Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 30 June 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#               -1.0%     -4.8%     41.5%     -24.1%             
Net asset value^               -1.0%     -4.8%     41.5%     -27.6%             
Net asset value^^              -0.8%     -4.1%     40.0%     -28.4%             
Share price                    -1.5%     -2.7%     50.7%     -22.3%             
Subscription share price       -7.5%    -27.3%       n/a        n/a                
HGSC plus AIM (ex Inv Cos)     -2.5%     -6.5%     29.1%     -24.8%             

# 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:                               154.08p            
Net asset value incl. income:                               155.98p            
Share price:                                                132.75p            
Discount to capital only NAV:                                 13.8%            
Subscription share price:                                     7.45p            
Net yield:                                                     2.1% *          
Total assets:                                               £121.5m **         
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 30
June 2010.
****Excluding 7,400,000 shares held in treasury.

Ten Largest Sector                                                         
Weightings                                                % of Total Assets
                                                                           
Software & Computer Services                                           10.6
Oil & Gas Producers                                                     9.7
Mining                                                                  9.0
Financial Services                                                      8.0
Electronic & Electrical Equipment                                       7.4
Support Services                                                        6.6
Industrial Engineering                                                  6.3
Technology Hardware & Equipment                                         5.2
Pharmaceutical & Biotechnology                                          4.4
Media                                                                   3.7
                                                                       ----
Total                                                                  70.9
                                                                       ====

Ten Largest Equity Investments (in alphabetical order)~

Company

Abcam
Aveva Group
Brewin Dolphin Holdings
Domino Printing Sciences
Hutchinson China Meditech
ITE
Fidessa
Rotork
Spirax-Sarco Engineering
Victrex

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

The volatility experienced in equity markets since late April continued through
June. The Company's NAV (on a cum income basis) fell 1.0%, whilst the benchmark
fell 2.5%. The FTSE 100 Index fell by 5.2%.

The main positive contributors to outperformance during the month were our
holdings in Encore Oil and Domino Printing Sciences. Encore Oil drilled the
Catcher well in the North Sea and discovered light oil. Two sidetracks have
further increased their confidence, and we had an upbeat meeting with
management at which they expressed their belief that much of the rest of the
block, which has not previously been drilled, looks very prospective. Domino
Printing announced strong interims, significantly ahead of expectations, with
equipment sales recovering sharply from the low levels of the first half of the
2009.

On the negative side, relative performance was impacted by poor share price
performances from Eastern Platinum and Western Coal. Shares in Eastern
Platinum, one of our best performers the prior quarter, slipped with the lower
platinum price, and worries that it will need to raise additional equity to
bring its other assets into production. Western Coal shares slipped with
worries about the slowing of the Chinese economy; the company ships coking coal
to both China and India for use in steel mills. Due to a significant increase
in selling prices it should be generating significant profits and cash at
current prices.

Sector allocation was also good. Our underweight position in travel and leisure
companies at last started to pay off. Our overweight position in electronics
and electricals also paid off as share prices of other companies in the sector
performed well following the bids for Chloride from Emerson and ABB.

We sold holdings in Chloride, a holding which had been reduced in May, Derwent
London, and RM. Derwent London is not in our benchmark, trades at a relatively
high premium to book and there have been signs of reduced interest in the real
estate sector. RM is a cheap software/services stock but is largely focused on
the UK Education market. The budgets it seeks to tap into have been cut by the
Government, leaving it vulnerable.

We added a few small holdings, two in IPOs; Capital Drilling and Easydate. The
former is a specialist minerals drilling company, with a focus on emerging
markets and appraisal rather than exploration drilling. The latter is a
consumer stock, an online dating company which has grown fast, is
internationalising, and appears attractively priced. We also added a small
holding in Rockhopper, after it found oil in the North Falklands.

The CFD portfolio remained net long during the month; since the month end we
have slightly reduced the overall net exposure to the market, to about 105%.

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).

29 July 2010