Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 28 February 2009 and unaudited.

Performance at month end is calculated on a cum income basis

                                     One     Three          One      Three     
                                   Month    Months         Year      Years     
                                                                               
Net asset value#                    0.2%      4.7%       -40.6%     -45.3%               
Net asset value*                    0.2%      4.7%       -43.6%     -48.0%               
Share price                         0.0%     18.7%       -45.0%     -53.1%               
HGSC plus AIM (ex Inv Cos)         -1.6%     -0.6%       -46.6%     -45.9%               

# NAV prior to costs of repaying the debentures early
* NAV after costs of repaying the debentures early
Sources: BlackRock and Datastream

At month end                                                                   
                                                                               
Net asset value Capital only:                           90.79p                 
Net asset value incl Income:                            97.73p                 
Share price:                                            74.50p                 
Discount to Capital only NAV:                            17.9%                 
Net yield:                                                3.0%                 
Total assets:                                           £80.5m **              
Gearing:                                                   Nil                 
Ordinary shares in continuing pool:                 82,351,197                 

** Includes current year revenue.

Ten Largest Sector                                                             
Weightings                                                    % of Total Assets
                                                                               
Software & Computer Services                                               13.0
Support Services                                                           10.9
Financial Services                                                         10.5
Aerospace & Defence                                                         8.7
Oil & Gas Producers                                                         5.9
Industrial Engineering                                                      5.3
Pharmaceuticals & Biotechnology                                             5.0
Electronic & Electrical Equipment                                           4.0
Non-Life Insurance                                                          3.4
Technology Hardware & Equipment                                             3.1
                                                                           ----
Total                                                                      69.8
                                                                           ====

Ten Largest Equity Investments (in alphabetical order)                         
Company                                                                        
                                                                               
Chemring Group                                                                 
Connaught                                                                      
Dechra Pharmaceuticals                                                         
Domino Prining Sciences                                                        
Emerald Energy                                                                 
Fidessa                                                                        
Rathbone Brothers                                                              
Rensburg Sheppards                                                             
SDL                                                                            
Ultra Electronics Holdings                                                     

Commenting on the markets, Mike Prentis and Richard Plackett, representing the
Investment Manager noted:

During February the NAV rose by 0.2%, whilst the benchmark fell by 1.6%. The
FTSE 100 fell by 7.7% during the month.

The main positive contributors to performance were Fidessa, RCG Holdings, SDL
and Plant Impact. Fidessa produced excellent full year results showing an
increase in earnings up 35%, additionally 77% of revenues are now of a
recurring nature and good cash generation. RCG Holdings is a smaller holding,
whose shares bounced after a weak period; RCG also listed their shares on the
Hong Kong stock exchange. SDL also announced strong results, with increased
earnings of 41%, good cash generation and a confident long term outlook. Plant
Impact, also a small holding, announced that trials of one of its key products
had gone well, and that it was close to agreeing a licensing deal with a major
marketing partner.

On the negative side relative underperformance during the month came from
holdings in Endace, Intercytex and Aveva. Endace announced that some of its
financial services customers had deferred purchases of their probes, however,
growth potential still looks good medium term, but the shares fell sharply.
Intercytex announced that Cyzact trials had not shown that it clearly improves
the closure of leg ulcers, as had been suggested in earlier trials. This was a
major surprise, and the shares crashed by more than 80%. Aveva shares have
suffered on fears that it will in due course see a slowdown in initial licence
fees as global customers delay or cancel new infrastructure projects and
vessels; this has yet to happen, but the market is pricing in large earnings
downgrades.

Sector allocation during the month was negative. The two main constituent parts
of this were our underweight positions in general retailers, our second largest
underweight sector position, and our overweight position in aerospace and
defence, our second largest sector overweight position. There has been a
noticeable outperformance of certain early stage cyclical sectors and companies
as investors look to identify companies where earnings expectations have
already been heavily cut, and where the downside may be more limited.
Undoubtedly, trading news from many of these companies is weak, and expected to
weaken further, but arguably much of this is already factored into earnings
forecasts therefore share prices should be close to their cyclical low. We
think that the pressures on many retailers, not just top line related but also
the significantly increased costs of sourcing overseas, are considerable, and
valuations of most retailer shares are not compelling.

Given the sector trends mentioned above, we decided to reduce our underweight
position in consumer related stocks. New holdings in the month included Asos,
Halfords, Persimmon and William Hill. We have met with each of these companies,
except Asos, over the last few weeks; all except Persimmon continue to trade
well. Asos is a good example, and benefits from all of its sales being over the
internet. Persimmon and William Hill are good examples of larger companies
which have been derated, and should be strong recovery stocks in due course.
Both are fairly highly geared, but share issues by them are likely to be well
supported. We sold holdings in Sinclair Pharma and Nighthawk Energy and trimmed
various other holdings.

The CFD portfolio generated a positive return.

Latest information is available by typing www.blackrock.co.uk/its on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).

20 March 2009