.5%     127.5%
Net exposure            103.8%     104.8%     107.5%     107.1%
 
Ten Largest Equity Investments

Company                                  % of total assets

Bellway                                         2.7
Howden Joinery Group                            2.6
Senior                                          2.4
Workspace                                       2.2
ITE                                             2.1
Dunelm Group                                    2.0
Booker Group                                    2.0
Victrex                                         1.8
Ashtead                                         1.8
Restaurant                                      1.8

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

During June the Company's NAV per share fell by 3.4% on a cum income basis. The
benchmark index fell by 3.2% whilst the FTSE 100 Index fell by 5.5%; both on a
cum income basis. Markets were nervous following comments by the Chairman of
the US Federal Reserve indicating that bond purchases would be reduced in due
course. Markets were also unnerved by weaker data from China, falls in emerging
market currencies and demonstrations in Turkey, Brazil and Egypt.

The relative contribution from the long only portfolio stock selection was
positive. However, contribution from sector allocation was slightly negative.
The CFD portfolio continues to be net long and, in a falling market, losses on
the longs exceeded gains on the shorts resulting in a net loss for the month.

The main positive contribution from stock selection came again from Xaar, which
is held in both the long only portfolio and the CFD portfolio. Xaar produced
another strong trading update which led to further significant earnings
upgrades.

On the negative side, the largest contributor to stock selection was Oxford
Instruments which announced full year results in line with expectations but
indicated that the new financial year had got off to a slow start. The company
sells instruments into research labs and some of these have been affected by
recent US Government spending cuts. We continue to see Oxford Instruments as a
core holding with strong management, products and finances and believe it will
be a bigger company in the medium term. 

During the month we took profits in some non-core holdings exposed to emerging
markets given concerns about growth. We decided to add to our UK property
exposure where we see reasonable value after the pullback over the last six
weeks. We added a holding in Quintain Estates and bought back into Shaftesbury,
both companies giving us further exposure to the London property market.

12 July 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.