Statement re Refund of VAT

The Throgmorton Trust PLC

Refund of VAT

The Board is pleased to announce that an amount of £5.4 million will shortly be
received from AXA Framlington Investment Management Limited ("AXA
Framlington"), the former investment manager, in respect of AXA Framlington's
claim against HM Revenue and Customs ('HMRC') for the recovery of VAT paid for
the periods from 1989 to 1996 and 2001 to 2007 on management fees charged to
the Company. This payment, the value of which had not, on the grounds of
uncertainty, previously been recognised as an asset by the Company, will be
included in the net asset value calculations with effect from the close of
business on 20 November. It is estimated that this will result in an uplift of
approximately 4 pence per share to net asset value.

Additional claims remain outstanding in respect of the recovery of VAT,
including a claim against HMRC for payment of interest, but there is
insufficient certainty relating to the outcomes to accrue further amounts in
net asset value at this time.

21 November 2008