Investment Policy

The Throgmorton Trust PLC                           

Following publication of the Investment Entities (Listing Rules and Conduct of
Business) Instrument 2003 (including a new rule limiting the extent to which
investment companies may invest in other investment companies), The Throgmorton
Trust PLC confirms that it remains its policy not to invest more than 15% of
its gross assets in other listed investment companies (including listed
investment trusts).

7 October 2003