Portfolio Update

THE THROGMORTON TRUST PLC
All information is at 30 November 2009 and unaudited.
Performance at month end is calculated on a cum income basis

                                 One      Three       One       Three     
                               Month     Months      Year       Years     
Net asset value#                0.1%       8.9%     65.3%      -17.0%               
Net asset value^                0.1%       8.9%     65.3%      -20.9%               
Net asset value^^               0.1%       8.9%     65.3%      -20.9%               
Share price                     1.1%       6.2%    100.0%      -21.4%               
Subscription share price       77.8%        n/a       n/a         n/a                  
HGSC plus AIM (ex Inv Cos)     -0.2%       3.8%     59.5%      -17.8%               

# NAV prior to costs of repaying the debentures early
^ NAV after costs of repaying the debentures early - undiluted
^^ NAV after costs of repaying debentures early - diluted
Sources: BlackRock and Datastream

At month end                                                                   
Net asset value capital only:                          140.74p                 
Net asset value incl. Income:                          144.74p                 
Share price:                                           115.75p                 
Discount to capital only NAV:                            17.8%                 
Subscription share price:                                8.00p                 
Net yield:                                                3.3%                 
Total assets:                                          £107.4m *               
Gearing:                                                  0.2%                 
Ordinary shares in issue:                           74,116,108 **              
Subscription shares in issue:                       14,822,901                 

* Includes current year revenue.
** Excluding 7,400,000 shares held in treasury.

Ten Largest Sector                                                         
Weightings                                          % of Total Assets
                                                                           
Software & Computer Services                                     11.5
Financial Services                                                9.6
Mining                                                            8.2
Oil & Gas Producers                                               7.3
Support Services                                                  7.0
Technology Hardware & Equipment                                   6.0
Industrial Engineering                                            5.9
Electronic & Electrical Equipment                                 4.7
Pharmaceutical & Biotechnology                                    4.4
Media                                                             4.3
                                                                 ----
Total                                                            68.9
                                                                 ====

Ten Largest Equity Investments (in alphabetical order)                         
Company  
                                                                      
Abcam Group                                                                    
Aveva Group                                                                    
BATM Advanced Communications                                                   
Brewin Dolphin Holdings                                                        
City of London Investment Group                                                
Domino Prining Sciences                                                        
Fidessa Group                                                                  
Rensburg Sheppards                                                             
Rotork                                                                         
Victrex                                                                        


Commenting on the markets, Mike Prentis and Richard Plackett, representing the
Investment Manager noted:

November was a flat month in absolute terms and on a relative basis we
performed marginally ahead of the benchmark. The FTSE 100 rose by 2.9%.

The main contributor to relative outperformance in the long only portfolio was
our holding in Eastern Platinum. Eastern Platinum's Crocodile River platinum
mine is a relatively low cost and shallow mine in South Africa. It is very well
run, and has benefited from the rise in platinum group metal prices in recent
months. Eastern Platinum's assets are long life; the company is well placed to
benefit from recovering automotive demand and the strong increase in demand for
platinum jewellery.

None of our holdings performed especially poorly in relative terms during the
month. However, relative performance was adversely affected by being materially
underweight in general retailers, which outperformed the benchmark by five
percentage points during the month. We do not see this as sustainable. Whilst
many retailers are coming out with relatively good trading statements, they are
being helped by very weak comparative figures. With VAT and other taxes
increasing, we think 2010 could be very grim for many retailers.

We sold our holding in Greene King. This is a well run pub company, its debt
burden is more manageable than many of its peers and its valuation is far from
expensive. However, we do not expect trading conditions to become easier in
2010, and could well deteriorate. On this basis there are more attractive
stocks to own; we particularly favour good quality stocks which generate much
of their revenue from overseas, especially from Asia Pacific and the Americas.

We bought a small holding, 0.25% of our net asset value, in Borders and
Southern, which owns significant acreage south of the Falklands. The company
raised £113 million by way of a placing during the month in which we took part.
The placing is to fund a drilling campaign in the latter part of 2010. The
targets it has identified from 3D seismic are huge multi billion barrel oil
opportunities. This is clearly high risk exploration drilling, but we believe
the upside is sufficiently attractive to justify a small position.

The CFD portfolio had another profitable month. The long CFD portfolio
comprises good quality, sensibly valued companies, well known to us, and in
almost all cases owned in the long only portfolio. The short CFD portfolio
mainly comprises companies we regard as strategically challenged, or with
limited sustainable competitive advantage, or with over optimistic management.

Latest information is available by typing www.blackrock.co.uk/its on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).

17 December 2009