Tender Invitation - Repurchase of 7.25% Loan Stock

Throgmorton Trust PLC
24 November 1999


TENDER INVITATION FOR REPURCHASE BY THE COMPANY OF 7.25% CONVERTIBLE UNSECURED
LOAN STOCK 2003 ('STOCK')

On 20 October 1999 the Board of the Company invited holders of Stock on the
register at close of business on 5 November 1999 ('Stockholders') to tender
some or all of their Stock for repurchase by the Company at a tender price of
100p per unit of Stock (the 'Tender Price'), this price being equal to the
nominal value of each unit of Stock.  

The Company announces that the nominal amount of Stock tendered at the closing
date (3.00 p.m. on 23 November 1999) was £6,285,155 and all tenders of Stock
have been accepted in full.  

Cheques in respect of the Tender Price payable to those Stockholders who
tendered Stock, together with certificates for any balance of Stock held, will
be despatched on 30 November 1999.  Payment of interest on the Stock is due to
be made on 30 November 1999 and this will be paid in the normal way.  All
Stock purchased pursuant to the tender invitation will be cancelled and shall
not be available for re-issue.

ENQUIRIES
Paul Branigan - 0171 330 6544
Diane Penfold - 0171 330 6680
Peter Moffatt - 0171 330 6678
Framlington Investment Management Limited