Merger Update

NET ASSET VALUE

THE THROGMORTON TRUST PLC

The unaudited net asset values for The Throgmorton Trust PLC at close of
business 14 September 2012 were:

233.03p Capital only
235.01p Including current year revenue
233.03p Capital only (adjusted for treasury shares)
235.01p Including current year income (adjusted for treasury shares)

Notes:

1. Investments have been valued on a bid price basis.

2. The Company's issued share capital now comprises 73,130,326 Ordinary Shares
and 7,400,000 Treasury Shares.

3. Revenue items included in net asset value, with dividends payable deducted
on the ex-dividend date.