Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 August 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#                0.9%     10.1%     34.2%      -8.3%              
Net asset value^                0.9%     10.1%     34.2%     -12.4%             
Net asset value^^               0.7%      8.0%     30.0%     -15.2%             
Share price                     0.5%      4.1%     33.3%     -11.4%             
Subscription share price        6.5%      2.5%       n/a        n/a                
HGSC plus AIM (ex Inv Cos)     -0.2%      2.2%     13.8%     -16.6%             

# 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:                               170.92p            
Net asset value incl. income:                               172.83p            
Share price:                                                139.75p            
Discount to capital only NAV:                                 18.2%            
Subscription share price:                                     8.25p            
Net yield:                                                     2.0% *          
Total assets:                                               £106.4m **         
Gearing:                                                        nil            
Ordinary shares in issue:                                58,367,192 ***       
Subscription shares in issue:                            14,763,134            

*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                                 11.2
Oil & Gas Producers                                          10.0
Mining                                                        8.8
Electronic & Electrical Equipment                             8.3
Financial Services                                            7.4
Industrial Engineering                                        7.3
Support Services                                              6.4
Technology Hardware & Equipment                               5.4
Pharmaceutical & Biotechnology                                4.7
Media                                                         4.4
                                                             ----
Total                                                        73.9
                                                             ====

Ten Largest Equity Investments (in alphabetical order)

Company

Abcam
Aveva Group
City of London Investment Group
Domino Printing Sciences
Fidessa
Hutchison China Meditech
ITE Group
Rotork
Spirax-Sarco Engineering
Victrex

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

During August the Company's NAV per share rose by 0.9% on a cum income basis;
this was ahead of the benchmark which fell by 0.2%. The FTSE 100 Index fell by
0.6%.

From a stock point of view our holding in Encore Oil was the strongest
contributor in the long only portfolio, rising by 42% in absolute terms during
the month. This was due to the testing of the Catcher exploration discovery,
and the successful drilling of an appraisal well on the Cladhan prospect. The
Catcher find is increasingly looking like one of the largest in the North Sea
in recent years. The Cladhan find also appears highly attractive.

The most disappointing performer in the long only portfolio during the month
was another oil exploration company, Serica Energy. Serica drilled the Oates
prospect in the North Sea; hopes were high that this could be a success, but
sadly this was not the case.

From a sector point of view, our underweight positions in the travel and
leisure, and support services sectors contributed to outperformance.

Activity in the long only portfolio during the month was limited. We sold our
small holding in Datacash following an agreed bid by MasterCard. We added a
small holding in the recruitment group SThree following its recent share price
weakness.

The CFD portfolio continues to add value, with short positions in stocks in the
support services sector proving profitable.

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).

15 September 2010