Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 30 September 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*                    2.3%    10.9%     34.0%     73.2%
Net asset value                     2.3%    10.9%     34.0%     61.7%
Share price                         5.8%    19.9%     52.4%     94.8%
Numis plus AIM (ex Inv Cos)         3.0%    11.5%     27.9%     46.3%

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

At month end
Net asset value capital only:                303.92p
Net asset value incl. income:                307.33p
Share price:                                 281.50p
Discount to cum income NAV                      8.4%
Net yield:                                      1.2%*
Total assets:                                £224.8m**
Net market exposure as
a % of net asset value^:                      104.6%
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 less short positions as a percentage of net asset value.

Sector Weightings                        % of total assets

Industrials                                    24.9
Consumer Services                              21.4
Financials                                     19.9
Consumer Goods                                  9.1
Technology                                      6.9
Health Care                                     6.5
Basic Materials                                 6.2
Oil & Gas                                       4.1
Telecommunications                              1.4
Net current liabilities                        -0.4
                                              -----
Total                                         100.0
                                              =====
 
Market Exposure (Quarterly)

                      30.11.12   28.02.13   31.05.13   31.08.13
Long                    115.6%     118.0%     117.3%     117.5%
Short                    10.8%      10.5%      10.2%      12.0%
Gross exposure          126.4%     128.5%     127.5%     129.5%
Net exposure            104.8%     107.5%     107.1%     105.4%

Ten Largest Equity Investments

Company                                  % of total assets

Bellway                                         2.5
Howden Joinery Group                            2.2
Workspace Group                                 2.1
Senior                                          2.0
Booker Group                                    1.9
ITE Group                                       1.8
Dunelm Group                                    1.7
Optimal Payments                                1.7
Xaar                                            1.5
Oxford Instruments                              1.5

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

During September the Company's NAV per share rose by 2.3% on a cum income
basis. The benchmark index rose by 3.0% whilst the FTSE 100 Index rose by 0.9%;
again both on a cum income basis.

The relative contributions in the long only portfolio from stock selection and
sector allocation were both slightly negative. Sector allocation was negatively
impacted by our overweight sector positions in electronics and housebuilding
companies; both groups underperformed during the month.

Stock selection was helped by our holding in Optimal Payments, a leading online
payments provider, which released interims showing significantly higher profits
and good cash generation, both are expected to continue. Detractors from
relative performance included Oxford Instruments and Cineworld; neither of
these detracted in a material way.

We added a holding in London estate agent Foxtons, which had a successful IPO;
we were impressed with management and growth prospects.

The CFD portfolio lost money with modest gains on the long postions offset by
losses on the short postions. September was a month when a number of poorer
quality stocks performed well, and we were short some of these.

10 October 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.