Final Results

THE THROGMORTON TRUST PLC                           

                           PRELIMINARY ANNOUNCEMENT                            

                      FOR THE YEAR ENDED 30 NOVEMBER 2006                      

• Net Asset Value per ordinary share 192.24p (2005:164.01p as restated) see
table below

• Increased final dividend of 1.50p per share (2005:1.25p) making a total of
2.00p (2005:1.75p)

NET ASSET VALUE

                             30.11.2006   30.11.2005 Year on year  7.02.2007   
                                                                               
                                         (restated*) % change                  
                                                                               
The Throgmorton Trust PLC       199.42p      171.62p +16.2         220.59p     
                                                                               
(debt at par)                                                                  
                                                                               
(debt at market value)          192.24p      164.01p +17.2         213.97p     
                                                                               
FTSE SmallCap (ex Inv.           3541.2       3108.9 +13.9         3955.7      
Cos.)                                                                          
                                                                               
FTSE All-Share                   3119.9       2741.1 +13.8         3301.8      

* The change in presentation of the above table in comparison with prior
periods reflects the adoption of FRS 21, which requires only dividends paid or
approved by shareholders to be disclosed in each period, and FRS 26, which
requires investments to be valued at bid prices. See note 4 of the announcement
for further explanation.

The audit report for the full financial statements for the year ended 30
November 2006 has not yet been signed.

THE CHAIRMAN, RICHARD BERNAYS, COMMENTED:

The year just ended has provided a satisfactory return for the Trust with the
net asset value per share (with the Trust's debt valued at market price rather
than at par) rising by 17.2%. The share price rose by a similar amount. This
compares with a rise in the FTSE Small Cap (excluding investment companies)
index of 13.9 %.

Revenue and Dividend

The Board is recommending a final dividend of 1.5p per share, making a total
dividend of 2.0p for the year, an increase of 14% over the previous year. The
Trust has revenue reserves both in the Trust itself and its subsidiaries and
this gives the Manager a degree of flexibility to invest for total return
without having to be constrained by income considerations.

Small companies market

The market for small companies has been difficult in the year under review with
the various components showing very different returns. In contrast to the
performance of the FTSE Small Companies Index (up 13.9 %), the FTSE AIM Index
was unchanged over the year, while the Hoare Govett Small Cap Index rose by
22.3%. While the Throgmorton Trust portfolio scored some notable successes, it
suffered from high (46%) exposure to the AIM market. The Manager and the Board
continue to be attracted by the many exciting young companies that are floated
on AIM and believe that, despite its volatility, this will prove a rewarding
area for investment in the future.

Discount against NAV

During the year we bought back 19,025,000 shares at an average discount against
NAV of 15.4%. This enhanced net asset value by 2.0%. It is disappointing that,
despite this active buy back policy, the discount has remained persistently
around 15 %. The Board will continue to buy in surplus stock in order to avoid
there being stock overhanging the market having a depressing effect on the
share price. We are working with the Manager and our advisors to find ways of
stimulating the demand for our shares.

The Board

Lord Stewartby will be retiring at the Annual General Meeting in March. He has
been on the board since 1990 and was Chairman from 1990 until 2005. During that
time he masterminded the transformation of the Trust from a highly geared
company with many unquoted and illiquid investments into the successful
specialist small company fund that it is today. We owe a great deal to his
perspicacity, commercial acumen and to his persistence, and his presence on the
board will be much missed.

After an extensive search involving an external consultant, the board has
chosen Lord Latymer and Simon Beart who will join the board on the date of the
Annual General Meeting. Lord Latymer has extensive banking and private client
experience. As we work to broaden our shareholder base, we intend to attract
more private individuals to our share register. We believe that investment
trusts are particularly suited to private client investment and we believe that
Lord Latymer's experience in this area will be most helpful. Simon Beart has
extensive experience in the management of the type of smaller company that we
investing in. As such I am sure he will make a vital contribution to our
deliberations.

Prospects

The UK economy appears to be in robust shape and, despite the recent interest
rate rises, we are optimistic for the future. You will see in the Manager's
Report in the published report and accounts that our Manager is excited about
the prospects for the companies within the portfolio and we share that
enthusiasm.

