Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 28 February 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*                     5.5%    13.8%     18.1%    101.5%
Net asset value                      5.5%    13.8%     18.1%     88.1%
Share price                          6.4%    17.4%     21.0%     94.5%
Numis plus AIM (ex Inv Cos)          4.0%    12.4%     15.3%     49.9%

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

At month end
Net asset value capital only:                267.66p
Net asset value incl. income:                268.26p
Share price:                                 224.25p
Discount to cum income NAV                     16.41%
Net yield:                                      1.5%*
Total assets:                                £196.6**
Net market exposure as
a % of net asset value^:                      107.5%
Ordinary shares in issue:                 73,130,326***

*Calculated using current 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 plus short positions as a percentage of net asset value.

Ten Largest Sector
Weightings                            % of total assets

Support Services                                9.1
Financial Services                              7.9
Software & Computer Services                    7.6
Electronic & Electrical Equipment               6.1
General Retailers                               6.0
Chemicals                                       5.9
Oil & Gas Producers                             5.7
Media                                           5.4
Travel & Leisure                                5.3
Household Goods & Home Construction             5.3
                                               ----
Total                                          64.3
                                               ====
Market Exposure (Quarterly)

                      31.05.12   31.08.12   30.11.12   28.02.13

Long                    119.1%     116.1%     115.6%     118.0%
Short                    12.8%      12.3%      10.8%      10.5%
Gross exposure          131.9%     128.4%     126.4%     128.5%
Net exposure            106.3%     103.8%     104.8%     107.5%

Ten Largest Equity Investments (in alphabetical order)
Company

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

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

During February the Company's NAV per share increased by 5.5% on a cum income
basis whilst the benchmark index increased by 4.0%. The FTSE-100 Index
increased by 1.8%.

The relative contribution from stock selection was strongly positive, with
minimal contribution from sector allocation. The CFD portfolio also contributed
substantially with significant gains on the long positions exceeding losses on
the short positions by more than £1 million.

The positive contribution from stock selection included material contributions
from Blinkx and Senior. Blinkx announced in a trading update that it has had a
very strong first half, which had continued into the current quarter and
management is confident this will be sustained for the full year. Forecasts
were increased significantly. Senior announced strong full year results with
earnings per share up by 22% and are confident looking forward. We saw good share
price performance from a number of other key holdings including Optimal
Payments, Ashtead, Howden Joinery and Fidessa. No one holding made a
significantly negative contribution during the month.

Activity during the month was limited.

The results season to date has gone well and companies seem to be coping with
the uncertain macro-economic environment. We see the recent fall in the pound
as being helpful to many of our more internationally focused holdings, although
many of these will have hedged a significant part of their currency exposure
for the current year.

14 March 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.