Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 January 2010 and unaudited.

Performance at month end is calculated on a cum income basis

                                One     Three       One     Three    
                              Month    Months      Year     Years    
                                                                               
Net asset value#               2.5%     15.9%     63.7%     67.5%              
Net asset value^               2.5%     15.9%     64.0%     59.9%              
Net asset value^^              2.2%     14.5%     53.3%     48.3%              
Share price                    2.4%     14.4%     62.7%     62.4%              
Subscription share price       8.5%     91.4%       n/a       n/a                
HGSC plus AIM (ex Inv Cos)     1.0%     10.3%     31.4%     21.0%              

# 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:                               240.04p            
Net asset value capital only (diluted for 
    subscription shares):                                   222.92p 
Net asset value incl. income:                               242.83p            
Net asset value incl. income (diluted for
    subscription shares):                                   225.21p                        
Share price:                                                190.50p            
Discount to capital only NAV (diluted for            
    subscriptions shares):                                    14.5%                                          
Subscription share price:                                    44.50p            
Net yield:                                                     1.5% *          
Total assets:                                               £154.8m **         
Gearing:                                                        nil            
Ordinary shares in issue:                                59,819,714 ***        
Subscription shares in issue:                            13,310,612            

*Calculated using prior year interim and final dividends paid.
**Includes current year revenue.
***Excluding 7,400,000 shares held in treasury.

Ten Largest Sector                                                         
Weightings                                                % of Total Assets
                                                                           
Software & Computer Services                                           10.1
Support Services                                                        9.6
Oil & Gas Producers                                                     8.9
Electronic & Electrical Equipment                                       8.8
Mining                                                                  7.6
Financial Services                                                      7.2
Media                                                                   5.9
Industrial Engineering                                                  5.7
Pharmaceutical & Biotechnology                                          5.0
Technology Hardware & Equipment                                         4.2
                                                                       ----
Total                                                                  73.0
                                                                       ====

Ten Largest Equity Investments (in alphabetical order)~

Company

Abcam
Aveva Group
City of London Investment Group
Domino Printing Sciences
Fidessa
Hutchison China Meditech
IQE
ITE Group
Oxford Instruments
Spirax-Sarco Engineering

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

During January the Company's NAV per share rose by 2.5% on a cum income basis,
whilst the benchmark index increased by 1.0%. The FTSE 100 Index fell by 0.6%.

The main positive contributors to our outperformance in the month, relative to
the Company's benchmark, were our holdings in Mecom and Renishaw. Mecom
announced a trading update which highlighted its strong cash generation even
though advertising revenues have yet to pick up. Renishaw produced very strong
interim results driven by high levels of demand from most parts of the world,
especially China. Demand is for its metrology probes and related software which
is enabling customers to carry out measurements to far higher levels of
accuracy than possible using competitive equipment. Renishaw has continued to
invest heavily in R & D and we expect other product ranges to contribute
meaningfully to profits within the near future.

There was no significant negative contributor to relative performance during
the month, in that no one holding detracted from relative performance by more
than 0.25%.

Outperformance was derived from both stock selection and sector allocation. The
main positive sector contributor was our large overweight position in the
electronics and electrical equipment sector. The largest negative contributor
was our overweight position in the industrial engineering sector; the companies
in this sector have very similar drivers to those in the electronics and
electrical equipment sector. The main reason for the underperformance of the
industrial engineering sector would appear to be the poor share price
performance of stocks such as Rotork, Spirax-Sarco and Spectris during January.
All of these companies had market capitalisations too large to retain
membership of the Hoare Govett indices when rebalanced on 1 January. We suspect
they have experienced a wave of benchmark related selling, and we remain
confident that they continue to trade well; we have a holding in each.

The CFD portfolio performed well, with good gains especially on the short CFD
portfolio.

We sold the balance of our holding in Biocompatibles following the bid from
BTG. We also sold our holding in Hardy Underwriting on the grounds of likely
increasing claims for the sector and weak rate increases on renewal. The main
new holding during the month was Mulberry. We had a good meeting with the chief
executive before buying the holding. It is clear that demand for Mulberry's
upmarket leather handbags remains very strong, driven by demand from wealthy
Chinese and other overseas buyers. Whilst the stock is highly valued we believe
its brand, aimed at the luxury end of the international market, is more likely
than many to be enduring.

18 February 2011

ENDS

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). 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.