Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 January 2013 and unaudited.

Performance at month end is calculated on a cum income basis

                                      One    Three       One     Three
                                    Month   Months      Year     Years

Net asset value*                     4.4%     8.0%     20.8%     90.9%
Net asset value                      4.4%     8.0%     20.8%     78.1%
Share price                          7.3%    10.3%     22.6%     88.0%
Numis plus AIM (ex Inv Cos)          4.8%     8.3%     18.4%     45.1%

Sources: BlackRock and Datastream
* Prior to dilution arising on conversion of subscription shares.

At month end
Net asset value capital only:                253.43p
Net asset value incl. income:                256.90p
Share price:                                 213.25p
Discount to cum income NAV                     17.0%
Net yield:                                      1.5%*
Total assets:                                £189.1**
Net market exposure as
a % of net asset value^:                      105.6%
Ordinary shares in issue:                73,130,326***
 
*Calculated using current year interim and prior year final dividends paid.
**Includes current year revenue and excludes the gross exposure through
contracts for difference.
***Excluding 7,400,000 shares held in treasury.
^Long positions plus short positions as a percentage of net asset value.

Ten Largest Sector
Weightings                            % of total assets

Support Services                                8.8
Software & Computer Services                    7.5
Financial Services                              7.2
General Retailers                               6.4
Electronic & Electrical Equipment               6.3
Oil & Gas Producers                             5.5
Travel & Leisure                                5.5
Chemicals                                       5.5
Media                                           5.3
Household Goods & Home construction             5.2
                                               ----
Total                                          63.2
                                               ====

Market Exposure (Quarterly)

                      29.02.12   31.05.12   31.08.12   30.11.12

Long                    119.8%     119.1%     116.1%     115.6%
Short                    13.0%      12.8%      12.3%      10.8%
Gross exposure          132.8%     131.9%     128.4%     126.4%
Net exposure            106.8%     106.3%     103.8%     104.8%

Ten Largest Equity Investments (in alphabetical order)
Company

Ashtead
AZ Electronic Materials
Bellway
Booker
Howden Joinery
ITE
Oxford Instruments
Senior
Victrex
Workspace

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

During January the Company's NAV per share increased by 4.4% on a cum income
basis whilst the benchmark index increased by 4.8%. The FTSE 100 Index
increased by 6.4%.

The relative contribution from stock selection was negative and from sector
allocation was slightly negative. The CFD portfolio contributed positively
during the month, with strong gains on the long CFDs partly offset by losses on
the short CFDs.

Negative contribution from stock selection came mainly from 3 stocks,
Gemfields, Consort Medical and Victrex; each was less than 25bps.

Gemfields, a highly profitable miner of emeralds, announced the purchase of
Fabergé in a heavily dilutive deal. The Fabergé brand has been largely dormant
for many years; much depends on whether Gemfields management can breathe new
life into the Fabergé name. We regard Gemfields management highly. Consort
Medical announced the sale of its King Systems business for what looks a
reasonable price, transforming its balance sheet into a net cash position.
However, earnings were downgraded given the loss of King Systems profits going
forward. Victrex shares have been good performers, but we saw some profit
taking ahead of the early February trading update. We see Victrex as a long
term structural growth story as, increasingly, high precision plastics replace
metals in many applications.

Holdings in Oxford Instruments and Polar Capital both performed well, adding to
relative contribution. Oxford Instruments received good analytical coverage
during the month. Polar Capital announced that assets under management had
grown strongly. 

With markets strengthening we decided to introduce a few riskier holdings.
Accordingly, small new holdings were taken in African Minerals and London
Mining, both early stage producing African iron ore miners. We also initiated a
holding in Canaccord Financial, a wealth management and corporate advisory
company with roots in resources.

12 February 2013

ENDS

Latest information is available by typing www.blackrock.co.uk/thrg 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.