Statement re Refund of VAT

The Throgmorton Trust PLC

Refund of Interest on VAT

The Board is pleased to announce that an amount of £2.4 million will shortly be
received from AXA Framlington Investment Management Limited ("AXA
Framlington"), the former investment manager, in respect of interest on AXA
Framlington's claim against HM Revenue and Customs ('HMRC') for the recovery of
VAT paid for the periods from 1989 to 1996 and 2001 to 2007 on management fees
charged to the Company. This payment, the value of which had not, on the
grounds of uncertainty, previously been recognised as an asset by the Company,
will be included in the net asset value calculations with effect from the close
of business on 19 February. It is estimated that this will result in an uplift
of approximately 1.7 pence per share to net asset value.

Additional claims remain outstanding in respect of the recovery of VAT,
including a further claim against HMRC for payment of interest, but there is
insufficient certainty relating to the outcomes to accrue further amounts in
the net asset value at this time.

20 February 2009