Portfolio Update

THE THROGMORTON TRUST PLC

MONTH ENDED 31 AUGUST 2004

Information based on valuation dated 31 August 2004:

In accordance with UKLA Listing Rules 21.20l(i), the investment companies/
trusts held by the Company which do not themselves have a stated investment
policy of restricting holdings in other investment companies/trusts to 15% of
their gross assets are listed below:

Company                                    Stock                   %           
                                                                               
                                                                   Gross Assets
                                                                               
NEWMEDIA SPARK PLC                         ORD 2.5P                0.62        
                                                                               
LONDON ASIA CAPITAL PLC                    ORD 5P                  0.24        

The total value of the above holdings represents 0.86% of the Company's gross
assets as at 31 August 2004.

In accordance with UKLA Listing Rule 21.20l(ii), the top ten holdings and
holdings exceeding 5% of the Company's gross assets are listed below:

Top Ten Holdings:

Company                                 Stock                      %           
                                                                               
                                                                   Gross Assets
                                                                               
HEADLAM GROUP                           ORD 5P                     2.81        
                                                                               
UMECO                                   ORD 25P                    2.78        
                                                                               
FINDEL                                  ORD 5P                     2.77        
                                                                               
PARAGON GROUP COMPANIES                 ORD 10P                    2.33        
                                                                               
JOHN MENZIES                            ORD 25P                    2.09        
                                                                               
MOWLEM                                  ORD 25P                    1.97        
                                                                               
MONTERRICO METALS                       ORD 10P                    1.83        
                                                                               
LONDON SCOTTISH BANK                    ORD 10P                    1.78        
                                                                               
GYRUS GROUP                             ORD 1P                     1.74        
                                                                               
SCOTTISH RADIO HOLDINGS                 ORD 10P                    1.66        

2 September 2004