Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 August 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*                     3.2%     5.2%      9.8%     91.3%
Net asset value                      3.2%     5.2%      6.9%     78.5%
Share price                          4.7%     4.8%      3.4%     79.3%
Numis plus AIM (ex Inv Cos)          3.4%     5.8%      6.1%     36.6%

Sources: BlackRock and Datastream

* Prior to dilution arising on conversion of subscription shares.

At month end
Net asset value capital only:                222.12p
Net asset value incl. income:                223.96p
Share price:                                 182.00p
Discount to cum income NAV                     18.7%
Net yield:                                      1.7%*
Total assets:                                £164.5m**
Net market exposure as
a% of net asset value:                        103.8%
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.

Ten Largest Sector
Weightings                            % of total assets

Support Services                                9.7
Software & Computer Services                    8.7
Oil & Gas Producers                             8.6
Electronic & Electrical Equipment               7.6
Media                                           5.7
Financial Services                              5.6
Chemicals                                       5.4
General Retailers                               5.1
Travel & Leisure                                5.1
Mining                                          5.1
                                               ----
Total                                          66.6
                                               ====

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
Bellway
Booker
Elementis
Howden Joinery
ITE
Oxford Instruments
Senior
Victrex
 
Commenting on the markets, Mike Prentis and Richard Plackett, representing the
Investment Manager noted:

During August the NAV on a cum income only basis rose by 3.2%; the benchmark
rose by 3.4%. The FTSE 100 Index rose by 1.3% during the month.

Long only portfolio stock selection was negative whilst sector allocation had a
slightly positive impact on relative performance. The CFD portfolio performed
well with good gains on the long CFDs comfortably exceeding modest losses on
the short CFDs.

There were no individually significant contributors to stock selection; the
largest negative contributions came from Planet Payment and Futura Medical, but
both were small. Planet Payment posted weaker second quarter results, mainly
due to reducing margins on multi-currency payments processing with certain
customers especially in Asia. Payment volumes processed continue to grow
strongly and revenue growth is still expected to be good for the full year.
Futura announced that the license of its CSD500 condom to Reckitt Benckiser had
been terminated because the parties could not agree the basis for
commercialisation. Futura intends to partner CSD500 with one or more of the
world's other leading condom or healthcare companies, from which it has
received considerable interest. It has already licensed other products to such
companies. This will however result in a delay in getting CSD500 to market. We
still see the potential for this and Futura's other products as being very
significant.

We added a small holding in Perform Group, which owns digital rights to more
than 200 sporting leagues, tournaments and events. It provides combined video,
editorial and data content to customers, particularly betting companies, around
the world. Growth has been strong and the business looks well set.

14 September 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.