Statement re holdings in investment companies

THE THROGMORTON TRUST PLC

MONTH ENDED 30 NOVEMBER 2003

Information based on valuation dated 30 November 2003:

In accordance with UKLA Listing Rules 21.201(i), the investment companies/
trusts held by the Fund which do not themselves have a stated investment policy
of restricting holdings in other investment companies/trusts of 15% of their
gross assets are listed below:

Company                                    Stock               %               
                                                                               
                                                               Gross Assets    
                                                                               
NEW MEDIA SPARK PLC                        ORD 2.5p            0.62            
                                                                               
LONDON ASIA CAPITAL PLC                    ORD 5p              0.27            

The total value of the above holdings represents 0.89% of the Company's gross
assets as at 30 November 2003.

In accordance with UKLA Listing Rule 21.201(ii), the top ten holdings and
holdings exceeding 5% of the Fund's net asset value are listed below:

Top Ten Holdings:

Company                                    Stock               %               
                                                                               
                                                               Gross Assets    
                                                                               
MOWLEM                                     ORD 25P             2.60            
                                                                               
HEADLAM GROUP                              ORD 5P              2.51            
                                                                               
CREST NICHOLSON                            ORD 10P             2.46            
                                                                               
FINDEL                                     ORD 5P              2.29            
                                                                               
PARAGON GROUP COMPANIES                    ORD 10P             2.10            
                                                                               
UMECO                                      ORD 25P             1.96            
                                                                               
COUNTRYSIDE PROPERTIES                     ORD 25P             1.94            
                                                                               
DERWENT VALLEY HOLDINGS                    ORD 5P              1.86            
                                                                               
LONDON SCOTTISH BANK                       ORD 10P             1.79            
                                                                               
REDROW GROUP                               ORD 10P             1.79            

Investments >5% of Gross Assets

Nil

2 December 2003