Conversion of Securities

The Throgmorton Trust PLC

Exercise of Subscription Shares

Reminder of your right to subscribe for Ordinary Shares at 146p per share

As set out in the prospectus of the Company dated 3 September 2009, owners of
Subscription Shares can subscribe for Ordinary Shares of 5 pence each in The
Throgmorton Trust PLC ("the Company") on a quarterly basis and we are writing
to remind you of your Subscription Share Rights.

This announcement is issued by way of reminder only and is not to be read as a
recommendation to Subscription Shareholders to exercise their Subscription
Share Rights or otherwise. You will still have further opportunities to
subscribe for all or any of the Ordinary Shares to which your Subscription
Shares relate on 31 July 2011 and 31 October 2011 at 146p per share if you
choose not to do so on this occasion.

Exercise of Subscription Share Rights held in Certificated form

Shareholders wishing to exercise their Subscription Share Rights, who hold
their shares in Certificated form, should refer to the instructions on the
reverse of their Subscription Share Certificate(s). Shareholders must lodge the
relevant Subscription Share certificate(s) at the office of Computershare
Priority Applications, Corporate Actions, Bristol BS99 6AJ during the period of
30 days ending on the business day prior to the relevant Subscription Date (28
April 2011 being the business day prior to 30 April 2011), having completed the
notice of exercise of Subscription Share Rights, and a remittance for the
aggregate Subscription Price for the Ordinary Shares in respect of which the
Subscription Share Rights are being exercised. Shares will be allotted within
ten business days of the relevant Subscription Date (by 16 May 2011).

Exercise of Subscription Share Rights held through CREST

Shareholders wishing to exercise their Subscription Share Rights, who hold
their Shares through CREST, should send a USE (Unmatched Stock Event)
instruction as set out below together with a remittance for the aggregate
Subscription Price in respect of which the Subscription Share Rights are being
exercised. When sending a USE instruction Shareholders should use the following
participation and member account IDs when processing their applications:

CREST Participant ID = 0RA52

CREST Member Account ID = WARTHROG

The USE instruction should be inputted to settle in accordance with the CREST
timetable on the business day prior to the relevant Subscription Date (28 April
2011 being the business day prior to 30 April 2011). Ordinary Shares will be
allotted within ten business days of the first Business Day of the calendar
month following the month in which the relevant notice of exercise of
Subscription Share Rights is given (by 16 May 2011).

All times referred to relate to the normal CREST daily timetable. It is a
Subscription Shareholder's responsibility to monitor that timetable for changes
until 2.00 p.m. on 28 April 2011 and to take appropriate action if any of the
events are brought forward.

Exercise of Subscription Share Rights held through the BlackRock Stocks &
Shares ISA or Share Plan

Savings Scheme Participants wishing to exercise their Subscription Share Rights
should download the Savings Plan Notice of Exercise of Subscription Share
Rights Form or the Stocks & Shares ISA Notice of Exercise of Subscription Share
Rights Form which will shortly be available from www.blackrock.co.uk/its,
complete and return it to the address given at the top of the form. Forms must
be received at least seven business days before the relevant Subscription Date
on which the exercise of Subscription Share Rights are applicable and therefore
should be received by 18 April 2011. Shares arising from the exercise of
Subscription Share Rights will be issued within ten business days of the
relevant Subscription Date (by 16 May 2011).

Net asset value and share price information

The following information may help you to decide whether or not to exercise
your Subscription Share Rights on this occasion.

The net asset value per Ordinary Share (fully diluted) and the closing prices
for the Company's Ordinary Shares and Subscription Shares, taken from the Daily
Official List of the London Stock Exchange on the first dealing day in each of
the six months prior to the date of this document and on the latest practicable
date prior to despatch of this document, were as follows:

Dealing         Net asset       Ordinary   Subscription
Days                value    Share Price    Share Price
2010/2011         (pence)        (pence)        (pence)
                                                       
1 October          188.80         152.50          14.00
1 November         196.63         164.50          23.00
1 December         203.09         166.50          24.25
4 January          222.31         190.00          42.25
1 February         228.00         192.50          44.75
1 March            227.49         196.00          46.75
28 March*          226.86         194.00          45.75

*The latest practicable date.

Taxation

On exercise of the right to convert any Subscription Shares into Ordinary
Shares, the Ordinary Shares issued pursuant to the Subscription Share Rights
will be treated as the same asset in respect of which the Subscription Share
Rights are exercised. The base cost of each such Ordinary Share will be the
deemed base cost of the Subscription Share that it replaces, plus the
subscription price. Further information relating to taxation can be found at
Part V of the prospectus dated 3 September 2009.

Capitalised terms have the meanings given to them in the prospectus dated 3
September 2009.

If you have any enquiries regarding the procedures described above, these
should be referred, in the case of CREST sponsored members, to their CREST
sponsor and, in the case of other members including CREST sponsors, to the
Receiving Agent, at Computershare Investor Services PLC, PO Box 859, The
Pavilions, Bridgwater Road, Bristol BS99 1XZ, telephone

0870 7036379.

All Enquiries:
Kerry Higgins - BlackRock Investment Management (UK) Limited
Tel: [phone]

Date: 30 March 2011