Final Results

THE THROGMORTON TRUST PLC                           

                           PRELIMINARY ANNOUNCEMENT                            
                      FOR THE YEAR ENDED 30 NOVEMBER 2005                      

• Continued strong outperformance by the Trust

• Net Asset Value per ordinary share 173.2p (2004:135.4p) see table below

• Increased final dividend of 1.25p per share (2004:1.1p) making a total of
1.75p (2004:1.6p)

NET ASSET VALUE

                          30.11.2004   30.11.2005   Year on year  25.01.2006   
                                                                               
                                                    % change                   
                                                                               
The Throgmorton Trust PLC 135.4p       173.2p       +27.9         187.0p       
                                                                               
(debt at par)                                                                  
                                                                               
(debt at market value)    129.6p       165.6p       +27.8         179.3p       
                                                                               
FTSE SmallCap (ex Inv.    2671.5       3108.9       +16.4         3336.2       
Cos.)                                                                          
                                                                               
FTSE All-Share            2345.2       2741.1       +16.9         2898.4       

THE CHAIRMAN, RICHARD BERNAYS, COMMENTED:

At the end of my first year as Chairman, I am pleased to report another year of
strong performance by your company. For the 5th year running, we have
substantially outperformed our benchmark. In the year ended 30th November 2005,
the Company's net asset value ('NAV') per share (valuing debt at market value)
rose by 27.8% compared with a rise in our benchmark FTSE Small Cap (ex
Investment Companies) Index of 16.4%. The rise in the share price was higher
with a gain of 28.8%, reflecting a fall in the discount (valuing debt at market
value) from 14.9% to 14.2%. During the year, the discount has ranged from 10.1%
to 15.0%.

Discount against NAV

The Board regularly reviews the discount of the share price against the NAV. In
this review, we look at the debt valued at market price rather than at its
nominal value as we consider this is the most appropriate method of calculating
NAV. At the half year stage, I reported that your board was concerned at the
level of the discount against NAV which remains higher than the Board would
want given the excellent performance of the portfolio. In the second half of
the year, we have continued our policy of buying in shares and, over the year,
we have bought in 47 million shares at an average discount of 13.0%. This
policy of buying in shares at a discount has had a positive impact on NAV per
share, increasing it by 3.5%.

The board has also repurchased £25,000 of the Trust's 12 15/16% debenture. We
continue to look for opportunities to repurchase this expensive debt on
acceptable terms but rarely is stock available.

Revenue and Dividend

The Board is recommending a final dividend of 1.25p per share, making a total
dividend for the year of 1.75p, an increase of 9.38% over the previous year.
Generally it is the Board's policy to distribute the whole of the income
available to shareholders by way of dividend each year.

The Portfolio

Our investment manager has done well for us again this year. Over the years the
Manager has shown great skill in stock selection and the current year has been
no exception. An attribution analysis of the performance of the portfolio shows
that stock selection was the main contributor to the Trust's out-performance
against its benchmark. A substantial proportion (42%) of the portfolio is held
in AIM stocks. The AIM market attracts many exciting young companies and we
have benefited particularly from investment in new issues and placings in this
growing market. Within the portfolio as a whole, the Manager places strong
emphasis on sound balance sheets, strong management and tight financial
control. The Board and the Manager monitor carefully the risks within the
portfolio and consider that a good balance is achieved between risk and
potential return. The portfolio is currently well diversified with more than
170 holdings.

The Board

At the AGM in March, I took over from Lord Stewartby as Chairman. Lord
Stewartby had been Chairman since 1990 and had led the transformation of the
company from a highly geared trust with many illiquid and unquoted investments
into one of the leading specialist small company investment trusts. This was a
long and difficult path involving some very delicate negotiations. Lord
Stewartby and his colleagues on the Board successfully extricated the company
from these unsuitable investments, wound up or sold the underperforming
subsidiaries or associated companies and reduced debt. The current success of
the company owes much to his perspicacity. Fortunately, he has agreed to remain
on the Board and is seeking re-election for one more year.

