Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 July 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#               10.2%      1.0%     46.0%     -13.5%             
Net asset value^               10.2%      1.0%     46.0%     -17.4%             
Net asset value^^               8.1%      0.4%     41.7%     -19.9%             
Share price                     5.1%     -1.2%     42.3%     -16.3%             
Subscription share price        4.0%    -29.5%       n/a        n/a                
HGSC plus AIM (ex Inv Cos)      5.0%     -4.8%     27.1%     -19.6%             

# 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:                               169.46p            
Net asset value incl. income:                               171.31p            
Share price:                                                139.00p            
Discount to capital only NAV:                                 18.0%            
Subscription share price:                                     7.75p            
Net yield:                                                     2.0% *          
Total assets:                                               £105.3m **         
Gearing***:                                                       -            
Ordinary shares in issue:                                58,355,792 ****       
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
July 2010.
****Excluding 7,400,000 shares held in treasury.

Ten Largest Sector                                                         
Weightings                                                % of Total Assets
                                                                           
Software & Computer Services                                           11.1
Oil & Gas Producers                                                     9.9
Mining                                                                  9.0
Financial Services                                                      7.6
Electronic & Electrical Equipment                                       7.5
Industrial Engineering                                                  7.2
Support Services                                                        6.8
Technology Hardware & Equipment                                         5.6
Pharmaceutical & Biotechnology                                          4.6
Media                                                                   3.8
                                                                       ----
Total                                                                  73.1
                                                                       ====

Ten Largest Equity Investments (in alphabetical order)~

Company

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

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

July was a good month, making up for the weakness experienced in June. The
Company's NAV per share rose by 10.2% on a cum income basis; this was significantly
ahead of the benchmark which rose by 5.0%. Of this outperformance, 2.4% was due
to the tender offer which completed during the month; the 9% exit charge on
shares tendered clearly helped increase the Company's NAV per continuing share.
Large caps performed strongly too with the FTSE 100 rising by 6.9%.

In the long only portfolio our holdings in Abcam and Pace contributed strongly
to relative performance. Abcam's half year end trading update indicated 
profit before tax was likely to be 9% ahead of market expectations. Pace
announced strong interims, resulting in 13% upgrades, and the acquisition for
$475 million of 2Wire, a leading provider of high end wireless routers, mainly
sold to US telecom companies such as AT&T.

No one holding had a significant negative impact on the relative performance of
the long only portfolio during the month. However not holding Dana Petroleum, a
significant benchmark constituent, was negative in relative terms as it entered
bid talks with KNOC.

From a sector point of view, our overweight position in the industrial
engineering and electronics & electrical equipment sectors paid off again as
various companies in the sectors released good trading statements. Our
underweight position in travel and leisure companies was less successful,
although this had helped us in June. Gearing was also a positive contributor
during the month.

Activity in the long portfolio during the month was very limited.

The CFD portfolio had a good month, helped by its long positions in high
quality companies in the industrial engineering and electronics & electrical
equipment sectors.

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).

20 August 2010