Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 March 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#               -0.3%     3.2%      49.7%     73.5%              
Net asset value^               -0.3%     3.2%      49.7%     65.7%              
Net asset value^^               6.9%    11.0%      52.6%     65.8%              
Share price                     0.1%     4.7%      43.3%     85.4%              
Subscription share price        2.2%    12.2%     348.8%       n/a                
HGSC plus AIM (ex Inv Cos)     -0.9%     0.9%      21.8%     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:                               241.39p            
Net asset value capital only (diluted for                           
subscription shares):                                       225.30p            
Net asset value incl. income:                               242.09p            
Net asset value incl. income (diluted for
subscription shares):                                       225.88p            
Share price:                                                192.50p            
Discount to capital only NAV (diluted for                                 
subscriptions shares):                                        14.6%                 
Subscription share price:                                    46.00p            
Net yield:                                                     1.6% *          
Total assets:                                               £160.1m **         
Gearing:                                                       8.1%            
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                                           10.4
Support Services                                                        9.5
Electronic & Electrical Equipment                                       8.7
Mining                                                                  8.7
Oil & Gas Producers                                                     7.3
Financial Services                                                      6.1
Industrial Engineering                                                  5.7
Media                                                                   5.5
Pharmaceutical & Biotechnology                                          4.4
Travel & Leisure                                                        3.5
                                                                       ----
Total                                                                  69.8
                                                                       ====

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
Oxford Instruments
Spirax-Sarco Engineering

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

During March the Company's NAV per share fell by 0.3% on a cum income basis,
ahead of the benchmark index which fell by 0.9%. The FTSE 100 Index fell by
1.4%.

The instability in North Africa and the Middle East, which led to higher oil
prices, continued during March. The tragic events in Japan caused further
uncertainty, and worries about the impact on the global supply chain. Concerns
about the debt levels of certain smaller European countries also resurfaced.
These factors led to a sharp fall in stockmarkets in the first half of March,
but markets then shrugged these off to finish only modestly down on the month.

Our portfolio saw some profit taking during the month; some of our better
performers in recent months were our worst performers during March. Not one of
our holdings contributed more than 0.25% to relative performance, nor was there
any significant detractors from relative performance during the month, in that no
one holding contributed more than -0.25% to relative performance.

Sector allocation was slightly positive during the month. This was mainly due
to the outperformance of engineering companies where we are significantly
overweight.

The CFD portfolio had a good month, with the gains largely being on the short
positions.

Activity during the month was fairly limited. There were no significant new
holdings or complete disposals.

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

15 April2011

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.