Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 July 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#            6.3%    12.3%       -8.7%     -25.7%               
Net asset value*            6.3%    12.3%      -13.0%     -29.3%               
Share price                10.8%    17.4%      -11.6%     -26.7%               
HGSC plus AIM (ex Inv Cos)  6.6%    10.4%      -12.6%     -22.2%               

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

At month end                                                                   
                                                                               
Net asset value Capital only:                          119.51p                 
Net asset value incl Income:                           122.23p                 
Share price:                                           102.75p                 
Discount to Capital only NAV:                            14.0%                 
Net yield:                                                2.3%                 
Total assets:                                          £100.8m *               
Gearing:                                                  0.2%                 
Ordinary shares in continuing pool:                 82,351,197 **              

* Includes current year revenue.
** Excluding treasury shares.

Ten Largest Sector                                                             
Weightings                                   % of Total Assets
                                                                               
Software & Computer Services                              12.1
Financial Services                                         9.8
Oil & Gas Producers                                        8.7
Support Services                                           7.8
Mining                                                     5.3
Industrial Engineering                                     5.3
Technology Hardware & Equipment                            4.3
General Retailers                                          4.2
Travel & Leisure                                           4.2
Pharmaceuticals & Biotechnology                            3.8
                                                          ----
Total                                                     65.5
                                                          ====

Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                                                        
                                                                               
Aveva Group                                                                    
Brewin Dolphin Holdings                                                        
Dechra Pharmaceuticals                                                         
Domino Prining Sciences                                                        
Emerald Energy                                                                 
Fidessa                                                                        
Pace                                                                           
Rathbone Brothers                                                              
Rensburg Sheppards                                                             
Victrex                                                                        

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

During July the NAV increased by 6.3% on a cum income basis, marginally behind
the benchmark which rose by 6.6%. The FTSE 100 rose by 8.5%.

Relative performance in the long only portfolio was impacted by a poor
contribution from Rathbone Brothers and Phorm. Rathbones reported interims in
late July which showed that it is getting far less interest margin on customer
deposits than last year; this trend will continue whilst interest rates remain
low. We see the Rathbones brand as being strong, helping to generate reasonable
organic funds growth, and the shares are now trading at close to the bottom of
the cycle earnings, with a strong balance sheet supported by a good yield.
Phorm is a small holding, and an interesting software company with potentially
considerable upside. However, its key trial customer has been BT, and BT
elected to discontinue the trial during July. Trials are going on elsewhere in
the world, but the BT news was disappointing and the shares fell sharply.

The main contributors to relative outperformance in the long only portfolio
were holdings in Emerald Energy and Western Canadian Coal. Emerald Energy
announced that it had received a bid approach; in August Sinochem announced a
cash offer. Western Canadian Coal completed its all share merger with Cambrian
Mining, in which we had a holding. Western Canadian Coal shares had been strong
before and post the merger; it is now a well financed, profitable coal producer
with significant reserves mainly in North America.

Holdings in Mouchel, Debenhams and DSGI were sold. Mouchel had failed to win
any of the largest contracts it has been tendering for. Whilst it has a large
order book of contracted business, it also has a high margin consultancy
business where visibility is limited; this seems to have seen a fall off in
demand, much of which comes from UK government. We don't see this situation
improving in the near term. We remain cautious about UK consumer spending given
the many pressures on UK individuals. Debenhams and DSGI had not been high
conviction holdings.

We took a new holding in IQE. IQE is a leading global manufacturer of compound
semiconductors, most of which are used in mobile phones. The growing use of
smartphones is a big positive for IQE since smartphones use many more compound
semiconductors than ordinary mobile phones. Other verticals also offer good
potential for IQE.

The CFD portfolio had a strong month with the market rally widening out to
include a number of high quality growth companies in which we have long CFD
positions.

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).

24 August 2009