Sir Victor Garland, who has been on the Board for 20 years and has been
Chairman of the Audit Committee since 1991, will be retiring at the next AGM.
Sir Victor has been an important influence on the Company and has played a
vital part in its transformation. We will miss his wise counsel. During the
year Eric Stobart took over from Sir Victor Garland as Chairman of the Audit
Committee.

Outlook

Our investments are predominately in the UK so it is the outlook for this
economy that is relevant to the future of The Throgmorton Trust. After three
years of exceptional growth and the UK economy showing signs of slowing down,
it would be optimistic to expect smaller companies to continue to perform as
well as they have in the past few years. However, as a slowdown in the UK
economy rather than a recession is likely, I would expect our Manager to
continue to find attractive opportunities to buy undervalued smaller growth
companies.

Richard Bernays

Chairman

26 January 2006

                           The Throgmorton Trust PLC                           

           Preliminary statement for the year ended 30 November 2005           

                Statement of Total Recognised Gains and Losses                 

                                              Year to 30 November 2005          
                                                                                
                                                    (unaudited)                 
                                                                                
                                    Revenue        Capital        Total         
                                                                                
                                    £000s          £000s          £000s         
                                                                                
Realised gains                      -              70,184         70,184        
                                                                                
Unrealised gains                    -              3,618          3,618         
                                                                                
Income                              7,064          -              7,064         
                                                                                
Management fee                      (1,439)        (1,439)        (2,878)       
                                                                                
Other expenses                      (459)          -              (459)         
                                                                                
Net return before finance costs and 5,166          72,363         77,529        
taxation                                                                        
                                                                                
Interest payable and similar        (1,973)        (1,906)        (3,879)       
charges                                                                         
                                                                                
Premium paid on repurchase of       -              (9)            (9)           
debenture stock                                                                 
                                                                                
Return on ordinary activities       3,193          70,448         73,641        
before taxation                                                                 
                                                                                
Tax on ordinary activities          -              -              -             
                                                                                
Return on ordinary activities after 3,193          70,448         73,641        
taxation attributable to equity                                                 
shareholders                                                                    
                                                                                
Dividends in respect of equity      (3,010)        -              (3,010)       
shares                                                                          
                                                                                
Transfer to reserves                183            70,448         70,631        
                                                                                
Return per ordinary share                                                       
                                                                                
- basic                             1.58p          34.92p         36.50p        
                                                                                

The revenue column of this statement is the profit and loss account of the
company. All revenue and capital items in this statement derive from continuing
operations. No operations were acquired or discontinued in the year.

                           The Throgmorton Trust PLC                           

           Preliminary statement for the year ended 30 November 2004           

          Statement of Total Recognised Gains and Losses (Continued)           

                                              Year to 30 November 2004          
                                                                                
                                                     (audited)                  
                                                                                
                                    Revenue        Capital        Total         
                                                                                
                                    £000s          £000s          £000s         
                                                                                
Realised gains                      -              29,830         29,830        
                                                                                
Unrealised gains                    -              43,880         43,880        
                                                                                
Income                              7,428          -              7,428         
                                                                                
Management fee                      (1,333)        (1,333)        (2,666)       
                                                                                
Other expenses                      (382)          -              (382)         
                                                                                
Net return before finance costs and 5,713          72,377         78,090        
taxation                                                                        
                                                                                
Interest payable and similar        (2,136)        (2,014)        (4,150)       
charges                                                                         
                                                                                
Premium paid on repurchase of       -              (683)          (683)         
debenture stock                                                                 
                                                                                
Return on ordinary activities       3,577          69,680         73,257        
before taxation                                                                 
                                                                                
Tax on ordinary activities          -              -              -             
                                                                                
Return on ordinary activities after 3,577          69,680         73,257        
taxation attributable to equity                                                 
shareholders                                                                    
                                                                                
Dividends in respect of equity      (3,676)        -              (3,676)       
shares                                                                          
                                                                                
Transfer (from)/to reserves         (99)           69,680         69,581        
                                                                                
Return per ordinary share                                                       
                                                                                
- basic                             1.55p          30.25p         31.80p        
                                                                                

The Revenue column of this statement is the profit and loss account of the
company. All revenue and capital items in this statement derive from continuing
operations. No operations were acquired or discontinued in the year.

