Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 30 June 2012 and unaudited.

Performance at month end is calculated on a cum income basis

                                      One    Three       One     Three
                                    Month   Months      Year     Years
Net asset value*                     1.5%    -6.6%     -6.9%    116.2%
Net asset value                      1.5%    -6.6%    -10.6%    101.8%
Share price                         -0.8%   -10.8%     -9.2%    102.8%
Numis plus AIM (ex Inv Cos)          1.5%    -7.5%     -8.6%     55.9%

Sources: BlackRock and Datastream

* Prior to dilution arising on conversion of subscription shares.

At month end:
Net asset value capital only:                214.58p
Net asset value incl. income:                216.63p
Share price:                                 172.88p
Discount to cum income NAV                     20.2%
Net yield:                                      1.8%*
Total assets:                                £158.7m**
Net market exposure as
a % of net asset value:                       105.2%
Ordinary shares in issue:                 73,130,326***

*Calculated using prior year interim and final dividends paid.
**Includes current year revenue and excludes the gross exposure through
contracts for difference.
***Excluding 7,400,000 shares held in treasury.

Ten Largest Sector
Weightings                            % of total assets

Support Services                               10.1
Electronic & Electrical Equipment               9.0
Oil & Gas Producers                             8.5
Software & Computer Services                    8.4
Chemicals                                       5.9
Financial Services                              5.6
Media                                           5.1
Mining                                          5.0
General Retailers                               4.8
Travel & Leisure                                4.8
                                               ----
Total                                          67.2
                                               ====

Market Exposure (Quarterly)

                      31.08.11   30.11.11   29.02.12   31.05.12

Long                    116.4%     113.7%     119.8%     119.1%
Short                    12.7%      13.4%      13.0%      12.8%
Gross exposure          129.1%     127.1%     132.8%     131.9%
Net exposure            103.7%     100.3%     106.8%     106.3%

Ten Largest Equity Investments (in alphabetical order)
Company

Ashtead
Aveva
Bellway
Booker
Elementis
Fidessa
Howden Joinery
Oxford Instruments
Senior
Victrex

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

During June the NAV on a cum income basis rose by 1.5% and the benchmark rose
by 1.5%. The FTSE 100 Index rose by 4.7% during the month.

Significant contributors to stock selection included WSP Group and Nautical
Petroleum, both of which were bid for at premiums in excess of 60%, and
Bellway, the national housebuilder which continues to trade well.

On the negative side, there were profit warnings from Andor Technology, Yule
Catto and Avocet Mining. Andor experienced delays in signing a few large orders
with US customers; we believe it continues to have superior technology to
competitors. Yule Catto indicated it was seeing reduced demand for nitrile
polymers, used mainly to coat disposable rubber gloves used in surgical, clean
room, food handling and other applications. Although the weakness was
experienced in Asia, it reflects weaker demand worldwide. At the same time
capacity has increased and selling prices have reduced. Current year earnings
were downgraded by approximately 20%. After the share price fall, Yule Catto 
shares were trading on 7.5 times downgraded earnings, which we felt was too low. 
Avocet announced that their Inata mine had experienced what they believe will be
temporarily lower grades, and reduced production guidance from 160,000 ounces
to 135,000 to 140,000 ounces. Cash costs are higher than expected. This was a
very disappointing update, although mining companies often find it difficult to
forecast with confidence. Avocet remains profitable, has net cash and its
shares now trade well below estimated net asset value.  

Sector allocation was negative with negative contributions from our large
overweight positions in chemicals and electronics, reversing the success of
these sectors in prior months.

The CFD portfolio had a quiet month. Modest losses on the short CFDs slightly
exceeded modest gains on the long CFDs.

Following bids for WSP and Nautical Petroleum we sold our shares in these
companies in the market. We have added to our holding in software company
Aveva, following an excellent meeting with management.

16 July 2012

ENDS

Latest information is available by typing www.blackrock.co.uk/thrg on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).  Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.