Portfolio Update

THE THROGMORTON TRUST PLC
All information is at 31 May 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#               -7.5%       6.1%    43.1%     -23.4%             
Net asset value^               -7.5%       6.1%    43.1%     -26.9%             
Net asset value^^              -6.4%       5.1%    41.3%     -27.8%             
Share price                    -4.6%      11.4%    44.8%     -21.6%             
Subscription share price      -26.8%      32.0%      n/a        n/a                
HGSC plus AIM (ex Inv Cos)     -7.1%       2.7%    31.7%     -25.3%             

# 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:                               156.14p            
Net asset value incl. income:                               157.48p            
Share price:                                                134.75p            
Discount to capital only NAV:                                 13.7%            
Subscription share price:                                     8.05p            
Net yield:                                                     2.0% *          
Total assets:                                               £121.6m **         
Gearing***:                                                       -            
Ordinary shares in issue:                                74,164,475 ****       
Subscription shares in issue:                            14,774,534            

*Calculated using prior year interim and final dividends paid.
**Includes current year revenue.
***Gearing calculated based on bank borrowings as a percentage of NAV at 
31 May 2010.
****Excluding 7,400,000 shares held in treasury.

Ten Largest Sector                                                         
Weightings                                                % of Total Assets
                                                                           
Software & Computer Services                                           10.7
Mining                                                                  9.6
Financial Services                                                      8.1
Oil & Gas Producers                                                     7.9
Electronic & Electrical Equipment                                       7.3
Industrial Engineering                                                  6.4
Support Services                                                        6.1
Technology Hardware & Equipment                                         5.4
Pharmaceutical & Biotechnology                                          4.7
Media                                                                   4.0
                                                                       ----
Total                                                                  70.2
                                                                       ====


Ten Largest Equity Investments (in alphabetical order)~
Company

Abcam
Aveva Group
Brewin Dolphin Holdings
Domino Printing
ITE
Fidessa Group
Rotork
Spirax-Sarco Engineering
Victrex
Western Coal

~Excludes holding in BlackRock's Institutional Liquidity Units

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

May was a disappointing month for stockmarkets around the world, and the
Company performed poorly in absolute and relative terms, with the NAV (on a cum
income basis) down 7.5%, behind the benchmark which was down 7.1%. The FTSE 100
fell by 6.6%.

From a stock point of view our holdings in Abcam and BSS Group contributed
strongly to relative performance, whereas our holding in BATM Advanced
Communications disappointed. Abcam shares performed well although there was no
newsflow during the month; we see this as a defensive holding which has
experienced strong growth and which we expect to continue. BSS Group announced
a bid approach from Travis Perkins; the combination of the two companies would
undoubtedly make a good fit. BATM announced that trading in their telecoms
division was well behind expectations with one of their key customers itself
losing share mainly, we believe, to Chinese competitors. BATM still see
considerable potential for their telecoms products especially in the US, but
demand is unlikely to recover quickly. Their medical division is making better
progress, and the company is financially very strong. However, overall this was
a very disappointing update.

Activity during the month was limited. We trimmed a few holdings, and took
small new holdings in Blinkx and Faroe Petroleum; we had positive meetings with
the management of these companies during the month. Blinkx believe they are the
world's largest and most advanced video search engine, with an index of over 35
million hours of searchable video. Revenues are exceeding previous market
expectations. Faroe Petroleum is an oil and gas company focused on exploration
and appraisal drilling in the Atlantic Margin (Faroe Islands and UK West of
Shetlands), the North Sea and Norway. The company has a very active drilling
program and has had recent drilling successes.

The CFD portfolio remained net long during the month, giving an overall net
exposure to the market of about 109%, not ideal in a month when the benchmark
fell sharply.

We have seen a continuation of the high volatility which began late in April.
There continue to be a number of areas of uncertainty, the most immediate seem
to be the excessive borrowing of some Southern European countries, worries
about economic overheating in China and whether a slowdown can be managed
effectively, worries about North Korea and its relationships with its
neighbours, the implications of the imposition of a mining tax by the
Australian Government, and the effect of cuts in public spending by the new UK
Government. Some of these worries are now beginning to recede.

We take comfort from the data which shows that global GDP growth is above 3%,
led by Asia Pacific, Emerging Markets and North America. Our portfolio is
positioned to benefit from strength in these regions; we are underweight most
areas of UK consumer and UK Government spending. Many of our holdings are
trading well in the current climate; holdings such as Spectris and Renishaw
have experienced good earnings upgrades in May, and we are seeing a
continuation of bid activity, most recently for BSS Group.

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).

2 July 2010