                           The Throgmorton Trust PLC                           

           Preliminary statement for the year ended 30 November 2005           

                                Revenue Account                                

For the year ended 30 November           £000s        2005      £000s       2004
                                                                                
                                               (unaudited)             (audited)
                                                                                
                                                     £000s                 £000s
                                                                                
Income from fixed asset investments      5,721                  6,386           
                                                                                
Franked income                             412                    832           
                                                                                
Unfranked income                                                                
                                                                                
                                                     6,133                 7,218
                                                                                
Other income                               837                    147           
                                                                                
Interest receivable                         94                     63           
                                                                                
Fees and commissions                                                            
                                                                                
                                                       931                   210
                                                                                
Gross Income                                         7,064                 7,428
                                                                                
Expenses and interest                    1,439                  1,333           
                                                                                
Management fee                             459                    382           
                                                                                
Administration expenses                  1,973                  2,136           
                                                                                
Interest payable                                                                
                                                                                
                                                   (3,871)               (3,851)
                                                                                
Net revenue from ordinary                            3,193                 3,577
activities (after taxation)                                                     
                                                                                
Dividends                                (249)                 -                
                                                                                
Ordinary shares:                           976                  1,149           
                                                                                
Adjustment to 2004 accrual               2,283                  2,527           
                                                                                
Interim                                                                         
                                                                                
Final                                                                           
                                                                                
                                                     3,010                 3,676
                                                                                
Transfer to/(from) reserves                            183                  (99)
                                                                                
Earnings per share - basic                           1.58p                 1.55p

The revenue account is a fuller version of the profit and loss account of the
Company.

All revenue is derived from continuing operations.

No operations were acquired or discontinued during the year.

                           The Throgmorton Trust PLC                           

           Preliminary statement for the year ended 30 November 2005           

                                 Balance Sheet                                 

As at 30 November                         £000s        2005    £000s       2004
                                                                               
                                                (unaudited)           (audited)
                                                                               
                                                      £000s               £000s
                                                                               
Fixed asset investments                 332,646              343,991           
                                                                               
Listed                                        -                   44           
                                                                               
- United Kingdom                          2,439                2,535           
                                                                               
- Overseas                                                                     
                                                                               
Subsidiary undertakings                                                        
                                                                               
                                                    335,085             346,570
                                                                               
Current assets                            2,603                2,456           
                                                                               
Debtors                                  19,347                  123           
                                                                               
Cash at bank                                                                   
                                                                               
                                         21,950                2,579           
                                                                               
Creditors:                                4,356                1,517           
                                                                               
Amounts falling due within one year       1,081                1,055           
                                                                               
Trade creditors                             887                  825           
                                                                               
Amounts owed to subsidiary                2,283                2,527           
undertakings                                                                   
                                                                               
Sundry creditors                                                               
                                                                               
Proposed dividend on ordinary                                                  
shares                                                                         
                                                                               
                                        (8,607)              (5,924)           
                                                                               
Net current assets/(liabilities)                     13,343             (3,345)
                                                                               
Total assets less current                           348,428             343,225
liabilities                                                                    
                                                   (32,169)            (32,194)
Creditors:                                                                     
                                                                               
Amounts falling due after one year                                             
                                                                               
Debentures and loans                                                           
                                                                               
Net assets                                          316,259             311,031
                                                                               
Capital and reserves                      6,060       9,130    3,702     11,488
                                                                               
Called up share capital                  73,897      35,272   70,279     35,272
                                                                               
Share premium account                   188,367     268,324  186,940    260,921
                                                                               
Capital reserves                                      3,533               3,350
                                                                               
Capital redemption reserve                                                     
                                                                               
Revaluation reserve                                                            
                                                                               
Realised capital profits                                                       
                                                                               
Revenue reserve                                                                
                                                                               
Total equity shareholders' funds                    316,259             311,031
                                                                               
Net asset value per share                           173.19p             135.37p
                                                                               
Net asset value adjusted for `fair                  165.58p             129.56p
value' of debt                                                                 

