Interim Management Statement

Interim Management Statement - 3 months to 31 August 2012

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 2012 to 
31 August 2012, 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*                  3.2%       5.2%       9.8%      91.3%
Net Asset Value                   3.2%       5.2%       6.9%      78.5%
Share Price                       4.7%       4.8%       3.4%      79.3%
Numis plus AIM (ex Inv Cos)       3.4%       5.8%       6.1%      36.6%

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

*Prior to dilution arising on conversion of subscription shares.

Ten Largest Equity Holdings at 31 August 2012 (in alphabetical order)

Ashtead
Aveva
Bellway
Booker
Elementis
Howden Joinery
ITE
Oxford Instruments
Senior
Victrex

Financial position and performance as at 31 August 2012

Gross Assets (£m)*                                164.5
Short term borrowings (£m)                          Nil
Net asset value - capital only                  222.12p
Net asset value - including income              223.96p
Share Price                                     182.00p
Ordinary Shares in issue**                   73,130,326
Net market exposure as a % of net   
asset value                                      103.8%
CFDs - short (£m)                                  20.1
CFDs - long (£m)                                   25.9

*includes net revenue of £1.3m
**not including 7,400,000 shares held in treasury

Material Events/Transactions

Material events or transactions, during the three months to 31 August 2012, and
from 1 September 2012 to the date of publication of this report are disclosed
below. The Company was not involved in any other material transactions during
the period except the purchase and sale of securities undertaken in the normal
course of its business.

Appointment of a Director

The Board was pleased to welcome Jean Matterson to the Board as a non-executive
director with effect from 10 July 2012.

Half Yearly Financial Report

The Company announced its half yearly financial results for the period ended 31
May 2012 on 13 July 2012.

Dividend

An interim dividend of 0.62 pence per share was declared on 13 July 2012,
payable on 24 August 2012 to shareholders on the register on 27 July 2012
(ex-dividend date 25 July 2012).

Change in NAV and Share Price

For the period 1 September 2012 to 25 September 2012 both the Company's NAV and 
the share price rose by 4.4%. The Board is not aware of any other material events 
or transactions, except as disclosed herein, occurring between 31 August 2012 and 
the date of publication of this interim management statement which would have a 
material impact on the financial position of the Company.

Contact details:
Kerry Higgins
Secretary
Tel: [phone]

Please note more detailed performance information is available on the
Investment Manager's website: www.blackrock.co.uk/its/thrg. Neither the
contents of the Manager's website nor the contents of any website accessible
from hyperlinks on the Manager's website (or any other website) is incorporated
into, or forms part of, this announcement.