Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 28 February 2011 and unaudited.

Performance at month end is calculated on a cum income basis

                                One     Three       One     Three    
                              Month    Months      Year     Years    
                                                                               
Net asset value#               1.0%     15.2%     65.8%     63.0%              
Net asset value^               1.0%     15.2%     65.8%     55.6%              
Net asset value^^              1.6%     14.1%     55.2%     45.3%              
Share price                    2.1%     19.4%     61.5%     62.0%              
Subscription share price       1.1%     85.6%       n/a       n/a                
HGSC plus AIM (ex Inv Cos)     0.9%     11.4%     31.7%     17.7%              

# 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:                               242.45p            
Net asset value capital only (diluted for
subscription shares):                                       226.18p            
Net asset value incl. income:                               242.83p            
Net asset value incl. income (diluted for            
subscription shares):                                       226.50p
Share price:                                                192.25p
Discount to capital only NAV (diluted for            
subscriptions shares):                                        20.7%
Subscription share price:                                    45.00p
Net yield:                                                     1.6% *
Total assets:                                               £157.0m **
Gearing:                                                       6.0%   
Ordinary shares in issue:                                60,797,273 ***
Subscription shares in issue:                            12,333,053    

*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                                           11.0
Support Services                                                        9.8
Mining                                                                  9.1
Electronic & Electrical Equipment                                       8.5
Oil & Gas Producers                                                     8.1
Financial Services                                                      6.7
Media                                                                   5.7
Industrial Engineering                                                  5.5
Pharmaceutical & Biotechnology                                          4.9
Technology Hardware & Equipment                                         4.2
                                                                       ----
Total                                                                  73.5
                                                                       ====

Ten Largest Equity Investments (in alphabetical order)~

Company

Abcam
Aveva Group
City of London Investment Group
Domino Printing Sciences
Fidessa
Hargreaves Services
Hutchison China Meditech
IQE
ITE 
Renishaw

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

During February the Company's NAV per share rose by 1.0% on an undiluted cum
income basis, whilst the benchmark index increased by 0.9%. The FTSE 100 Index
rose by 2.2%.

We are concerned by the instability in North Africa and the Middle East, and
the hike in oil prices. Our hope is that the oil price will not rise further
and that the recent increase will not prove long lived, in which case the
threat to the global economy should not be too significant. Data from the US
seems to be gradually improving and although growth in parts of Asia is
slowing, we don't expect a significant slowdown. Our stance is therefore
watchful but still cautiously positive.

Other than the political instability in North Africa and the Middle East,
February was an uneventful month for the Company. The only significant positive
contributor to our performance in the month was our holding in African Aura
Mining, which contributed 0.29% to relative performance. This is a relatively
small holding which is performing very well due to consistently good newsflow.
The company has several assets which it is progressing towards feasibility.
These are the Putu Iron ore project in Liberia, which it is joint venturing
with Severstal, and the Nkout iron ore project in Cameroon. Each of these
projects appears to have resources in excess of 1 billion tonnes of high grade
ore, with significant potential for increases. The Company also owns the New
Liberty Gold project in Liberia, a 1.5 million ounce high grade gold resource.
The gold assets are soon to be demerged into a separate listed vehicle which
will be run by Brian Reading formerly CEO of European Goldfields when it firmed
up its substantial gold resources. Relative to other assets in West Africa,
these projects look undervalued.

There was no significant detractor to relative performance during the month, in
that no one holding contributed more than -0.25% to relative performance.

Sector allocation was negative during the month. This was mainly due to the
underperformance of software companies where we are significantly overweight.
Within the software sector we had good share price performances from Kofax and
Fidessa during February, both on the back of good results. Share price
performances from holdings in Alterian and Blinkx were relatively poor during
the month, but there was no significant newsflow from either company.

The CFD portfolio performed well in the month, with the majority of gains on
the long CFD portfolio, but the shorts too added value.

18 March 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.