Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 30 November 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                      0.1%     6.3%     19.5%     74.1%
Share price                          0.0%     6.2%     15.6%     79.2%
Numis plus AIM (ex Inv Cos)          0.2%     5.7%     16.5%     39.3%

Sources: BlackRock and Datastream

At month end
Net asset value capital only:                235.10p
Net asset value incl. income:                238.00p
Share price:                                 193.25p
Discount to cum income NAV                     18.8%
Net yield:                                      1.6%*
Total assets:                                £174.4m**
Gross market exposure^:                       104.8%
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.
^Long positions plus short positions as a percentage of net asset value.

Ten Largest Sector
Weightings                            % of total assets

Support Services                               10.1
Software & Computer Services                    7.9
Oil & Gas Producers                             6.8
Financial Services                              6.3
General Retailers                               6.2
Electronic & Electrical Equipment               6.2
Chemicals                                       5.9
Travel & Leisure                                5.5
Pharmaceuticals & Biotechnology                 5.0
Media                                           5.0
                                               ----
Total                                          64.9
                                               ====

Market Exposure (Quarterly)

                      29.02.12   31.05.12   31.08.12   30.11.12

Long                    119.8%     119.1%     116.1%     115.6%
Short                    13.0%      12.8%      12.3%      10.8%
Gross exposure          132.8%     131.9%     128.4%     126.4%
Net exposure            106.8%     106.3%     103.8%     104.8%

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 November the Company's NAV per share rose by 0.1% on a cum income basis
whilst the benchmark index rose by 0.2%. The FTSE 100 Index increased by 1.9%
(on a total return basis).

Sector allocation in the long only portfolio was slightly positive with our
overweight position in speciality chemicals companies contributing to relative
performance. Stock selection was marginally negative.

The CFD portfolio contributed well with gains being achieved on both the long
and the short CFDs during the month. We see this as quite significant and an
indication that in fairly flat markets the fundamental assessment we make of
companies can help to achieve profits on our gross risk position, not just on
our net CFD position.

No stock contributed more than 0.25% to relative performance in the long only
portfolio, positively or negatively. Our largest contributor to negative stock
selection in the month was from a smaller holding, Brainjuicer. Brainjuicer
warned profits would be below expectations because large corporate customers
had delayed spending on market research tools late in the year. Interestingly
sales of Brainjuicer's most innovative tools were up 39% in the 10 months to 31
October 2012 compared to the prior period, but other research tools revenues
were down 22% over the same period. The company has net cash and a strong
management team. We expect a better performance next year and therefore we are
retaining our holding.

We had good results, trading updates or meetings from/with various holdings
during the month including Oxford Instruments, Keller, Aveva, Hyder Consulting,
Big Yellow and Workspace.

There were no new holdings during the month. We continued to sell a number of
small holdings where we see limited near term upside.

14 December 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.