Richard Bernays

Chairman

9 February 2007

                               Income Statement                                

                                            Year ended 30 November 2006         
                                                                                
                                                    (unaudited)                 
                                                                                
                                    Revenue        Capital        Total         
                                                                                
                                    £000s          £000s          £000s         
                                                                                
Realised gains in investments       -              54,450         54,450        
                                                                                
Unrealised losses on investments    -              (7,346)        (7,346)       
                                                                                
Income                              7,113          -              7,113         
                                                                                
Investment management fee           (1,498)        (1,498)        (2,996)       
                                                                                
Other expenses                      (417)          -              (417)         
                                                                                
Net return before finance costs and 5,198          45,606         50,804        
taxation                                                                        
                                                                                
Interest payable and similar        (1,937)        (1,905)        (3,842)       
charges                                                                         
                                                                                
Return on ordinary activities       3,261          43,701         46,962        
before taxation                                                                 
                                                                                
Tax on ordinary activities          -              -              -             
                                                                                
Return on ordinary activities after 3,261          43,701         46,962        
taxation attributable to equity                                                 
shareholders                                                                    
                                                                                
Return per ordinary share - basic   1.84p          24.60p         26.44p        
                                                                                

                         Income Statement (continued)                          

                                            Year ended 30 November 2005         
                                                                                
                                                     Restated*                  
                                                                                
                                    Revenue        Capital        Total         
                                                                                
                                    £000s          £000s          £000s         
                                                                                
Realised gains on investments       -              70,184         70,184        
                                                                                
Unrealised gains on investments     -              3,466          3,466         
                                                                                
Income                              7,064          -              7,064         
                                                                                
Investment management fee           (1,439)        (1,439)        (2,878)       
                                                                                
Other expenses                      (459)          -              (459)         
                                                                                
Net return before finance costs and 5,166          72,211         77,377        
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          70,296         73,489        
before taxation                                                                 
                                                                                
Tax on ordinary activities          -              -              -             
                                                                                
Return on ordinary activities after 3,193          70,296         73,489        
taxation attributable to equity                                                 
shareholders                                                                    
                                                                                
Return per ordinary share                                                       
                                                                                
- basic                             1.58p          34.84p         36.42p        
                                                                                

*Restated for changes in accounting policies (see note 4)

The total column of this Income statement is the profit and loss account of the
Company.

The supplementary revenue and capital returns columns have been prepared in
accordance with the Association of Investment Trust Companies' Statement of
Recommended Practice.

A statement of total recognised gains and losses is not required as all gains
and losses of the Trust have been recognised in the above statement.

All revenue and capital items in this statement derive from continuing
operations. No operations were acquired or discontinued in the year.

Reconciliation of Movements in Shareholders' Funds for the year ended 30
November 2006 (unaudited)

                 Share   Share   Capital    Capital   Capital  Revenue  Total  
                                                                               
                Capital Premium Redemption  Reserve   Reserve  Reserve         
                                                                               
                                 Reserve   unrealised realised                 
                                                                               
                 £000s   £000s    £000s      £000s     £000s    £000s   £000s  
                                                                               
Balance brought  11,488  35,272      3,702     70,279  186,940   3,350  311,031
forward at 30                                                                  
November 2004                                                                  
(as previously                                                                 
reported)                                                                      
                                                                               
Add back              -       -          -          -        -   2,527    2,527
accrued                                                                        
dividend at 30                                                                 
November 2004                                                                  
                                                                               
Less bid              -       -          -    (5,006)        -       -  (5,006)
valuation                                                                      
adjustment                                                                     
                                                                               
Balance at 30    11,488  35,272      3,702     65,273  186,940   5,877  308,552
November 2004                                                                  
(restated)*                                                                    
                                                                               
Dividends paid        -       -          -          -        - (2,278)  (2,278)
in the year re                                                                 
2004                                                                           
                                                                               
Return                -       -          -      3,618   66,830   3,193   73,641
attributable to                                                                
equity                                                                         
shareholders in                                                                
2005 (as                                                                       
previously                                                                     
stated)                                                                        
                                                                               
Dividends paid        -       -          -          -        -   (976)    (976)
in the year re                                                                 
2005                                                                           
                                                                               
Shares          (2,358)       -      2,358            (65,403)       - (65,403)
repurchased by                                                                 
the company in                                                                 
2005                                                                           
                                                                               
Less bid              -       -          -      (152)        -       -    (152)
valuation                                                                      
adjustment                                                                     
                                                                               
Balance at 30     9,130  35,272      6,060     68,739  188,367   5,816  313,384
November 2005                                                                  
(restated)*                                                                    
                                                                               
Return                -       -          -    (7,346)   51,047   3,261   46,962
attributable to                                                                
equity                                                                         
shareholders in                                                                
2006                                                                           
                                                                               
Dividends paid        -       -          -          -        - (2,245)  (2,245)
in the year re                                                                 
2005                                                                           
                                                                               
Dividends paid        -       -          -          -        -   (890)    (890)
in the year re                                                                 
2006                                                                           
                                                                               
Shares            (951)       -        951          - (30,999)       - (30,999)
repurchased by                                                                 
the company in                                                                 
2006                                                                           
                                                                               
Balance at 30     8,179  35,272      7,011     61,393  208,415   5,942  326,212
November 2006                                                                  

*Restated for changes in accounting policies (see note 4)

                                 Balance Sheet                                 

As at 30 November                         £000s        2006    £000s       2005
                                                                               
                                                (unaudited)           Restated*
                                                                               
                                                      £000s               £000s
                                                                               
Fixed assets                                        349,455             329,927
                                                                               
Investments held at fair value                                                 
through profit or loss                                                         
                                                                               
