Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 30 SEPTEMBER 2011 and unaudited.

Performance at month end is calculated on a cum income basis

                               One     Three      One    Three
                             Month    Months     Year    Years

Net asset value#             -5.7%    -18.4%     2.4%    79.8%
Net asset value^             -5.7%    -18.4%     2.4%    80.7%
Net asset value^^            -5.3%    -15.7%     5.4%    76.3%
Share price                  -8.0%    -14.9%    10.0%    75.5%
Subscription share price    -22.2%    -49.2%    68.5%        -
HGSC plus AIM (ex Inv Cos)   -6.1%    -15.7%    -2.4%    36.7%

# NAV prior to costs of repaying the debentures early
^NAV after costs of repaying the debentures early - undiluted
^^NAV after costs of repaying the debentures early - diluted

Sources: BlackRock and Datastream

At month end

Net asset value capital only:                                     198.45p
Net asset value capital only (diluted for subscription shares):   193.49p
Net asset value incl. income:                                     200.45p
Net asset value incl. income (diluted for subscription shares):   195.30p
Share price:                                                      164.63p
Discount to capital only NAV (diluted for subscription shares):   14.9%
Subscription share price:                                         22.75p
Net yield:                                                        1.5%*
Total assets:                                                     £140.8m**
Net CFD portfolio as a % of net asset vaue:                       2.0%
Ordinary shares in issue:                                         66,213,737***
Subscription shares in issue:                                     6,916,589

*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                        9.8
Support Services                                    8.3
Electronic & Electrical Equipment                   7.6
Mining                                              6.7
Oil & Gas Producers                                 5.4
Media                                               5.4
General Retailers                                   5.4
Financial Services                                  5.3
Industrial Engineering                              5.0
Pharmaceuticals & Biotechnology                     4.9
                                                   ----
Total                                              63.8
                                                   ====

Market Exposure(Quarterly)

                   28.02.11   31.05.11   31.08.11

Long                 129.2%     118.7%     116.4%
Short                  9.3%      13.8%      12.7%
Gross exposure       138.5%     132.5%     129.1%
Net exposure         119.9%     104.9%     103.7%

Ten Largest Equity Investments(in alphabetical order)
Company

Aveva Group
Bellway
Blinkx
City of London Investment Group
Fidessa
Hargreaves Services
Immunodiagnostic Systems
Oxford Instruments
Senior
Spirax-Sarco Engineering

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

September was another difficult month for markets and the Company. The NAV on a
cum income basis fell by 5.7%, slightly better than the benchmark which fell by
6.1%. Markets continue to be disturbed by the scale of the financial problems
facing Greece and Italy in particular, the knock on effects on the European
banking system, and the apparent lack of political leadership to address these
issues quickly and decisively.

Newsflow from the portfolio was generally good during the month, with strong
trading updates from Booker and Ashtead and good statements from a range of
other holdings including Oxford Instruments, Abcam, Dechra Pharmaceuticals,
Brooks Macdonald, Berkeley Group, Fenner, Advanced Medical Solutions,
Brainjuicer, Hargreaves Services, Galliford Try and Ricardo. These
significantly outnumbered the disappointing statements which came from Domino
Printing Sciences and Aurelian Oil & Gas. However, with markets nervous the
disappointing news was punished whereas the good news was largely ignored.
Despite the good news, we have seen the start of a wave of earnings downgrades
as analysts assume that market forecasts are now too high for many companies.

Stock selection was strongly positive. The largest positive stock contributor
to relative outperformance was Blinkx. Blinkx shares rose by 29% during the
month, helped by positive coverage from 2 large US brokers, and suggestions
that Blinkx trading is strong. Our worst negative contributor, which cost
0.23%, was Aurelian Oil & Gas who tested a well in Poland and produced less gas
on test than had been expected.

Sector allocation was also marginally negative; our strong overweight positions
in the major industrials sectors; electronics, engineering and chemicals, all
cost us as overweight positions were reduced. By contrast our overweight
positions in the more defensive pharmaceuticals and healthcare equipment
sectors helped relative performance.

We sold a number of higher risk smaller holdings, some in the resources sector,
and other holdings where our conviction was not high enough for nervous
markets.

The CFD portfolio made a small loss in the month, with good gains on short
positions which were more than offset by losses on the long CFD positions.

We retain our preference for software, electronics, engineering and healthcare
companies, and remain underweight the main UK domestic sectors: retailers,
leisure and food manufacturing. The resources sectors remain a significant and
highly volatile part of our benchmark; we are significantly underweight oil and
gas producers and have moved to a neutral position in mining companies. Our aim
in recent months has been to focus more on our core holdings.

24 October 2011

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.