Interim Management Statement

The Throgmorton Trust PLC

Interim Management Statement- 3 months to 31 August 2011

To the members of The Throgmorton Trust PLC

This interim management statement has been produced solely to provide
additional information to shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure & Transparency Rules. 
It should not be relied on by any other party for any other reason.

This interim management statement relates to the period from 1 June 2011 to 
31 August 2011, and contains information that covers this period, and up to the
date of publication of this interim management statement. Please note more
detailed performance information, including the latest month end announcements
are available on the Manager's website-www.blackrock.co.uk/thrg.

The Company's objective is to provide shareholders with capital growth and an
attractive total return from investment predominantly in UK smaller companies
which are listed on the main market or traded on the AIM market.

Stock Performance

Cumulative Performance (%):

                                   One      Three        One      Three
                                 Month     Months       Year      Years
                                                                       
Net Asset Value#                -13.0%     -13.4%      24.5%      63.5%
Net Asset Value*                -13.0%     -13.4%      24.5%      64.3%
Net Asset Value**               -10.5%     -10.9%      24.8%      59.6%
Share Price                      -9.6%     -10.0%      30.0%      67.6%
Subscription share price        -38.6%     -38.7%     254.5%          -
HGSC plus AIM (ex Inv Cos)       -9.4%     -11.6%      13.2%      21.7%

All performance figures are in £ on a total return basis.

#NAV prior to costs of repaying the debentures early
*NAV after costs of repaying the debentures early- undiluted
**NAV after costs of repaying the debentures early - diluted

Ten Largest Equity Holdings at 31 August 2011 (in alphabetical order)

Aveva Group
Bellway
City of London Investment Group
Elementis
Fidessa
Hargreaves Services
Oxford Instruments
Senior
Spirax-Sarco Engineering
Victrex

Financial position and performance as at 31 August 2011

Gross Assets (£m)*                          148.8     
Short term borrowings (£m)                    Nil
Net asset value-capital only              210.95p
Net asset value capital only       
(diluted for subscription shares)         204.81p
Net asset value-including income          212.48p
Net asset value including income                 
(diluted for subscription shares)         206.19p
Share Price                               179.00p
Ordinary Shares in issue**             66,213,737
Subscription Shares in issue            6,916,589
Actual Gearing (including CFDs - £m)          8.8
CFDs - short (£m)                            17.9
CFDs - long (£m)                             23.6
Discount to NAV-Cum Income           
(diluted for subscription shares)           13.2%
Discount to NAV-Capital Only                
(diluted for subscription shares)           12.6%

*includes net revenue of £1.01m
**not including 7,400,000 shares held in treasury

Material Events/Transactions

There were no material events or transactions, except as disclosed, during the
three months to 31 August 2011, nor was the Company involved in any other
material transactions during the period except the purchase and sale of
securities undertaken in the normal course of its business.

Subscription Share Conversion

The Company published an announcement on 1 July 2011 in respect of the exercise
of subscription share rights on the 31 July 2011 Subscription Date.

On 5 August 2011, 3,333,920 ordinary shares were issued, subject to listing,
following the exercise of conversion rights by holders of subscription shares.
The 3,333,920 ordinary shares were subsequently listed on 9 August 2011.

Reminder of rights to subscribe for Ordinary Shares at 146p per share
The Board will be sending a circular to holders of subscription shares in the 
Company reminding them of their final entitlement to exercise the conversion 
rights attaching to the Subscription Shares shortly.  The final exercise date 
of the Subscription Shares is 31 October 2011.  There will be no further 
opportunities to exercise Subscription Shares after this date.

Half Yearly Financial Report

The Company announced its half yearly financial results for the period ended 
31 May 2011 on 27 July 2011.

Dividend

An interim dividend of 0.60 pence per share was declared on 27 July 2011,
payable on 31 August 2011 to shareholders on the register on 5 August 2011 
(ex dividend date 3 August 2011).

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).

Contact details:

Kerry Higgins
Secretary

Tel: [phone]