Current assets                            1,493                2,603           
                                                                               
Debtors                                  11,940               19,347           
                                                                               
Cash at bank                                                                   
                                                                               
                                         13,433               21,950           
                                                                               
Creditors:                                2,480                4,356           
                                                                               
Amounts falling due within one year       1,050                1,081           
                                                                               
Amounts due to brokers                      977                  887           
                                                                               
Amounts owed to subsidiary                                                     
undertakings                                                                   
                                                                               
Sundry creditors                                                               
                                                                               
                                        (4,507)              (6,324)           
                                                                               
Net current assets                                    8,926              15,626
                                                                               
Total assets less current                           358,381             345,553
liabilities                                                                    
                                                   (17,169)            (17,169)
Creditors:                                                                     
                                                   (15,000)            (15,000)
Amounts falling due after one year                                             
                                                                               
Debentures and loans                                                           
                                                                               
Amounts owed to subsidiary                                                     
undertakings                                                                   
                                                                               
Net assets                                          326,212             313,384
                                                                               
Capital and reserves                      7,011       8,179    6,060      9,130
                                                                               
Called up share capital                  61,393      35,272   68,739     35,272
                                                                               
Share premium account                   208,415     276,819  188,367    263,166
                                                                               
Capital reserves                                      5,942               5,816
                                                                               
Capital redemption reserve                                                     
                                                                               
Capital reserve - unrealised                                                   
                                                                               
Capital reserve - realised                                                     
                                                                               
Revenue reserve                                                                
                                                                               
Total equity shareholders' funds                    326,212             313,384
                                                                               
Net asset value per share (prior                    199.42p             171.62p
charges at nominal value                                                       

*Restated for changes in accounting policies (see note 4)

                              Cash Flow Statement                              

For the year ended 30 November                            2006         2005
                                                                           
                                                   (unaudited)        £000s
                                                                           
                                                         £000s             
                                                                           
Operating activities                                     6,243        6,203
                                                                           
Cash received from investments                             750          837
                                                                           
Interest received                                           70           68
                                                                           
Underwriting commission                                (1,488)      (1,435)
                                                                           
Management fee                                           (118)        (135)
                                                                           
Cash paid to and on behalf of the directors              (311)        (277)
                                                                           
Other cash payments                                                        
                                                                           
Net cash inflow from operating activities                5,146        5,261
                                                                           
Servicing of finance                                   (1,937)      (1,973)
                                                                           
Interest paid - revenue                                                    
                                                                           
Taxation                                                     -            -
                                                                           
Taxation recovered                                                         
                                                                           
Capital expenditure and financial investment            26,821       87,343
                                                                           
Net sales of investments                               (1,488)      (1,435)
                                                                           
Capital management fee                                 (1,905)      (1,906)
                                                                           
Interest charged to capital                                 24          625
                                                                           
Net payments from subsidiaries                                             
                                                                           
Net cash inflow from investing activities               23,452       84,627
                                                                           
Dividends                                              (3,135)      (3,254)
                                                                           
Dividends paid - equity shares                                             
                                                                           
Net cash inflow before financing                        23,526       84,661
                                                                           
Financing                                             (30,933)     (65,403)
                                                                           
Repurchase of ordinary shares                                              
                                                                           
Repurchase of debenture stock                                -         (34)
                                                                           
Net cash outflow from financing                       (30,933)     (65,437)
                                                                           
(Decrease)/increase in cash                            (7,407)       19,224

Notes:

1. The financial information set out in the announcement does not constitute
the Trust's statutory accounts for the years ended 30 November 2006 or 2005.

2. The financial information for the year ended 30 November 2005 is derived
from the statutory accounts for that year delivered to the Registrar of
Companies restated for changes in accounting policy explained in note 4. The
auditors reported on those accounts; their report was unqualified and did not
contain any emphasis of matter or a statement under s237(2) or (3) Companies
Act 1985.

3. The statutory accounts for the year ended 30 November 2006 have not been
approved or audited and will be finalised on the basis of the financial
information presented by the directors in this preliminary announcement and
delivered to the Registrar of Companies following the company's annual general
meeting.

4. The financial information has been prepared on the basis of the accounting
policies set out in the Trust's financial statements for the year ended 30
November 2005, except that following the adoption of FRS 21 and FRS 26, the
Trust's investments have been designated as being measured at "fair value
through profit and loss" and valued at bid market value at close of business on
the balance sheet date; and dividends payable are accounted for in the period
in which they are paid, not in the period to which they relate. The effects of
these changes are shown in the reconciliation of movement in shareholders'
funds above.

5. The board has recommended the payment of a final dividend of 1.5p per share
in respect of the year ended 30 November 2006. Subject to approval by
shareholders at the Company's annual general meeting, the dividend will be paid
on 5 April 2007 to shareholders on the register of the Company on 2 March 2007.