Statement re holdings in investment companies

THE THROGMORTON TRUST PLC

MONTH ENDED 31 DECEMBER 2003

Information based on valuation dated 31 December 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            0.60            
                                                                               
LONDON ASIA CAPITAL PLC                    ORD 5p              0.25            

The total value of the above holdings represents 0.85% of the Company's gross
assets as at 31 December 2003.

5 January 2004