Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 March 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*                     2.4%    12.8%     20.0%     87.0%
Net asset value                      2.4%    12.8%     20.0%     74.5%
Share price                          1.0%    15.3%     18.7%     74.2%
Numis plus AIM (ex Inv Cos)          0.7%     9.7%     15.4%     40.9%

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

At month end
Net asset value capital only:                273.82p
Net asset value incl. income:                274.83p
Share price:                                 226.50p
Discount to cum income NAV                     17.6%
Net yield:                                      1.5%*
Total assets:                                £201.8**
Net market exposure as
a % of net asset value^:                      106.4%
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.

Sector Weightings                        % of total assets

Support Services                               10.1
Financial Services                              8.3
Software & Computer Services                    6.7
Chemicals                                       6.2
Electronic & Electrical Equipment               6.1
Household Goods & Home Construction             5.8
Travel & Leisure                                5.7
Media                                           5.6
General Retailers                               5.5
Oil & Gas Producers                             5.5
Pharmaceuticals & Biotechnology                 4.7
Real Estate Investment Services                 4.1
Mining                                          4.0
Aerospace & Defence                             3.4
Real Estate Investment Trusts                   2.6
Healthcare Equipment & Services                 2.2
Construction & Materials                        2.1
Food & Drug Retailers                           2.1
Industrial Transportation                       2.0
Technology Hardware & Equipment                 1.6
Food Producers                                  1.4
Fixed Line Telecommunications                   1.3
Personal Goods                                  1.2
Industrial Metals & Mining                      0.8
Oil Equipment Services & Distribution           0.8
Leisure Goods                                   0.5
Mobile Telecommunications                       0.4
Beverages                                       0.3
Cash                                           -1.0
                                              -----
Total                                         100.0
                                              =====
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 
Company                                  % of gross assets

Bellway                                         2.7
Howden Joinery                                  2.6
Senior                                          2.3
Victrex                                         2.2
Booker                                          2.0
AZ Electronic Materials                         1.9
Ashtead                                         1.9 
Oxford Instruments                              1.9
Workspace                                       1.9
ITE                                             1.8

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

During March the Company's NAV per share increased by 2.4% on a total return
basis. The benchmark index increased by 0.7% and the FTSE 100 Index by 1.4%;
both on a total return basis.

Within the long only portfolio the relative contribution from stock selection
was strongly positive, together with a positive contribution from sector
allocation. The CFD portfolio contributed strong gains on the long CFDs, with
net gains exceeding £1 million for the second month running.

The positive contribution from stock selection included good contributions from
a number of core holdings, notably Ashtead, Bellway, Howden Joinery and Xaar;
all of these are held both in the long only portfolio and as long CFDs. These
share price performances were all due to good trading results. Ashtead shares
have performed well on the back of strong trading in the US, where Ashtead
provides good exposure to recovery in the housing market; its quarterly profits
were up by 173% on the comparable quarter in the prior year. Bellway announced
2012 earnings per share up by 50% and is benefitting from building on recently
acquired land and a firmer housing market. Howden continues to gain significant
market share in a fairly flat kitchens market in the UK; we believe this can
continue and that scale advantages will allow good future profits growth. Xaar
announced 2012 earnings per share up by 88% on the back of strong sales of its
platform 3 printheads for use in printing on ceramics. Xaar shares rose by 26%
during the month.

Looking at the negative contributors to stock selection, the only significant
disappointment was Anite, shares in which fell by 20% during March on the back
of a slightly disappointing trading update, but the impact on relative
performance was limited to 15 basis points.

Activity during the month was limited.

18 April 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.