                           The Throgmorton Trust PLC                           

           Preliminary statement for the year ended 30 November 2005           

              Reconciliation of Movements in Shareholders' Funds               

For the year ended 30 November                            2005         2004
                                                                           
                                                   (unaudited)    (audited)
                                                                           
                                                         £000s        £000s
                                                                           
Net surplus revenue for distribution                     3,193        3,577
                                                                           
Dividends                                              (3,010)      (3,676)
                                                                           
Net transferred to/(from) reserves                         183         (99)
                                                                           
Non distributable capital gain                          70,448       69,680
                                                                           
Repurchase of ordinary shares                         (65,403)      (1,988)
                                                                           
Net increase to shareholders' funds                      5,228       67,593
                                                                           
Opening shareholders' funds                            311,031      243,438
                                                                           
Closing shareholders' funds                            316,259      311,031

                           The Throgmorton Trust PLC                           

           Preliminary statement for the year ended 30 November 2005           

                              Cash Flow Statement                              

For the year ended 30 November                            2005         2004
                                                                           
                                                   (unaudited)    (audited)
                                                                           
                                                         £000s        £000s
                                                                           
Operating activities                                     6,203        6,974
                                                                           
Cash received from investments                             837          147
                                                                           
Interest received                                           68           52
                                                                           
Underwriting commission                                (1,435)      (1,285)
                                                                           
Management fee                                           (135)         (98)
                                                                           
Cash paid to and on behalf                               (277)        (329)
                                                                           
of the directors                                                           
                                                                           
Other cash payments                                                        
                                                                           
Net cash inflow from operating activities                5,261        5,461
                                                                           
Servicing of finance                                   (1,973)      (2,136)
                                                                           
Interest paid - revenue                                                    
                                                                           
Taxation                                                     -            8
                                                                           
Taxation recovered                                                         
                                                                           
Capital expenditure and financial investment         (138,870)    (111,745)
                                                                           
Purchases of investments                               226,213      121,181
                                                                           
Sales of investments                                   (1,435)      (1,285)
                                                                           
Capital management fee                                 (1,906)      (2,014)
                                                                           
Interest charged to capital                                625          100
                                                                           
Net payments from subsidiaries                                             
                                                                           
Net cash inflow from investing activities               84,627        6,237
                                                                           
Dividends                                              (3,254)      (3,456)
                                                                           
Dividends paid - equity shares                                             
                                                                           
Net cash inflow before financing                        84,661        6,114
                                                                           
Financing                                             (65,403)      (2,010)
                                                                           
Repurchase of ordinary shares                                              
                                                                           
Repurchase of debenture stock                             (34)      (2,608)
                                                                           
Net cash outflow from financing                       (65,437)      (4,618)
                                                                           
Increase in cash                                        19,224        1,496

Notes:

The financial information set out in the announcement does not constitute the
Company's statutory accounts for the years ended 30 November 2005 or 2004. The
financial information for the year ended 30 November 2004 is derived from the
statutory accounts for that year which have been delivered to the Registrar of
Companies. The auditors reported on those accounts; their report was
unqualified and did not contain a statement under s237(2) or (3) Companies Act
1985. The statutory accounts for the year ended 30 November 2005 will be
finalised on the basis of the financial information presented by the directors
in this preliminary announcement and will be delivered to the Registrar of
Companies following the Company's annual general meeting.

The financial information has been prepared on the basis of the accounting
policies set out in the Company's financial statements for the year ended 30
November 2004.

The board has recommended the payment of a final dividend of 1.25p per share in
respect of the year ended 30 November 2005. Subject to approval by shareholders
at the Company's annual general meeting, the dividend will be paid on 5 April
2006 to shareholders on the register of the Company on 3 March 2006.