Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 30 September 2010 and unaudited.

Performance at month end is calculated on a cum income basis

                                 One    Three       One     Three    
                               Month   Months      Year     Years    
                                                                               
Net asset value#               14.3%    27.1%     42.9%      8.5%               
Net asset value^               14.3%    27.1%     42.9%      3.5%               
Net asset value^^              11.8%    21.7%     35.4%     -1.9%              
Share price                     8.4%    14.6%     31.1%     -1.9%              
Subscription share price       63.6%    81.2%       n/a       n/a                
HGSC plus AIM (ex Inv Cos)      8.8%    14.1%     17.7%     -7.4%              

# NAV prior to costs of repaying the debentures early
^ NAV after costs of repaying the debentures early - undiluted
^^ NAV after costs of repaying debentures early - diluted
Sources: BlackRock and Datastream

At month end                                                                   
                                                                               
Net asset value capital only:                 195.31p            
Net asset value incl. income:                 197.62p            
Share price:                                  151.50p            
Discount to capital only NAV:                   22.4%            
Subscription share price:                      13.50p            
Net yield:                                       1.8% *          
Total assets:                                 £121.5m **         
Gearing:                                          Nil            
Ordinary shares in issue:                  58,367,192 ***       
Subscription shares in issue:              14,763,134            

*Calculated using prior year interim and final dividends paid.
**Includes current year revenue.
***Excluding 7,400,000 shares held in treasury.

Ten Largest Sector                                                         
Weightings                                % of Total Assets
                                                                           
Software & Computer Services                           11.0
Mining                                                 10.0
Oil & Gas Producers                                     9.8
Electronic & Electrical Equipment                       9.2
Financial Services                                      7.3
Support Services                                        7.2
Industrial Engineering                                  7.0
Media                                                   4.9
Technology Hardware & Equipment                         4.4
Pharmaceutical & Biotechnology                          4.4
                                                       ----
Total                                                  75.2
                                                       ====

Ten Largest Equity Investments (in alphabetical order)~

Company

Abcam
Aveva Group
City of London Investment Group
Domino Printing Sciences
Fidessa
Hutchison China Meditech
Rotork
Spirax-Sarco Engineering
Victrex
Western Coal

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

September was a very strong month for equities as markets took the view that a
double dip recession was increasingly unlikely. During September the Company's
NAV per share rose by 14.3% on a cum income basis; this was substantially ahead
of the benchmark which rose by 8.8%. The FTSE 100 Index rose by 6.2%.

Our outperformance was derived from stock selection and asset allocation in the
long only portfolio, and continued positive contributions from the CFD
portfolio.

From a stock point of view our relative outperformance was driven by a wide
range of stocks; Western Coal, Encore Oil, IQE, Oxford Instruments, Avocet
Mining and Eastern Platinum in the long only portfolio each contributed more
than 0.25% to relative outperformance.

Western Coal increased production guidance in early October and arranged an
analyst visit; the share price rose ahead of the visit in expectation of good
news. Having drilled the Catcher well in the North Sea and discovered light
oil, which increasingly appears to be one of the largest oil discoveries in the
North Sea in recent years, Encore Oil also drilled an appraisal well on the
Cladhan prospect; this too was successful. Compound semiconductor wafer
manufacturer IQE made a small acquisition and confirmed it was trading well.
Oxford Instruments AGM statement indicated sustained strengthening of demand in
its industrial division; consequently its house broker increased current year
earnings estimates by 33%. Avocet benefitted from rises in the gold price and a
16% increase in its resource base at its Inata mine. Eastern Platinum
benefitted from the recovery in the platinum price.

Pleasingly, there were no poor individual stock relative performances, in that
no one stock contributed more than -0.25% to relative performance.

From a sector point of view, our overweight positions in the mining and
electronic and electrical sectors served us well. Unsurprisingly during a
strong month for markets, our underweight position in food producers also
contributed well.

We sold holdings in two retailers, Halfords and Mothercare. Halfords had
experienced problems with a new distribution centre; Mothercare has been seeing
softer UK trading, and we took the view that the premium rating was likely to
slip. We also sold our holding in Chaucer, a Lloyds insurer. Pricing trends are
not favouring these companies at present.

We bought new holdings in BlueBay Asset Management and Elementis. BlueBay is a
leading specialist manager of fixed income credit. Net fund inflows have been
good and the opportunity in emerging market bonds, among others, looks
attractive. Elementis is a global manufacturer of additives that enhance the
feel, flow and finish of everyday products. Its trading has strengthened
materially, it has good growth opportunities and the valuation remains
attractive.

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).

14 October 2010