Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 July 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*                     0.5%    -7.2%     -6.1%    103.5%
Net asset value                      0.5%    -7.2%     -9.9%     89.9%
Share price                          0.9%    -7.8%    -10.7%     83.8%
Numis plus AIM (ex Inv Cos)          0.8%    -5.9%     -7.0%     47.4%

Sources: BlackRock and Datastream
* Prior to dilution arising on conversion of subscription shares.

At month end
Net asset value capital only:                215.43p
Net asset value incl. income:                217.08p
Share price:                                 173.88p
Discount to cum income NAV                     19.9%
Net yield:                                      1.8%*
Total assets:                                £158.8m**
Net market exposure as
a % of net asset value:                       103.6%
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                                9.8
Oil & Gas Producers                             8.8
Software & Computer Services                    8.5
Electronic & Electrical Equipment               8.3
Financial Services                              5.8
Chemicals                                       5.3
Mining                                          5.2
General Retailers                               5.1
Travel & Leisure                                5.0
Media                                           5.0
                                               ----
Total                                          66.8
                                               ====

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
ITE
Oxford Instruments
Senior

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

During July, the NAV on a capital only basis rose by 0.5% and the benchmark
rose by 0.8% (both on a total return basis). The FTSE 100 Index rose by 1.2%
during the month.

Sector allocation was slightly negative whilst the contribution from stock
selection was negligible. The most significant negative contribution to sector
allocation was for the second consecutive month from our large overweight position
in electronics.

The CFD portfolio added value, with the long positions faring well, and the
short positions showing a marginal loss.

There were no individually significant contributors to stock selection; the
largest positive contribution came from Inchcape, in anticipation of good
results, which were duly delivered.

Given the continuing uncertainties in Europe, and further signs that the global
economy may be stuttering, we decided to trim some of the more capital spending
related industrial companies. We added a holding in Young & Co's Brewery, the
predominantly London based pub company.

13 August 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.