Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 30 April 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#           15.5%    17.2       -29.0%     -39.7%               
Net asset value*           15.5%    17.2%      -32.3%     -42.6%               
Share price                20.4%    25.2%      -33.4%     -43.1%               
HGSC plus AIM (ex Inv Cos) 19.5%    23.5%      -31.6%     -35.0%               

# 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:                          106.08p                 
Net asset value incl Income:                           108.82p                 
Share price:                                            87.50p                 
Discount to Capital only NAV:                            17.5%                 
Net yield:                                                2.7%                 
Total assets:                                           £90.6m *               
Gearing:                                                  1.1% *                 
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                                               12.3
Financial Services                                                         11.2
Support Services                                                           10.3
Oil & Gas Producers                                                         6.9
Aerospace & Defence                                                         6.7
Mining                                                                      4.9
Industrial Engineering                                                      4.5
Pharmaceuticals & Biotechnology                                             4.4
Electronic & Electrical Equipment                                           3.6
Media                                                                       3.6
                                                                           ----
Total                                                                      68.4
                                                                           ====

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

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

Markets rallied strongly in April, led by recovery stocks. Whilst our portfolio
remains relatively defensive, recent purchases of recovery stocks helped
performance. The NAV increase was well behind the increase in our benchmark.
The FTSE 100 lagged, rising by 8.1%.

Sector allocation in the long only portfolio was negative and accounted for
2.5% of our relative underperformance. The largest contributor to this, 0.8% of
the underperformance, was due to holding more than £4 million of cash, which
was a drag on performance in a month when the benchmark rose strongly. This
cash had to be retained to pay the final and special dividend of £4 million due
in early May 2009.

From a stock point of view, relative performance in the long only portfolio was
impacted by poor contributions from London Capital, Dechra Pharmaceuticals,
Mouchel Group and Brewin Dolphin. London Capital indicated that trading had
been quieter than expected in late March, and some extra costs had been
incurred pending finalisation of testing of their new trading software. Current
year earnings were cut by 7%, the shares fell 15% during the month and now
trade at about 8 times current year earnings, which we see as good value.
Dechra shares were flat on the month; a trading update late in the month
confirmed that trading remains in line with expectations. Mouchel shares fell
12% as worries persisted about the degree of recoverability of their Middle
Eastern debts and their ability to win new large contracts. We see these as
fully priced into the valuation. Brewin's shares were flat due to an absence of
news.

The main positive contributors to long only portfolio relative performance were
holdings in Pace, Frontier Mining, Alterian and Fidessa. Pace has seen very
strong growth in demand for its digital set top boxes and earnings forecasts
have increased by more than 70%. Frontier Mining finally agreed its refinancing
deal, and executive management have been changed. Fidessa shares powered ahead
as trading remained stronger than anticipated by the market; at a recent
product demonstration management were clearly very assured. Alterian confirmed
trading in line with expectations and strong revenue growth for its software
helped by a high level of recurring revenues.

New holdings were acquired in Heritage Oil, Game Group and Enterprise Inns.
Heritage found a significant oilfield in Kurdistan; this looks to be a multi
billion barrel field. Game Group has been delivering strong growth, most
recently helped by sales of high margin, pre-owned games software. We were
impressed when we met management. Enterprise Inns is a former FTSE 100 company
and an owner of over 5,000 freehold pubs in the UK, which it lets to tenants.
Its core estate of high quality pubs is proving resilient, but the growing tail
of underperformers is requiring considerable attention.

We are continuing to look for attractively valued early cycle recovery stocks
to supplement our core high quality growth stocks. Overall, the long only
portfolio retains a defensive bias.

In the CFD portfolio we continued to close out short positions in cyclical
stocks which continued to perform strongly. Overall the CFD portfolio is net
long.

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).

21 May 2009