Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 August 2013 and unaudited.

Performance at month end is calculated on a cum income basis

                                     One    Three       One     Three
                                   Month   Months      Year     Years
Net asset value*                    1.1%     4.7%     35.8%     93.5%
Net asset value                     1.1%     4.7%     35.8%     80.7%
Share price                         3.5%     9.6%     48.3%     99.5%
Numis plus AIM (ex Inv Cos)         1.5%     4.8%     28.7%     54.5%

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

At month end
Net asset value capital only:                297.17p
Net asset value incl. income:                300.35p
Share price:                                 266.00p
Discount to cum income NAV                     11.4%
Net yield:                                      1.3%*
Total assets:                                £219.7m**
Net market exposure as
a % of net asset value^:                      105.4%
Ordinary shares in issue:                73,130,326***
 
*Calculated using current year interim and prior year final dividends paid.
**Includes current year revenue and excludes the gross exposure through
contracts for difference.
***Excluding 7,400,000 shares held in treasury.
^Long positions less short positions as a percentage of net asset value.

Sector Weightings                        % of total assets

Industrials                                    24.6
Consumer Services                              22.5
Financials                                     19.8
Consumer Goods                                  9.4
Basic Materials                                 6.9
Technology                                      6.5
Health Care                                     6.1
Oil & Gas                                       3.9
Telecommunications                              1.5
Net current liabilities                        -1.2
                                              -----
Total                                         100.0
                                              =====
 
Market Exposure (Quarterly)

                      30.11.12   28.02.13   31.05.13   31.08.13
Long                    115.6%     118.0%     117.3%     117.5%
Short                    10.8%      10.5%      10.2%      12.0%
Gross exposure          126.4%     128.5%     127.5%     129.5%
Net exposure            104.8%     107.5%     107.1%     105.4%

Ten Largest Equity Investments

Company                                  % of total assets

Bellway                                         2.5
Howden Joinery Group                            2.3
Workspace Group                                 2.1
Senior                                          2.0
Dunelm Group                                    1.9
ITE Group                                       1.9
Booker Group                                    1.8
Restaurant Group                                1.7
Oxford Instruments                              1.7
Ashtead Group                                   1.7
 
Commenting on the markets, Mike Prentis and Richard Plackett, representing the
Investment Manager noted:

During August the Company's NAV per share rose by 1.1% and the benchmark index
rose by 1.5% whilst the FTSE 100 Index fell by 3.1%; all figures on a cum
income basis.

The relative contributions from stock selection and sector allocation were both
negligible. The CFD portfolio lost money, mainly on the short CFDs. It was
noticeable that some poorer quality companies in which we have a short position
performed well in share price terms.

The portfolio remains well diversified and no one stock contributed to, or
detracted from, relative performance by more than 20 basis points during the
month. On the positive side the best contributor was Optimal Payments; on the
negative side the largest detractor was Ashtead, although the company continues 
to trade strongly.

Looking at sector allocation the most significant contribution came from the
housebuilders, where we have been overweight for some time. In August this had
a negative impact on relative performance, although for most of the year this
has been a strong positive contributor. Newsflow from the housebuilders remains
good; we still like the sector and are happy to remain overweight.

Activity during the month was limited.

12 September 2013

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.